Just what has Norton done ????
Sid, in the Annual report, you state
"John Norton, an engineer with extensive experience working with
several of South Africa's leading metallurgical firms, is now our Director of Operations. For the past several months, Mr. Norton has been involved with turning around our Venezuela property and accelerating it's value. Mr. Norton's experience in scaling up mining projects to production will be invaluable at our Franklin Lake
operation in Death Valley, California."
Since Venezuela has been a failure and is now essentially shut down,
could you comment on why we would chose to have him now take on a
copper venture and perhaps another mining project ? A while back, I
was told that the Venezuela operation was up for sale and this would
provide funding to continue at Franklin Lake. Is there now no value left in this operation ? Can't a buyer be found ?
Months back in a discussion with one of the PR folks, it was mentioned
that with new management in place, I should wait a few months to give
the new players a chance to show what they could do. Since then, the price of the stock is down by some 80%, cash is being depleted and I see little to indicate that any improvement is coming.
I have to believe that there are many people who share this view and
I urge you to make it know to current management as well as members of the Board of Directors that what a change is needed.
Naxos needs to focus all of it's attention at bringing closure to the
Franklin Lake issue. Where is Jeremy Russell's report and what or who is holding it up ??? What is happening with the J/L agreement and why
have we not yet seen any new numbers with the Johnson process. There
is a huge supply of Chain of custody material that should be in process and some 9 days after the press release, we have no sign that
this effort is moving along.
So Sid... what is going on to enhance SHAREHOLDER value in this
company ??
Paul Salber |
