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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Tom Frederick who wrote (9475)	3/9/1998 10:32:00 PM
From: jlallen	Read Replies (1) of 20681

Mr. Frederick: I don't believe I ever used the words "fraud, "scam" and the others you used in your post to me. I also checked my recent posts and I find I also did not use the term "hard information" nor did Carlo (use the term hard information) whose post I responded to when apparently drawing your attention. I have said that I had little confidence in this management (sorry I don't and I'm entitled to my opinion) and I did say specifically I am long on Naxos and holding my position because I believe in the potential of FL. I believe in the potential of FL because of the science I have seen not only from Ledoux but from others beforehand. I've been in this stock for three years and I've read a mountain of information about Naxos and FL and I have spoken to mining people with much more expertise than myself. I'm satisfied we have the" goods" at FL. The questions are can Naxos extract PGMs economically and can Naxos make the market believe that information. As I have posted I sincerely believe that only an investment banking deal and/or solid proven recovery of PGMs at FL will significantly move the stock. My candid opinion about the numbers Ledoux reported is that they were very good numbers presented very poorly, maybe even negligently by the Company. Since then we have been in a long news drought which leads to speculation such as Carlo's and some others I've seen today. Overzealous time estimates, poorly written releases, unrealistic target dates, etc, all get back to management issues. Unfortunate for us all, but that's a fact when dealing with this company and most investors don't have the patience to search through the muck to see the bar of gold at the bottom of the barrel.. The bottom line is that it makes no difference what it would take to make me one of the converted. Ultimately what matters is what it takes to make the market and new money believe this story and see the potential which you and I see in FL. JLA

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