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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: Larry Macklin who wrote (15369)8/10/1998 6:56:00 PM
From: GlobalMarine  Read Replies (2) of 20681
 
Larry: I not only attended the AGM, I recorded it on audiotape so unless you also recorded it, my "recollection" is far more accurate than yours (please guys 'n gals, no requests for copies...I don't have a second tape recorder to make copies with, and with the stock price at $0.75, I'm not motivated to make copies...if the stock price had blasted off back to $10 on the heels of the AGM, I would have been happy to make copies for everyone!).

Naxos is a speculative investment. I don't care what Sid or any other DD mining executive says. What one says is worth less than what one does and even the latter isn't a guarantee of success. Remember the IPM fiaso? They told everyone they had a recovery process that could extract gold for $150 an ounce. They moved into bigger premises. They had a day-care center. They had lots of mining professionals on the payroll. They hired Behre Dolbear and Batemen to verify the recovery process. They had lots of mutual funds in the stock. Add it all up and it looked Like IPM was going to succeed right? The company has now declared bankruptcy, end of story.

I hope you're right and I'm wrong that Sid doesn't want to maintain power indefinitely and that he wants to attract a top mining pro to be CEO. But at this point, my opinion is that he does want the power and control and isn't about to yield to anyone.

I'm not one of Fred's flunkies; I'm merely a shareholder who notices the decline in shareholder value...during Sid's watch.

Rand
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