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

To: W.F. Schwertley who wrote (13774)	6/22/1998 4:16:00 AM
From: GlobalMarine	Respond to of 20681

WF: What disturbed me about IPM's management is that they misrepresented their recovery process as being economic when clearly it couldn't possibly be given that the leach process had to be tailored to each individual ore sample. Was this info available before The Friday debacle? If so, I sure as heck didn't hear anything about it. If I had, I would have immediately sold everything at the market, period. Another thing that disturbed me was seeing Le Furlong on CNN's newsclip about IPM. In my personal opinion only as a shareholder of IPM, I didn't feel comfortable with him on a personal level from watching that newsclip. But I put aside my feelings because I thought he had a recovery process all figured out.

To: W.F. Schwertley who wrote (13774)	6/22/1998 8:29:00 AM
From: Tom Frederick	Read Replies (2) \| Respond to of 20681

Mr. Schwertley, What do you want "good" management to do? How about develop a credible program to prove up a reserve? How about hire mining experts to oversee that program? How about retaining one of the preeminent precious metals consulting firms with their finger on the pulse of virtually EVERY major player in mining which in turn gives Naxos a lead to plenty of JV opportunities once the undeniable proof of the ore content is revealed? How about ensuring sufficient cash reserves to allow for completion of the current drill program which will in turn keep Naxos in a good bargaining position for any JV offers instead of begging for a deal? I'm not sure how much more you think management could be doing right now but I feel that the progress over the last 6 to 8 months is FINALLY on target, on track and making steady forward motion. Granted we had to take 3 steps back to start moving forward again (abandon J/L as the primary test format and refine SFA) but look where that and getting Jimmy off of day-to-day operations has moved us! Ask yourself this question. If the current management, and the specific actions they have taken in the last 6 months to move us forward had been taken 2 years ago, where do you think we would be today? Myself? I say we would already be a producing mine and the stockholders would be counting their fortunes made on this property. The point is that we are on the right track. Let them do their work. Tom F.