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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Scott Corey who wrote (4209)	9/25/1997 10:53:00 AM
From: Tom Frederick	of 20681

Mr. Corey, according to several folks who have spoken to Mr. Downes in the last few weeks, he is not only still very bullish on Naxos but is now also offering insight into the other companies who stand to profit from the development of Franklin Lake. My advice is to call the man and ask him yourself. Do diligence is work but it pays for itself in spades. Regarding the volume numbers, I take them as a very clear sign that the vast majority of shareholders and doing just that - Holding. But don't be surprised if low volume from nervous folks brings down the price. Like I said before, this is a great buying opportunity. I'll let you in on my confidence level regarding the fickle Naxos shareholders. I sold a portion of my postion last week and got $7. Based on things being so quiet, and no one talking about a release anytime soon, I guessed that the price would drop because of low volume and a minority of nervous sellers. I plan on picking it up again this week at below $6 and increase my position. However, I also believe that some larger buyers are ready to pick it up at anything below $6 (note the private placement figures) so I'm not planning on seeing numbers much below that. Based on the last quote I just got at 10:40 am, it looks like I can get it now at around $6. I will add about 10% to my shares today if the Naxos crew acts according to the usual script! "No news MUST mean bad news!" Ignorance is bliss - for the buyers!!! Regards, Tom F.

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