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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Paul Salber who wrote (16440)	10/1/1998 2:04:00 PM
From: Tom Frederick	of 20681

Mr. Salber, I have to agree with Larry. You and all the shareholders are being given a unique opportunity to decide just how much risk you want to take with your money. The conservative route or the possible resolution to assay testing at FL. I don't know how to answer the question of price dilution if most people buy into FL using the sale of the new company. That might indeed drive down the price, but I would hope that Naxos has or will coordinate a balancing volume of buying from people like CPM to support the price. Even if you just sit tight, you will still hold a 40% interest in FL anyway and the resulting profits if the testing is resolved. And that is with the support of the more straight forward approach of the new company. In my opinion, it gives an option where none was available before where you can decide to risk it all on FL or have a very easy to understand hedge while still enjoying 40% of the benefit if FL does turn out to be the multi billion dollar asset we all hope it is. This is my take anyway. Tom F.

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