To: Jim who wrote (8570 ) 1/26/1998 3:00:00 PM From: Tom Frederick Respond to
Jim, if I may make a comment, for those who have alot at stake in investing in Naxos (ie. large institutions, etc.)they have the resources to check out the Naxos story and they can easily see there are virtually no parallels between Bre-X and Naxos. Bre-X was a property located in a place on the globe that was all but impossible to visit without an all but absolute need plus under the influence of a something less than stable govt (as we are now seeing). The drilling and bagging of materials was handled in a manner so far out of any industry requirement that it was incredible that anyone accepted results from the material. Very questionable time lags were the norm between bagging and sending out for testing during which, the chief geologist would reopen and "inspect" those bags to be tested at his home, alone, late at night. And on the first signs of trouble, a key geologist dies "falling" out of helicopter and key management flees to the Cayman islands.
