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

To: Graystone who wrote (12181)	4/23/1998 7:30:00 AM
From: mark silvers	Respond to of 20681

Gray-one, Have your issues dropped to a 1/4 million dollars and the viability of Venezuela? Those issues are somewhat ancillary at best. Besides I miss the sailing vignettes:-) Mark

To: Graystone who wrote (12181)	4/23/1998 8:53:00 AM
From: Henry Volquardsen	Read Replies (2) \| Respond to of 20681

Grayman, do we have a new pebble yet :) the 1/4 buck to Lett does not come back. They are still doing research on the Johnson process so we may still get value out of it. The J/L process still has very good potential to develop into a yield enhancement process after all it is similar in ways to micro milling and other such techniques. That is also the problem in that it's similarity with other techniques may mean that there will be no enforceable patent. So if you look at the money as a down payment on a proprietary process then the money was probably a bad investment. If you look at the money as moving Naxos to research in a direction that may turn out to pay good dividends down the road then it is not wasted money. Btw I agree that Venezuela will at best be a side show to Franklin Lake but it is not at great cost to NAXOF shareholders. The property is producing gold and diamonds and is getting close to break even on cash flow. The burn rate is pretty low right now. If the company invested more in it there is a good chance it could be made profitable. However the company is more focused on FL right now, as they should be. But Venezuela is not going to make or break Naxos, that distinction goes to Franklin Lake. Henry