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

To: Henry Volquardsen who wrote (13799)	6/23/1998 9:30:00 AM
From: Kurt R.	Read Replies (2) \| Respond to of 20681

Henry: "I'll allow any accounting professional on the the thread discuss wether this practice is acceptable under GAAP. Thank you, that is so generous of you! <VBG>

To: Henry Volquardsen who wrote (13799)	6/23/1998 10:15:00 AM
From: BGM	Read Replies (1) \| Respond to of 20681

Henry: I thank you for your responses and appreciate them. I know you are not an accounting professional, as I am not. I do know that you are demanding in getting at the facts and the reasons. I do know that in my contacts with IR it has been implied that a price of $2-$3 could be justified by South America alone. We have also been given announcements of progress in South America that indicated production. I do not have them at hand, and I am not sure that matters that much to me. I am long this stock (and have been for years). I am concerned that at this point management provides all information without a taint of "irregularity". If we at break even in South America I would think the 6 month statements would show this progress. I also think that the possibility of making (I'll take a guess) $50,000/month or any number would reduce the need for PP's like the last one. $600,000 per year is $600,000. I will admit that I am a tad sensitive (well actually a lot more) after so many starts, stops, and changes of direction. Standard fire assay is good for the property. Standard accounting is good for the reporting. BGM