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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Paul Salber who wrote (19580)	7/28/1999 8:20:00 AM
From: Richard Mazzarella	Read Replies (3) of 20681

Paul, Naxos spent $38 MM and got nowhere. Now they propose work to recover $58MM of lithium. What's to say that they will get anywhere there either. The $58MM of lithium is the value (recovered refined value?), what could be expected as profit? $8-10MM? What is the investment required to mine and ship lithium ore. What about the permits and restoration costs? This seems to be diworstfication to me. I think it's time for Naxos to open its books on the development work for the playa precious metals. Has Naxos EVER been able to recover any precious metals, at any cost? They also talk about all the other property not explored as potential for mining. That's nice, but what is the geological evidence to make any assumptions? Why not check out my back yard, it may have the same probability for success. We need more evidence from Naxos to even begin to appreciate their speculations. PS, IMO, based on information in this plan, any and all involved in past management of this company should do the right thing, resign.

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