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

To: Tom Frederick who wrote (19263)	6/2/1999 9:43:00 AM
From: Chuca Marsh	Respond to of 20681

Three posts that lead to the conclusion for me, that there are metals in FL-PGMs type, not just gold: ragingbull.com ragingbull.com ragingbull.com Chucaupt2

To: Tom Frederick who wrote (19263)	6/2/1999 2:58:00 PM
From: KRosenfeld	Read Replies (2) \| Respond to of 20681

Tom, In all due respect, and I apologize for my wording, but, to me, if the precious metals in FL cannot be economically mined, then there may as well be no precious metals at all. So when I started my statement last night to say can anyone show me proof of precious metals in FL, I meant that we could recover. Now, I am not as well versed in the history of Naxos as you, but allow me to try to put my reasoning for my beliefs down on paper (or keyboard, or computer screen, oh you know what I mean). I bought Naxos 2 1/2 years ago, just as the Bre-x scandal hit. I have seen many impressive news releases that gave me incredible hope that this Naxos thing could be as big as Microsoft or General Electric. We all sat here on this thread and calculated ounces per ton, tons per square mile, how deep we could dig, how fast we could process, how much gold would be selling for. We dreamed of how there was so much gold, that we could change the world. That gold would no longer be a precious metal (because we would be providing so much to the world market) but a commodity. We started speculating on the economic uses of gold now that we would be bringing the price down so much. Do you remember those days? I can even remembering joking with my brother-in-law that the eagle I got on the last hole which cost him $50 would get me 5 more shares of Naxos (OK so maybe it was a bogey, but I did win the $50). All this was based on what the ASE calls misleading statements. I am also understanding now that what we called COC with Ledoux was now opened the night before for processing. I do not know who did the processing or what, but this raises more concerns for me (as if I needed any). Since JJ left, I cannot remember one press release that showed any good news, with the exception of one press release recently that said Naxos was able to get PM's on non-COC material. However it is months later and we've heard nothing since. I want to take a statement that you made and play with it a little, if I may. The answer to this question of profitable recovery is the contribution of Great Lakes. They are playing with the ore to determine the optimal mix of chemicals to ensure maximum recovery of PM's out of the ore. And there is no sense running the plant until the proper levels of all elements in the process is determined. Great Lakes has the patent on the chemicals related to the bromine leach method. So they know better than anyone how to optimize their use. Now if we take the bold areas and change it a little Attempt 1: The answer to this question of profitable recovery is the contribution of Ledoux. They are playing with the ore to determine the optimal mix of mechanical processes, chemicals, pH's and temperatures to ensure maximum recovery of PM's out of the ore. And there is no sense running the plant until the proper levels of all elements in the process is determined. Ledoux has the experience and world class reputation on the chemicals related to gold assaying. So they know better than anyone how to optimize their use. Attempt 2: The answer to this question of profitable recovery is the contribution of Johnson-Lett. They are playing with the ore to determine the optimal mix of mechanical processes, chemicals, pH's and temperatures to ensure maximum recovery of PM's out of the ore. And there is no sense running the plant until the proper levels of all elements in the process is determined. Dr Johnson has the experience on the chemicals related to the attrition method. So they know better than anyone how to optimize their use. I am sorry for taking up so much time, but *I've* become disenchanted. I apologize if my word exchange of this silly exercise is not completely accurate but I am trying to do this from memory. And I think that the Naxos part of the brain is trying to wall itself off and be forever kept from my memory :-). I am not giving up and Naxos completely. It is not worth it for me to sell my shares at 35 cents or so. The tax deduction however will make it worthwhile for me to sell. So, if by December, Naxos has accomplished nothing, and I still have capital gains(a big IF the way my portfolio has been behaving -a hint - portfolio.com), I will sell my holdings in Naxos. Apologizing for my length, Ken Rosenfeld