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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Anne Lamb who wrote (7145)	12/12/1997 11:34:00 AM
From: Henry Volquardsen	Read Replies (1) of 20681

Anne, I've been wondering that myself. The testin itself should take a week or so and then factor in some inevitable delay.... A date to keep in mind is Jan 6. I believe that is the next decision point for Naxos re their option on the Johnson-Lett process. So I suspect they will have something from Ledoux by then since part of Ledoux's contract was to evaluate that process and I am sure the option exercise dates were considered in their discussions with Ledoux. As far as the short interest I think the fact that the stock is not marginable is more of a factor in holding down the short interest than the lack of electronic trading. As far as I know it is very difficult for anyone but the market makers to short the stock in the US. I don't believe that is a problem in Canada. I continue to believe there are still shorts up north. Henry

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