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

To: Graystone who wrote (11130)	3/27/1998 2:53:00 PM
From: Tom Frederick	Read Replies (1) \| Respond to of 20681

Graystone, so Barrick and Newmont and Anglogold, go into a property, set up a mill and start producing gold. Is that it? I think you are being incredibly obtuse on this. (Uh, oh. Sounds like that scene from Shawshank redemption) Any of these companies has to first do a geologic test. Then do some drilling. Then do some testing. Then try multiple methods of testing to see which flux and extraction metal combos work best. Then they drill some more, expand the drilling and start experimenting with what recovery mix works best to extract the most ore. Is this not easy to understand? Why do you feel it is a dramatic negative that Naxos is moving along a rational reasonable path? As Henry pointed out, no one is cheering the long time it took for a bunch of non mining people to figure this out. What we are cheering is that we are finally on the right path and finally getting great numbers with standard testing. Personally I think it was a big mistake to work on recovery so soon. It created an unrealistic expectation long before it was necessary to finalize. Now we feel cheated because it might change. But the fact is that things are moving ahead NOW in a logical way. Isn't that what is most relevant at this point? Where we are NOW? I would like to ask you the same question Mr Hoax hasn't yet answered, If Naxos continues to produce good solid numbers over the next 5 BD holes and similar numbers on the extended drill program, will that add any credibility in your eyes? What will it take to happen NOW with Naxos to change your opinion? If it is an official announcement of ONE single recovery method, I think you will be disappointed for awhile. Like I already said, if they can get certified numbers as high as 2.5 opt, they deserve some time to test as many methods as they want to figure out maximum recovery. But in the meantime, standard testing implies with scientific logic, that standard recovery will work as well. Thank you in advance for your response. Tom F.

To: Graystone who wrote (11130)	3/27/1998 3:58:00 PM
From: Henry Volquardsen	Read Replies (2) \| Respond to of 20681

They didn't announce that they had a patentable process that required 3 months to evaluate. They announced that they had a process they believed would take 3 months to evaluate whether it was patentable. A minor difference perhaps but one that is significant. And of course even that three month evaluation process is taking longer. A large part of these delays were that the people at Naxos who were dealing with both Johnson-Lett and the labs were not experienced mining professionals. Frankly they didn't know what they were doing. The important point is that the company has brought Mr Norton into the picture and are getting more mining professionals involved. I realize there is a risk that I could be to easily blaming past short comings to the lack of mining professionals. The people who were in the company worked hard and should be thanked. But looking from the perspective of today I recognize that my original decision to purchase Naxos based on the then current situation at Naxos was a poor decision. The company was trying to deal with Franklin Lake in without the proper personnel. Some people have accused them of being stock promoters. That may be true. I prefer to believe they were well intentioned amateurs. The point is that the firm has finally begun to move in direction of bringing in professional mining people so that we can finally see what Naxos has. I kick myself for being dumb enough to buy Naxos two years ago. But I think I made a much better informed decision when I got more active recently.