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

To: Scott Corey who wrote (11722)	4/13/1998 8:39:00 AM
From: kenneth w. calligar	Read Replies (1) \| Respond to of 20681

Morning all: New Naxos strategy.... reincorporate as a money-center bank and get taken-over. It used to be that Naxos was the only investment that I didn't understand; now I don't understand anything that has a common stock. This, of course, makes me very happy to own Naxos. Have a good day. P.S. Send clues.

To: Scott Corey who wrote (11722)	4/13/1998 10:16:00 AM
From: Kim W. Brasington	Read Replies (1) \| Respond to of 20681

Scott: The emphasis on my statement was on the AVERAGE grade of gold in North America which is around .2 ozs.Au/ton. Existing mines can profitably extract gold at that range using standard methods. Many of the mines that are non-profitable at the moment are those that have grades below .06 ozs. Au/ton. Cost of infrastructure and development are always big dollar items in building any mine, hence my reference to the location and ease of access to Franklin Lake. I do not have any recovery numbers yet; Naxos wants to see the report from South Africa. In the mean time Naxos will be embarking on a large drill program to show inferred resources over a small area of the playa, which should begin to build the composite picture of gold at Franklin Lake. Regards, Kim W.