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

To: Henry Volquardsen who wrote (7574)	12/21/1997 7:07:00 PM
From: knight	Read Replies (2) \| Respond to of 20681

Henry and Mark: ok guys, I'll accept your point of the market drift due to "natural" influences and the pp being taken down on that basis. FWIW, it's a little safer coming in at the pp level or thereabouts as opposed to paying 8-10 bucks on the market and the pp is @ $6.00. On the basis of 34m fully diluted, do you know what the float is at this point? knight Side comment: The pp done in Sept/97 covers the 500k due to J/L which will take us up to and including the permanent rights stage. The recent pp covers the pilot plant purchase. It would appear at this point that the decision was already made at the FL tour that the pilot plant was a "go". This was prior to the release of Dec 10/97 in which Ledoux released the uncertified assays of approx. 3.0 opt. If I am correct so far, I'm trying to figure out why this deal with J/L is on such a tight time frame? We have the 250k plus the 800k committed at this point with no certified assays. We have another 250k due in about 2 weeks, part of which is the holiday season, and we're still waiting on Ledoux. I guess my point is, would it not have been in the shareholders best interest to give J/L the 250k up front to assess the methodology, wait for the certified results, and proceed from there? Forget the deadlines, it's not like there's a waiting list to get the exclusive rights to this methodology. Just a thought.