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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Tom Frederick who wrote (17201)	12/11/1998 5:55:00 PM
From: BGM	Read Replies (1) of 20681

Tom: I believe we have had enough results that there is a risky chance there are precious metals at FL. I believe some science will unlock it if it is there. It has yet to be proven if it can be gotten and gotten economically. I believe it is a long shot. It was that way when I invested, and it still is. I stay in at these levels because the investment is in line with the risk. Given a $10 price and this state of affairs, many would not still be here. These things aside I believe it will only be gotten to if it is managed in a legitimate and proper business manner. This means using limited resources prudently and reporting properly to the owners of the company (shareholders). I do not believe it has been. My position has been direct and consistent. It still is. I expect management to act in a certain manner. After that, the precious mineral facts will be what they will be. I am neutral on the mineral facts because the company has not performed the function of informing investors about South America, Ledoux, JL, the pilot plant, and other issues. Rumor and private conversation have stoked the fires to one side and then the other. I am not neutral about management. They have not reported to shareholders. On top of this we are in a major management transition and we do not know what is happening in those areas. You have had strong positions and stated them. Last year it was JL. Then it was standard fire assay. Then it was CPM, sell FL, and buy copper. Now it is this process after 1 number. I want proper reporting so I can know if I should change my mind or not. This lack of proper reporting is part of the risk I accept with this investment at these levels. I have not called my broker to sell. Brad Mertz

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