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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: John Sloan who wrote (20676)	6/7/2004 3:54:03 PM
From: Tom Frederick	of 20681

John, I think there is a small group left, also long out of Naxos, who want to see if this ever, ever, ever gets a toe hold to become a real company. Looking back, they clearly never had a reliable process, never had what any industry experts would consider "proof" of any PM's and have not produced any data in recent memory to keep investors interested. A lot of people lost a lot of money on this thing. I for one hung on much too long thinking there was still a chance. Part of me still thinks that there was some level of PM in the Franklin Lake clay, but clearly not in a form to be extracted and clearly not at levels high enough to get the attention of big money. I think they should have figured out if they could extract some of the rare earths or other metals economically and use that revenue to play around with the PM's to their hearts content. At least that might have offered an ROI for all the investors even if not at the levels anyone was hoping to see. OK, enough said. It's getting depressing just remembering all this &%$#*!@ Tom F.

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