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Gold/Mining/Energy : Naxos Resources (NAXOF) -- Ignore unavailable to you. Want to Upgrade?

To: sh who wrote (8722)	1/30/1998 12:29:00 AM
From: GlobalMarine	Read Replies (1) \| Respond to of 20681

SH: Maxam assays their ore several different ways. If you go to the Maxam web site, they have lots of reports showing assays and recoveries via several methods. Maxam's ore was never touted as being a FL-like 3 oz a ton deposit. Average grade is something like 0.06 oz per ton in gold, as well as other goodies like silver and platinum and non-precious metals. While the ore contains complex-mineralized PMs, Maxam is going after the free stuff. Yes, 0.06 oz/ton doesn't sound sexy like 3 oz/ton, but the PMs seem comparatively easy to extract. It appears that 2 sq. miles of their 100+ sq. miles of properties contains some 10 million of gold and more oz of other PMs to just 100 feet. The market cap is only $20 million so there's a lot of room to discount more value if things prove out. As far as a "better buy" is concerned, I own both stocks so I hope both do well. Maxam is closer to production than is Naxos. Maxam has drilled, fire assayed and calculated proven and probable reserves, and production (1000 tons a day intially and eventually reaching 10K tons) is scheduled to begin in Q2 1998. They have all their enviro permits too. Rand