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

To: Paul Salber who wrote (16361)	9/24/1998 4:52:00 PM
From: jbIII	Read Replies (3) \| Respond to of 20681

Last week's news from the Oracle if anyone is interested. mining.com . . so, Ledoux & Co. assays really were the culprits leading Naxos down the path of unrighteousness. Gosh, The Oracle hates to say "I told you so," but I did tell you so. Shareholders still clinging to the Franklin Lake fiasco should move on to some of the other Desert Dirt Deals out there. God knows they are plentiful. Now it looks like Naxos is moving forward on a more credible path, but The Oracle reserves judgement until Luz Del Cobre is in production, or at least financed. . . . speaking of Luz Del Cobre, what's the deal with Naxos getting 70% of that project for the ridicuously low price of about $160,000. That amounts to $0.0015 per lb copper! Laminco shareholders can't be too happy about this deal. and ... NAXOS RESOURCES LTD. JV On Laminco's Luz Del Cobre (Mexico); Corporate Refocus Vancouver, BC (9/16) - Naxos has signed a letter of intent to develop Laminco Resources' Luz Del Cobre copper deposit in Sonora, Mexico. Under the agreement, Naxos can acquire a 70% interest in the project by meeting a series of financial commitments, completing due diligence and arranging a debt/equity financing package to place the project in production. Naxos is required to pay Laminco C$30,000 on signing, C$25,000 per month during a 3-4 month due diligence period and C$100,000 on finalization of project financing. Naxos is drilling 5-10 holes to confirm grades and provide samples for metallurgical testing of the proposed OP/HL SX/EW operation. Independently calculated reserves at Luz Del Cobre total 150 MM lbs copper. An independent feasibility concluded copper could be produced at less than $0.50/lb. Naxos estimates capital costs at $8 MM. Naxos told the Digest that new management had changed the focus of the company from Venezuela, all properties there have been dropped, and the Franklin Lake playa gold deposit, to acquisition of smaller or distressed properties that can be placed into production by their technical staff. Re-assays of samples from the Franklin Lake deposit have shown negligible gold contrary to earlier assays from Ledoux & Co. due to sample contamination at the Ledoux laboratories. Consequently, this project, although still being pursued, does not have a high priority. The company signed an agreement under which Johnson, Lett & Co. will pursue technologies they believe may be useful for "assaying and extracting precious metals from precursor ores like the Franklin Lake evaporite deposit." Naxos will pay Johnson Lett $20,000/mo on a month-to-month basis. Source: NR. Contact: Sidney W. Kemp, president, Vancouver, BC, (604)669-8078, VSE (NXR).