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

To: Henry Volquardsen who wrote (10732)	3/20/1998 4:12:00 PM
From: Johnny Nucleo	Read Replies (2) \| Respond to of 20681

But the most recent report shows interesting results for untreated ore which is an exciting development. It is my belief that all micro-fine ore deposits like Franklin Lakes are unassayable. It is impossible to define a resource on these kind deposits in the traditional manner. I believe all of the Naxos results are unreliable because of Al Johnson's incompetence. The desert dirts must prove themselves through production. This is a chicken and egg situation because without resource definition it is impossible to obtain the necessary financing to achieve economic production of precious metals. J. Nucleo

To: Henry Volquardsen who wrote (10732)	3/20/1998 4:46:00 PM
From: knight	Read Replies (2) \| Respond to of 20681

Henry, >>>Meanwhile we have good numbers on at least some untreated ore<<< According to the 02/05/98 release, only hole, #5, assays favourably to the SFA method. This hole contains free gold. There has been no indication that the other holes are in this catagory as yet. So we are left with the J/L process as being iffy and the SFA only producing borderline results on one hole. I think the market may be taking this into consideration. A lot of work is still required. It was always my contention that the J/L deal was much too generous in J-L's favour. PS: I may be wrong on hole #5 being the only one responding to the SFA. I was just going by the NR's and may have missed something.