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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: jlallen who wrote (15167)	8/3/1998 4:52:00 PM
From: Henry Volquardsen	Read Replies (2) of 20681

John, FWIW my misinformation does not come from management since I haven't spoken to Russ since before the AGM and then only briefly. I think we are all very interested in that report because quite frankly if it turns out negative we ain't seen nothing yet :( As far as what Mr Russell's brief is I believe it is broader than just analyzing J/L but also encompasses an overall analysis of the ore. Remember it has been my contention that the viable aspects of J/L are probably similar to several techniques already employed in SA. That is why it has been my belief that J/L may not be patentable and therefore the payment to J/L should be significantly less than the original agreement. But that is another argument. As far as Ledoux, I have no idea how they are progressing with their process but I believe Mr Russell is also going to have some input to their analysis. John as much as we have a serious disagreement over how certain things should be handled I have never believed you to be a fool. Al C's wolf in sheeps clothing act is pretty transparent and unlikely to fool many. I understand how you and other's have developed a distrust of management. I have never said they are perfect. But frankly I believe the bigger problem is that Naxos is a very, very high risk investment. Much higher risk than I believe any of us appreciated when we first got involved. If I knew then what I knew now I would not get involved. I agree that we need better management with mining industry experience. But any mining professional worth it will come no where near Naxos until a lot more is proven. In the current state, even before Paul Blumberg did his Aflred E. Newman impression, they would laugh at us. So we pretty much have to play the hand we are dealt. We are not going to be able to attract someone from outside the company. So as much as you distrust current management I hope you can appreciate my deep distrust for some of the individuals involved with the other side of the debate. We are both have forced to pick from a limited menu. Henry

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