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

To: Brian Hutcheson who wrote (7094)	12/11/1997 11:40:00 PM
From: Lawrence Brierley	Read Replies (1) \| Respond to of 20681

I think you are right Brian.There is a gathering consensus that the gold freefall may not end short of $100/oz. This is certainly a curious development with the panic in the air over Asian markets, currency volatility and the rest. It may be that we are simply six months late in terms of "proving up", and bearish investor sentiment toward gold is going to keep a lid on our share value until something happens to shake confidence in the only remaining game in town, US dollars and bonds. I personally don't have any doubt that this is coming. No offence to you Americans, but I feel strongly that your present market strength has been won to some extent by default. When this changes, the present received wisdom about gold and PMs will change, and quickly. As a visceral contrarian, I cannot help but think that we are into a period which may be the greatest buying opportunity of our lifetimes for precious metals. It seems to me that Naxos is the absolutely finest vehicle to ride out this wave once it begins to break. No other PM investment offers anything like its possibilities for gain in such an environment. The bad news is, we may be going nowhere in terms of net worth until this freefall ends. Even with actual low cost commercial gold recovery there may be more buying ops in this stock. It is also worthy of note that the other dds all seem to be down, or at least not reacting as any of us would have suspected to these good Naxos numbers. The road has been long and difficult to this point, but it looks as if we have a fair way to go yet. Until we are actually producing it is probably best to ignore the day to day valuations and try to enjoy the view as we bump along. Of course, if we ever get desperate to see a price rise, we can always try to talk Citydi into unloading a few shares. ;-) the best, Lawrence

To: Brian Hutcheson who wrote (7094)	12/12/1997 12:40:00 AM
From: GlobalMarine	Respond to of 20681

<<If they get the sense of what is developing in So.Cal it might bring them out of the woodwork in a bidding war .>> These senior golds know what's happening, Brian. IMO, they're sitting back and observing what's happening, waiting for proof that DD mining is economically feasible. The seniors are known to prefer paying top dollar for a sure thing over paying less for a risky deal. No one's demonstrated profitable DD mining yet, so no CEO of a senior gold would want to risk his salary, bonuses, perks and so forth on a DD speculation right now. When it becomes a sure thing, we can all retire! :o) Regards, Rand