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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: jlallen who wrote (12519)	5/1/1998 11:29:00 AM
From: Tom Frederick	Read Replies (1) of 20681

Mr. Allen, I agree. The ASE and ASC issues should have been taken care of in one fell swoop. But as you say, that is spilt milk at this point. My opinion on this is simply that if the ASC felt that had something concrete to go after Naxos with, they would have done so more aggressively and sooner. You are also correct that we will have to wait and see what comes of it. IR sounds very confident that they have a very strong case regarding the truth of PM's at FL, which started the whole thing. (For those who don't recall, not to bore you Mr. Allen, the ASE insisted that only SFA testing was legitimate proof of Gold. And at that time SFA testing produced little or no results on gold. Naxos went ahead with a variety of "new" methods and published the results anyway which got the ASE pretty PO'd) If the only issue left is the activities of JJ, they can go after that issue independently and in effect give Naxos as a company a clean bill of health. That is to say that Naxos has clear proof with COC drilling and certified results using SFA testing that the gold is there and lift the cloud of the original implication that Naxos was thought to be a scam. This is just my view of it. Any other thoughts? Tom F.

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