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Gold/Mining/Energy : Naxos Resources (NAXOF) -- Ignore unavailable to you. Want to Upgrade?

To: Paul Salber who wrote (19954)	10/29/1999 1:24:00 AM
From: Kim W. Brasington	Read Replies (2) \| Respond to of 20681

To All: Late in the afternoon of October 28th, the drill rig arrived on site. The set-up process will begin tomorrow (October 29th). Drilling should begin next week. Sampling of both the brines and the solids will occur at 5 foot intervals. There will be 40 elements that will be tested for, by the commercial lab. Other testing, particularly for Lithium, will take place at the lab(s) of the interested mining company. This company will lend technical advice during the drill and test program. Naxos has the ability to test for Lithium and precious metals at Franklin Lake. The testing for all of these 40 elements is part of the business plan to systematically examine what has monetary potential in the material at Franklin Lake. Among some of the elements to be tested will be: Lithium, Boron, Magnesium, Strontium, Cobalt, Copper, Tungsten, Vanadium, rare earths, and precious metals. There has not been such a systematic and comprehensive exploratory drilling done to date at Franklin Lake. The object of this drill and analysis program is to identify areas of economic advantage for the shareholders of the company. At this point in time, the company's thrust has been expanded to examine other elements for monetary advantage because of the inclusion of qualified and experienced mining personnel within the company. These men have emphasized the advantages of exploring other potentials that may exist at Franklin Lake in addition to the potential of precious metals. The company remains committed to exploring for precious metals AND industrial and base metals. Regards, Kim W. Brasington

To: Paul Salber who wrote (19954)	10/29/1999 9:59:00 AM
From: Tom Frederick	Read Replies (1) \| Respond to of 20681

Paul, I'm sure Daphne will respond but in the meantime, regarding some of your points... "the private placement which is to happen (what's taking so long)" I believe that is what is referred to in release 99-15 in the last sentence "Naxos has funding in place to complete the exploratory phase of drilling..." "the analysis work going on with Lithium and the other "Analyitical Processes" we discussed" I assume that this is the testing we just heard about from Kim. Not just Lithium but a total of 40 elements. "...even though Father Gregory had made an offer to finance the company, you wouldn't accept a deal with him." This is certainly not new and I hope all those left here still invested in Naxos realize that the likelyhood Father Gregory would have pushed for Lithium testing is about as likely as Bill Clinton becoming celibate. It is highly UNLIKELY he would be starting a broad based testing program on this level with a viable customer sitting at out side. It is much more likely we would have been hearing nothing but stories of "promising gold testing" ad infinitum. Bob is taking a smarter, safer more reasonable path than we have ever taken before. I wish Naxos great success with this testing program. Tom F.