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

To: BGM who wrote (13803)	6/23/1998 10:38:00 AM
From: Henry Volquardsen	Read Replies (1) \| Respond to of 20681

BGM, I will admit that I am a tad sensitive (well actually a lot more) after so many starts, stops, and changes of direction. We all appear to be a tad sensitive latley with me at the head of the parade. I have heard those comments about South America being worth potentially $2-3 per share. I guess it is possible. In my mind, as I indicated in an earlier post, we have limited resources and we would probably be better served focusing on Franklin Lake. FL gives us a shot at double digit share price compared to $2 or 3 from Venezuela. It is more a matter of priorities. Yes it would be good if we could generate several hundred thousand dollars from Venezuela and reduce the amount of financing needed. But two points on that front. 1) Venezuela, I believe, has difficult capital repatriation laws and it may not be very straight forward in getting the profits out. 2) More importantly, John Norton is probably are most valuable resource right now. He would be the one to bring the Venezuelan operation to that level of profitablity. But that $600,000 in profit could wind up being very expensive if it kept him from focusing on the main task at hand which is Franklin Lake. JMO. Henry