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

To: Henry Volquardsen who wrote (14682)	7/24/1998 10:35:00 AM
From: mfgrep	Read Replies (1) \| Respond to of 20681

Boy ... I'm smelling the jet fumes comin' off this thread today! I think that we will all have alot more to discuss after our star reporter keeps us up to date on the AGM. Until then...all is for not. Regards, Jason

To: Henry Volquardsen who wrote (14682)	7/24/1998 11:00:00 AM
From: Tom Frederick	Read Replies (2) \| Respond to of 20681

Henry, please correct me if I am wrong, but maybe this will help some to understand your position on Fred vs. Sid. The ultimate success of Naxos will be based on a few fundamentals of science and the nature of exploration. FL is only a bunch of sand in a very hot desert without proof of PM's in the ore. The proof of PM's in the ore is a function of established protocols and test procedures indicating specific PM's in specific quantities. Following that, well established methods of recovery are tested to determine the economics of recovery per ton and finally, the overall cost of setting up operations in figured into the equation to determine overall profitability. Now, after all the problems with the ASE and the as of yet unresolved final issues with the ASC, we should have learned by now that non standard methods of testing are very difficult to garner support for in the investing and mining community. In fact, any "black box" technology is shunned and ridiculed as demonstrated quite clearly in much of the industry press out of Canada and the U.S. as well. J/L, while very likely offering some very interesting opportunities to maximize the recovery of the FL ore, is without doubt looked upon as black box technology. That is not a comment about its efficacy. It is a reality of current perception. And as a result, this technology, without literally thousands of tests, will never be accepted by big money or potential JV's as a method to "prove up" FL. The next step to getting big money in FL is proving up a portion of the reserve to support larger scale efforts. And the proof of a portion of the reserve, based on the above, will have to be SFA in some variation. As I understand from Marks comments, as well as other conversations, Fred is much more open to switch over to J/L as the lead dog so to speak. And he may genuinely feel that is out best shot. Sid on the other hands wants to stay the course with SFA. This is a judgement call decision. It has nothing to do with business experience in other industries or how many shares you own. It has to do with making a judgement to take the more difficult but more standard approach to proving FL or taking a very risky, with very high potential route with virtually no industry or scientific support. It's not an easy choice. For myself, Ledoux has proven gold in the ore with COC and certified results for me to believe suddenly there is NO gold. In addition, his testing on samples with blanks came out accurate so it indicates little or no contamination. So, Paul has come a long way to developing a consistant method of testing this ore with SFA. I do also believe there are still problems with proper explaination of the ENTIRE process. From collection of ore, to how it is handled, how long it is handled, what environment it is kept, in what environment it is tested, for how long, the length of time between tests, etc. etc.. Consider this. If we just get the check labs to get through what is EXACTLY the same difficulty Ledoux had only a few months ago, and get some good numbers, we are right back on track. CPM will be glad to start the money flowing and we are well on our way to proving up a reserve and moving ahead with the rest of the deposit. PLUS, the J/L technology can now be even more aggresively funded and surely be part of the plan to maximize recovery (at which point, many more black box angles can be experimented with). I don't know if this clarifies it or not, or if I am being redundant. This is such a contentious issue, I just wanted to weigh in here with my very best arbitrator skills. Regards to all Tom F.