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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: Graystone who wrote (11130)3/27/1998 3:58:00 PM
From: Henry Volquardsen  Read Replies (2) of 20681
 
They didn't announce that they had a patentable process that required 3 months to evaluate. They announced that they had a process they believed would take 3 months to evaluate whether it was patentable. A minor difference perhaps but one that is significant. And of course even that three month evaluation process is taking longer. A large part of these delays were that the people at Naxos who were dealing with both Johnson-Lett and the labs were not experienced mining professionals. Frankly they didn't know what they were doing. The important point is that the company has brought Mr Norton into the picture and are getting more mining professionals involved.

I realize there is a risk that I could be to easily blaming past short comings to the lack of mining professionals. The people who were in the company worked hard and should be thanked. But looking from the perspective of today I recognize that my original decision to purchase Naxos based on the then current situation at Naxos was a poor decision. The company was trying to deal with Franklin Lake in without the proper personnel. Some people have accused them of being stock promoters. That may be true. I prefer to believe they were well intentioned amateurs. The point is that the firm has finally begun to move in direction of bringing in professional mining people so that we can finally see what Naxos has.

I kick myself for being dumb enough to buy Naxos two years ago. But I think I made a much better informed decision when I got more active recently.
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