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

To: Neal davidson who wrote (12466)	4/29/1998 11:08:00 PM
From: mark silvers	Read Replies (1) \| Respond to of 20681

Neal, Okay, I think it's fairly valued, Henry thinks its overvalued, and apparently a large group thinks its undervalued. I guess thats what makes markets? :-) We all are entitled to our opinions, and we are all right in our own minds. I personally am ready to let it drop as it is getting to contentious, and no one can actually prove that they are right or wrong anyway. So why doesnt everyone just agree with me, and then we can let it drop :-) Tonto

To: Neal davidson who wrote (12466)	4/30/1998 2:18:00 AM
From: sh	Respond to of 20681

Neal, No offense was intended, I should have used a less crude term. I do think we are engaging in semantics here. My point was you can make a reasonable estimate based on the available data. Will it be 100% accurate? Of course not. You won't even get that at the so-called proven reserves level. Granted, the proven reserves will be more accurate. But that does not prevent you from making a reasonable estimate now. Your method of valuation is fine but before you can even get to the subjective evaluation of the potential for success, you'll have to go through the process of determining, based on the available facts, the extent of the reserve and the economics of recovery. That is not a simple task and one that is beyond the expertise of an average mutual fund manager. That's why it is so important to have persons with excellent mining expertise as part of the management team. We're still far from the production stage but developed enough that our management can have a blueprint for what it believes is in the property (based on all the data obtained through the years) that it can present to large prospective investors (with the appropriate disclaimers of course). sh