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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: BGM who wrote (14651)	7/23/1998 2:22:00 PM
From: Henry Volquardsen	Read Replies (3) of 20681

Brad, This is not an either or issue. I am not going to defend Sid. I have said repeatedly over the last 1/2 year or so that I believe we need to bring in professional mine management. But for the life of me I cannot understand why so many people are signing up for the Cult of Fred. What are the reasons people give for Fred being our man. 1) He is a successful businessmen. a) that doesn't mean he knows how to manage a mining company. b) it is a family business that he inherited. a bit different than building a business from scratch. c) there are other successful businessmen who are invested in Naxos. Why is Fred more qualified than one of them? 2) He owns 1.4mm shares. JJ owns over 4mm and there are other large shareholders. Why is Fred a better choice than one of them? Simply having a lot of money at risk does not make him more qualified to manage the company. 3) He has a great relationship with Blumberg/Allen&Co/(fill in the blank) The last time Fred was in management we were told he was coming on board for four reasons; negotiate with Allen&Co, deal with Ledoux, clear up the ASE and get us back to trading electronically. Well I haven't noticed Allen&Co hanging around lately. We got back to trading electronically well after he left the company. He was telling a lot of people how Blumberg was f@@@ing us by being difficult about the Johnson/Lett process. I thought they got along. The ASE has also not been cleared up. Yes Sid was part of this and I am not giving him a pass. But we were told that these were specifically Fred's targets. None of it got done. I am also very concerned about things people have told me that Fred said directly to them. He has told people we should fire Norton and focus exclusively on Johnson/Lett. I believe most of us agree we should pursue both conventional and new technologies. I have had several people tell me that Fred has been saying that the US labs that did the testing on J/L had come back inconclusive. But he is apparently quick to point out that one of the labs came out with very high numbers. When asked why this is inconclusive he points out that the blanks were also high. He then speculates that the blanks may have come out high because the J/L process could be getting microfine gold out of the blanks. Forget for a moment that the COO of the company is selectively spreading this information. The notion that we are finding microfine gold in the blanks is laughable. The stock is up the last couple of days. We have all wondered why. I have asked a number of people on this thread if they have heard anything and several told me that Fred has been telling people that Ledoux will stand by their numbers. Why is the COO selectively telling people such information allowing them to scoop up cheap shares? Meanwhile the thread sings his praises. One person has told me Fred told him he believes Norton is a plant. I have not been able to figure out wether that means he believes Norton is a geranium or an agent of the 'platinum cartel'. Fred is also a subject of the ASC action. Henry

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