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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: Tom Frederick who wrote (18450)4/6/1999 11:28:00 AM
From: Paul Salber  Read Replies (3) of 20681
 
Tom,

Your post does highlight some good points and I've already come to
the conclusion that Naxos is an all or nothing deal. I haven't sold out
and in fact, have added to my position some months back. I am not
a buyer today and here's why:

The release of NW results were on Jan 22. According to that
release, recovery numbers looked good and everything was on
schedule (Pilot Plant results by the end of March)
Release of March 22 still no additional results. The pilot plant is
delayed and will be optimized within sixty days starting a week
prior to the release. (Delay's are never good news with Naxos).
As someone else also pointed out, the results will be available
two weeks after the annual meeting is scheduled. ( Why not
delay the AGM until these results are in ?? )
Management's Compensation Board is working hard to make sure
that their options are plentiful and cheap.
We have seen no numbers from NW analytical labs since the Jan 22
release. Why ???? Wouldn't we want to have addn'l confirmation?
Cash must be frighteningly low and the price of the stock is far too
low to issue another PP. Who would buy it anyway ?

Perhaps Bob has walked into a bad situation and he is doing a great
job in rectifying it. Perhaps everyone at Naxos is doing a great job
but I am very skeptical of this company and what I view as the lack
of urgency to do anything other than take care of their own
pocketbooks. Where is the accountability ?

Perhaps you, Larry (who seems to know where stock options are
going) and perhaps, others know the inside scoop on this company
and I'd appreciate hearing some of it.

Paul


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