Sir:
I believe in the interest of all shareholders that the comments of both yourself and Mr. Campbell need to be addressed.
1) Mr. Campbell told me personally over the phone, that he was resigning, to: "strengthen the Board with additional mining talent." I will take Mr. Campbell's word at face value.
2) If Naxos is so opposed to ANY new technology why are they:
A. Paying for the assay labs doing the J/L assaying? (to date: $33,000).
B. Paying the metallurgical consultant for his efforts?
C. Remaining in daily contact with this same consultant?
D. Looking at another process besides the J/L process?
3) This drill program, done with hollow stem augur drilling methodology, is being done to provide Naxos with COC material to expand the knowledge of how much is at Franklin Lake. Kleinfelder, Sanguinetti and Director John Goth are in approval of this approach. Many of the financial institutions that Naxos has talked with believe that this is the proper way to develop inferred resources, and consequently credibility within the institutional realm - your opinion is that it is "unsound". You are free to express your opinion, Sir.
4) Mr. Campbell states that the J/L process was introduced to Naxos "prematurely". Perhaps Mr. Campbell would like to comment on this present J/L technology concerning it's characteristics - is it the same one that was introduced to Naxos, or has it become a completely new entity? Whatever the response, the proof is that Naxos is working with J/L and paying for the process. I believe that this is indicative of Naxos' interest in the possibilities.
5) Naxos wants COC third party confirmation of this process. Naxos has not received the report nor the assays yet. Have you received this report? Naxos paid for this report. If you have not received this report then you are operating from hearsay. If you and Mr. Campbell have received information other than in an orderly and legal manner from Naxos who is paying for this report, then you draw your own conclusions.
6) Naxos has stated that it is taking a dual approach to unlocking the metallurgy of Franklin Lake. In the forefront will be conventional technology. Unconventional technology has not gained Naxos as large an audience as the conventional has. Major gold producers lead with the conventional and relegate the unconventional to R&D, UNTIL IT CAN BE PROVEN. This is where Naxos stands.
7) Naxos also believes highly in the capabilities of this metallurgical consultant - this is why they have paid him and are staying in contact with him.
Kim W.
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