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

To: Larry Brubaker who wrote (8749)	1/31/1998 2:03:00 AM
From: GlobalMarine	Read Replies (1) \| Respond to of 20681

Larry: I'm not speculating that FL contains 3 oz/ton across the board. I just plugged in 3 oz/ton for the sake of the exercise, and all the old press releases taken together suggest high variability of grades. I think people quote the 3 oz/ton number because it's easy to remember, the first Johnson assays showed 3 oz/ton in gold and gold equivs, the next one showed 3 oz/ton in just gold and the next one after that had a similar number too. Because Naxos is in uncharted terrritory with its FL project, its shares defy any conventional calculation of market cap (nothing wrong with having some fun with it, though). Suffice it to say that if FL and the Johnson process prove out, the company will probably be worth 10 digits, and that's all I'm willing to speculate on as regards market cap. We already know for a fact that the high Maxam assays represent hot spots only; the average assay grade is only about 0.05 or so and perhaps double that when an RC drill instead of an auger drill is used.