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

To: jlallen who wrote (13091)	5/22/1998 8:39:00 AM
From: Richard Mazzarella	Read Replies (2) \| Respond to of 20681

JAL, <<ACCUMULATING THESE SHARES>> People like myself that see profit potential. Just between us, IMO those low COC fire assays are seriously underestimating the actual recovery potential. I have been follow this area long enough to appreciate that fire assay of playa placer metal isn't the play. That's because I wear a desert dirt hat. It's only the desert dirt rats you smell.

To: jlallen who wrote (13091)	5/22/1998 9:51:00 AM
From: Lorne S. C.	Respond to of 20681

"I've posted it before and I'll say it again: I smell a rat (and given my profession I'm able to recognize them pretty well)." Please explain. In what way do you smell a rat. I am most interested! Regards, Lorne S. Cohen

To: jlallen who wrote (13091)	5/22/1998 10:03:00 AM
From: Tom Frederick	Read Replies (2) \| Respond to of 20681

Mr. Allen, Please take a deep breath and a fresh look at our situation. Most, if not all, of those who have invested in Naxos over the last 8 or so years did so based on the sole premise of multiple ounce per ton estimates as promoted by Matt and JJ. And for most of that time period, up to the last year or so, most shareholders STAYED with Naxos based on that multiple ounce dream. If you have been watching the stock trading activity over the last year in particular, you will notice that when we had those releases from Ledoux with the few but large numbers, the stock went up (even if only short term) because those results fit with most of the shareholders expectations. However, when we had SFA results more in line with U.S. standard grades of opt, their was high volume retreat followed by a rebound even if small on equally high volume and then a settling of the price something below the previous highs. Now to me, what I see is new buyers watching for the bargains. But, new buyers who look at Naxos with a fresh approach. This fresh approach has no preconcieved notion of multiple ounce results. This fresh approach is looking for good solid, economical levels of PM's but in a very large deposit. If current stockholders could break away from the false and unrealistic expectation of multiple ounce SFA results, their wouldn't be the selling we see when a good solid release like the last one on hole #1. As far as your comments on "no management, no discernible plan, no CEO, no follow through, etc., etc.", let me share with you my opinion on these items. No Management - Yes, there is no actual management team in place. However, the drill program, the exposure to potential investors, the testing are all being "managed" quite well by Mr. Norton, Russ and Sid. And my suspicion is that if they can start to get results from the new drilling, they may just attract a better management team than they would BEFORE we see numbers, for obvious reasons. No Descernible Plan - I disagree. The plan is very clear indeed. Expanded drill program designed to create an "indicated" reserve of 38 million tons of material leading to a specific market valuation for that reserve and in turn leading to a revised stock valuation. This drill program is AHEAD of schedule and material is being prepared for testing by multiple labs. No CEO - Same issue as management No follow through - The only follow through that matters to ME right now is completing the drill program. Because no matter what management team, what CEO or what plan there may be, the only thing that the whole operation hinges on is what is in the ground. How fast and how efficient the testing of the new drilling will be is yet to be seen. But I have confidence that Mr. Norton, who has done this very thing many times before, is on top of this and is getting all his ducks in a row. Once the system is in place, we should see results pouring out of the labs on a regular basis. Mr. Allen, Naxos was put into a tough spot over its history. Now they have to reinvent themselves in a major way to get out of the category of "desert dirt" and into the category of a regular, but very large, conventional deposit. And we don't like the transition because that transition means SFA testing with what we see as puny numbers. But in truth it is the healthiest thing ever to happen to Naxos. Just my opinion though. Tom F.