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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: Henry Volquardsen who wrote (19051)5/7/1999 2:56:00 PM
From: Tom Frederick  Read Replies (1) of 20681
 
Henry, The ASC hearing was about the last 8 years of work, which certainly does come under the heading of "past". It was well known that Naxos kept changing the assay methods and that there were questions all along regarding verification etc. We have been through the gauntlet learning the difference between hype and news.

Mr. Hall posts an article refering to a hearing in which the ASC cleared Naxos management of any wrongdoing but held Jimmy accountable for very loose promotional practices. But now he offers a Canadian article (I wonder where Mr. Baines is and if he had any influence on the article) which focuses on the checkered history we all know too well and it is received as if it is a revelation.

How many months have we been railing about Ledoux being held accountable for the sloppy work? This is not news. This is negative hype. The ASC hearing is over for how long now? Suddenly Father Gregory and his group are unable to oust the board and waalaa! An article appears in which we supposedly "learn" new things about the old management.

We have a new management team, a mostly new board, a new method which has provided assay and recovery tests on COC material both of which match up very nicely. (not certified however)

Is this the final stage? I don't know. We won't know until they can produce consistant repeatable results from the pilot plant. And for once NO one knows how it is going, as it should be.

Tim is very clever. There is a vacuum of information as to what is going on at the plant. So what does he do? He posts the article and lets us bash each other in the head with "what does this mean". We are far past the point where an article about the past history of Naxos is a reason to suddenly wonder about our investment.

This is all or nothing time. Time to sell or hold. I believe current management is handling recovery activities at the pilot plant with as much credibility as possible and I don't have any reason to doubt the integrity of any of the current board or Bob Gardner. And nothing in the article, conveniently enough, refers to Bob Gardner, Martin Blake or Bromine leaching as a viable method of treating this type of ore.

Tom F.
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