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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: Max Haber who wrote (16448)10/2/1998 9:43:00 AM
From: Tom Frederick  Read Replies (1) of 20681
 
Max, check your time lines and events again. CPM group came in on the premise that SFA was the only method of testing they were interested in seeing. Otherwise, if FL as a property was their main interest, why didn't they get a very large checkbook out and pay for a pilot plant to be brought on line immediately? It was because SFA did not work...again. So after this failure of the ONLY property Naxos had to offer at the time, why did CPM Group stick around? Read on.

To quote the August 5 release..."As our financial advisory and investment banker, CPM has conducted a thorough due diligence of our Company so they can advise us of the best alternatives available to build the Company. In their opinion, one of Naxos' major assets is the operating experience that we possess. They recognize that perhaps our most important accomplishment during the past two months was the addition of several highly qualified technical professionals.
CPM is particularly impressed with John Norton our Director of Mining Operations and Jeremy Ison our Senior Process Engineer"

Now you can say that Sid was making it all up which would be a serious legal problem, misrepresenting material information to shareholders, OR you can accept that CPM is on board to help Naxos broaden it's base and invest in additional properties where they have confidence in their ROI. And that translates to known properties with proven reserves and the personnel to operate them profitably.

No one has to like the decision to split up Naxos in this way. Just
point your criticism where it makes sense. And the CPM argument holds water quite well thank you.

Tom F.
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