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

To: GlobalMarine who wrote (8748)	1/31/1998 1:24:00 AM
From: Larry Brubaker	Read Replies (1) \| Respond to of 20681

Rand: I think to speculate that there are 3 ounces per ton over 100s of millions of tons of ore is pretty far-fetched. It would be interesting to see a number denoting all of the gold and platinum that has produced in the world in mining history, and compare it with these speculations about how much ore is sitting at Franklin Lake. As we learn about these desert deposits, we are finding out that they are not beds of homogenous amounts of ore. That is definitely the case at Maxam, appears to be the case at IPM, and this new information about alluvial ore at Naxos suggests it may be the case here as well. While its fun to extrapolate based on the results of one partial drill hole, projecting a $25 billion market cap for Naxos is a little premature, IMO. We could take the one Maxam assay of 2.5 opt and project it over their 72,000 acres and come up with mind-boggling numbers as well. Trouble is, we know we would be wrong because we know they don't have a homogenous deposit of 2.5 opt. I'm not sure why we think there is a homogenous deposit of 3 opt over 100s of millions of tons here.

To: GlobalMarine who wrote (8748)	2/2/1998 11:19:00 AM
From: carl	Read Replies (1) \| Respond to of 20681

Rand - Thanks for sharing your analysis of how NAXOS might be valued at some point down the road. Your comment at the end of the post that NAXOS may only be able have a plant in the 500 - 1000 TPD size caught my attention. I believe others have stated that a 10,000 TPD plant had been discussed by management as feasible. Can anyone tell me if my memory is accurate on that? Also, can we get some more input on this. Tom, do you know how big concrete operations get? Sounded like you feel the recovery process would be similar and I thought, perhaps, you might have some first hand knowledge re: scale of operations. Do others think that NAXOS would have to start with a smaller plant and expand over time due to financial and/or logistical constraints? Thanks. Carl