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

To: RRG who wrote (12135)	4/22/1998 12:39:00 PM
From: Henry Volquardsen	Respond to of 20681

Why did it take us so long to get back to square one? Very good question. I have theorized on this privately but you can explain this in a variety of ways. Some of the explanations point to amateur time in the sand box (no offense meant to any current Naxos employees). Some of the explanations have darker implications. As I said a few months ago it is now clear to me that when I made my original decision to invest in Naxos I was making a very bad decision. The company as constituted then was a long way from realizing FL's potential. The important changes in direction that occurred recently now have me willing to continue with this investment. I am glad they finally brought in mining professionals. Any deposit has a unique chemical nature that needs to be solved. What this means is figuring out what elements are blocking extraction. People with no mining experience are going to have a lot of hit and miss as they try to solve this riddle. A mining professional is going to know how to attack this problem in a systematic way. A lot of the progress we have made with standard processes have been since John Norton became involved. I believe he has been instrumental in solving the puzzle. I am also very happy the silly leaks have been plugged. It is quite feasible that this new management approach may not suceed as well. We will need to watch them very closely. But one positive is that they are not running off in a thousand directions and appear to be focusing on establishing a sound, systematic, professional approach to analyzing the deposit. At the least this is encouraging. Henry