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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Larry Macklin who wrote (14232)	7/14/1998 8:00:00 AM
From: Max Haber	Read Replies (2) of 20681

Naxos needs to pursue BOTH conventional and research the unconventional. Naxos like most companies, needs research to do things better, faster, cheaper and in the Naxos case, higher yielding. RESEARCH AND INNOVATION will create increased shareholder value. The conventional approach that began a long time ago at Ledoux is also extremely important. With the conventional approach we can use "conventional" valuation methods and THEN attract the support Naxos needs for the future. Keeping further dilution at a minimum. As management said in the CPM announcement-- no additional private placements until fall. I do not believe that ANYONE is even considering stopping the conventional approach. To me it appears me that some, including myself, want to bring science and technology into the mining industry. Look at it this way- - - - if the Johnson/Lett method can increase the conventional method by only .03 to .05 oz/ton thats HUGE. Really huge. Let the research continue without delay. Keep the conventional results coming. Max

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