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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Jan A. Van Hummel who wrote (12111)	4/22/1998 1:45:00 PM
From: Tom Frederick	of 20681

Mr. Van Hummel, I think the biggest thing the low volume indicates is that the sellers are finished for now. What that can mean is a few things. We should keep in mind that a very large % of shares are owned by members of the board. So if there were serious doubts about the next round of tests, there would be much higher selling volume. The fact that things are so quiet IMO, means there is a positive expectation of news to come. There are no restrictions on corporate officers to trade any longer so the trading activity to me indicates that the people closest to what is going on are holding pat for now. I am very anxious to see the rest of the BD hole results but very excited that the drill program is getting into full swing any day now. The next release will likely clarify all of this. As far as other PM's, we have had certified results from Ledoux on Platinum, but it was never followed up with repeated results. So as a general point I agree with you that we have to work with what we know which at this point is primarily gold. Regards, Tom F.

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