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

To: Henry Volquardsen who wrote (12139)	4/22/1998 1:32:00 PM
From: soxan	Read Replies (2) \| Respond to of 20681

To Henry From Soxan As far as numbers from 1 hole goes,I would have to agree that 50 miilion would be to high a valuation.However I can live with alot of our past numbers that were not C.O.C. for purposes of valuation.We also know that there are other precious metals present.I'm not suggesting that you or any one else would agree,but I personally will not totally discount what Ray Steele and Sierra Labs provided us.As far as Shumway goes, .25 is within range of probability.You came up with 1-1.50 for just Venezuala.I was using 1.25 for both,I think we are close in agreeing.Hopefully soon new C.O.C. numbers on the old holes will help us out. Soxan

To: Henry Volquardsen who wrote (12139)	4/22/1998 1:41:00 PM
From: KRosenfeld	Read Replies (2) \| Respond to of 20681

Henry, My concern right now is "Where are the results of the 4 other B-D drill holes." There has been plenty to time to get these samples processed, assayed, evaluated, reassayed, reevaluated, rereassayed, studied some more, rerereassayed etc., etc., etc. We should have seen these results already. If not all 4 holes, at least 1 or 2 holes. It worries me tremendously that the lack of news and numbers is a result of the labs not being able to repeat the results of B-D hole #5. Then the question needs to be asked "Is the playa not homogenous, or were the drill samples (of #5) somehow tampered with?" I know full well that we need to give the new management time to get things together. Yet, every day that we wait with no results, I become more fearful the results will be negative. The material has been with the company long enough that we should have seen results. Let me say that I am not making any accusations. I am not basing this on any knowledge from the company. This is just my thought process as each day passes without results. My only hope is that the new management has inherited such a mess that they have been spending most of their time fixing, and can soon, hopefully, begin to move forward. The B-D numbers need to come out, and they need to verify the results of hole #5. Otherwise others will probably begin to think the same thing I am considering, the results from hole #5 were somehow altered. I hope and pray this is not the case. I still believe in the COC, but it is time the company backed up the first set of numbers. I agree with you that currently we are probably fairly valued, if not even a little overvalued. The only way to change this is to bring us new numbers to verify the initial set. Sincerely, Ken Rosenfeld