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

To: Marco Devarez who wrote (10863)	3/24/1998 5:53:00 AM
From: jlallen	Read Replies (1) \| Respond to of 20681

Marco: Good thought on the simultaneous press release and electronic trading. Hopefully management will agree. I think management's feeling re: electronic trading previously was that Naxos was not ready (paucity of COC data, pending ASC, hearing, etc.) To some degree that has changed. In retrospect (I think Fred is responsible) we have to congratulate management on the foresight to register the stock so it remained on the "eligible" list which was the subject of discussion yesterday. I don't have an answer re: shorting but I assume Henry V or Mark S. may be able to help out there. As to JJ "getting the boot", I think the company just released plans for a new 28 hole drill program. I would tend to doubt that he got the boot for that reason unless he was unwilling to release the data they did have on hand and which we saw last week following his resignation. Of course we are just speculating as to whether this was the case. JLA

To: Marco Devarez who wrote (10863)	3/24/1998 6:30:00 AM
From: Henry Volquardsen	Respond to of 20681

Marco, It is my impression that Naxos can already be shorted through Canada. I suspect institutional and large professional traders could also short if they wish. The only issue electronic trading might open up would be retail shorts. I believe retail brokerage houses have a lot of flexibility in this area. Many require a stock to be above 5 to initiate a short. Also I suspect many brokerage houses would restrict ability to short OTC:BB stocks because of thin liquidity. So in short (no pun) I don't anticipate any major changes if we do indeed start trading electronically on April 1. I think you rumour regarding Jimmy John is wrong. From what I heard any dispute between JJ and the board had nothing to do with planned drilling programs. It was more related to management and personnel issues. As has already been pointed out the company is going ahead with an aggressive drilling program. Henry