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

To: Al C who wrote (14147)	7/9/1998 3:58:00 PM
From: mark silvers	Respond to of 20681

AL I can see you wish to add to the discordant aspects of the discourse. Henry was refering to the newer drill program which was done with auger instead of RC drilling . I dont remember the exact numbers, but I think that the avgs were .079 and .09. Also, I distinctly remember .06 or even lower as being the number mentioned for economical. It is obvious that you are a proponent of the j/L methodology. You may be right, you may not be right. We dont know. We wont have any indication until we get the test results and see what they are and how they were derived. I am sure that you advocate waiting for factual information. Mark

To: Al C who wrote (14147)	7/9/1998 4:41:00 PM
From: Henry Volquardsen	Respond to of 20681

TO AL C Here are the assays Hole 98-1 Hole 98-2 Depth Au oz/T Depth Au oz/T 0' - 10' 0.082 0' - 10' 0.105 10' - 20' 0.120 10' - 20' 0.099 20' - 30' 0.050 20' - 30' 0.061 30' - 40' 0.082 30' - 40' 0.041 40' - 50' 0.079 40' - 50' 0.044 50' - 60' 0.050 50' - 60' 0.020 60' - 70' 0.188 60' - 70' 0.038 70' - 80' 0.082 70' - 80' 0.050 80' - 90' 0.100 80' - 90' 0.050 90' - 100' 0.067 90' - 100' 0.128 100' - 110' 0.102 100' - 110' 0.123 110' - 120' 0.149 110' - 120' 0.128 120' - 130' 0.105 120' - 130' 0.128 130' - 140' 0.041 130' - 140' 0.038 Weighted 0.093 140' - 150' 0.064 Average Weighted 0.075 Average The wieghted average for both holes is above .06 but more importantly there are zones in which the results are significantly higher. There is no requirement to process all the ore. The uneconomical zones can be cheaply and easily treated as overburden if necessary. In the case of hole 98-2 for example you could process the 0 to 20 foot, handle 20 to 90 as overburden and then process 90 to 130. All of this is well above even your choice of .08. The Press Release of 3/18 said these results "do not use Johnson-Lett process," but did not disclose the results DID use his equipment and assay ideas. Release of 4/8 said results used "standard fire assay with ICP finish;" but again did not disclose that the results DID use Johnson's equipment and proprietary assay ideas. I believe the reason that Naxos did not disclose this is because it is not true. The ore had been drilled by B-D using their equipment. All the assaying had been done by Ledoux using their equipment. So where do you get the idea they used Dr Johnson's equipment. As to using his proprietary assay ideas. What nonsense! What is proprietary about grinding to 200 mesh? What is proprietary about roasting for 1/2 an hour at 450 degrees? These are standard procedures and there is nothing proprietary about them. And they were suggested by MDM after their testing of the trenched material they dug themselves. And if Dr Johnson believes these are proprietary, where are his patents? That arguement is complete nonsense. Tell Austin he needs to give you better material. In any event there are clearly zones within the holes that are well above the .06-.08 range. Your effort to use the average numbers is a clear effort at misdirection as is your unfounded statement that Dr Johnson's proprietary assay ideas were used.