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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: Steve Skapik who wrote (6434)12/5/1997 1:03:00 PM
From: Henry Volquardsen  Read Replies (2) of 20681
 
Just spoke with Mark.

Bad news first. No news on when numbers will be released.

On the positive side there were a few points.

1) the company has pruchased equipment for a 5 ton per day processing plant. they "expect" delivery within 16 weeks. He emphasized expect. Dr Johnson said that once the equipment was on site it would take a few weeks to get it up and running. They would then bring in outside mechanical engineers to observe a 100 ton processing run. He referred to this as a kind of assay of production. Late spring appears to be the timing for this. Meanwhile the company will continue to work with Ledoux on numbers.

2) Mark was observing the Barry Downs led group of geologists, analysts and news letter writers as Dr. Johnson was speaking. He said Dr J was very impressive and that many of the group "had their mouths open and nodded in agreement. He spoke to one after the presentation who said he had seen all the processes and the Johnson-Lett process was superior.

3) Mark spent about a half an hour in a one on one discussion with Lett and was very impressed.

4) For those of you who have been negative re Naxos management, Dr Johnson spoke about what an excellent job current management had done to bring the firm to its current position BUT that as the firm grows it will clearly be necesarry to bring in established high profile mining people. Jimmy John was on the dais at the time and appeared very comfortable with that statement.

This is what I got from Mark. The lack of a news release is a problem and will hurt the stock near term. The 5 ton a day plant is good news but won't give us any near term help. The rest of the information is interesting and I am glad to have Mark's opinion but will have little impact on the stock. If like us you believe in the honesty of these people it supports your view. If you believe it is a scam it is just Mark and I being taken in and helping to hype the stock. Rational people can disagree.
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