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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Steve Skapik who wrote (4462)	10/10/1997 1:48:00 PM
From: mark silvers	of 20681

To Lurkerdom-- Excellent! Thank you for the well thought-out, coherent posts. Please Keep them coming. One point that I think you all are missing is the confidence that is being displayed by both Johnson-Lett and Naxos. Johnson-Lett is wiiling to keep their process tied up by Naxos for 7 months with a down payment of a mere $250,000. Believe me, they are not going to take such a back-end loaded deal unless they were supremely confident that the process delivers exactly what it is expected to. From Naxos standpoint, they have placed the bar of success squarely within our vision. The last release showed what the method can do(.73 stage two numbers, and 3.0+ stage 3 numbers) They are not going to release the last batch of numbers and continue on with this process during the most important testing period in their short history, unless they know that this process works. I am sure that it has been tested and tested again before they even got to this point.And they have secured the rights to this process for $250,000 upfront cash. Someone mentioned the fact that the 210 day option meant that they might not be secure in their confidence in this process at this point in time. I disagree. It means that they don't have $5,000,000.00 right now. What this option gives them is time to release numbers from 5 or more holes on super secure COC, drive the price of the stock up and make it infinitely easier to raise a very large sum of cash with much less dilution! It is the best of all worlds. if this doesn't shed the reputation of Naxos' management not knowing what they are doing, nothing will. I think they have done a fantastic job of furthering our interests with this deal. Mark

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