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

To: RRG who wrote (14264)	7/15/1998 8:52:00 AM
From: Henry Volquardsen	Read Replies (2) \| Respond to of 20681

The only points I would disagree with is #3 and possibly #5. re #3 you can't have two chiefs running an operation. If you have both Sid and Fred reporting to the board you run a big risk of undermining the effectiveness of both. IMO you have to pick one or the other. I don't know much about Fred so I don't have an opinion on him one way or the other. I've been pleased with the direction Sid has moved the company and would not be unhappy if he remained the interim CEO. But in either case I would prefer one person in overall control. re #5 My view it is that it is really the responsibility of J/L, and any other group pursuing new technologies, to prove their technologies. We don't need a full time employee to monitor this. Once they come up with something we can hire a reputable consultant, someone like Ledoux or Brian Russell, to analyze the process. We don't need to pay someone full time to sit around waiting for Godot.

To: RRG who wrote (14264)	7/15/1998 2:55:00 PM
From: ShoppinTheNet	Read Replies (1) \| Respond to of 20681

1. Sid remain as interim President. I my self do not find this acceptable. I do not feel comfortable with the new Naxos. Currently Naxos looks to me like it is disorganized, it is not shareholder friendly, and it lacks direction. What share value have they created so far? 2. Norton continue with the conventional research. Sounds good for two months but lets see some results. Or let's cut bait. 3. Fred negotiate with Johnson/Lett and answers to the Directors and not just Sid alone. So this is all we want Fred to do? Sign me up for all those options. 4. The Board of Directors, once voted in, form a three or four man committee with the specific mandate of finding a CEO/President from the mining industry. They could not accomplish this task as an advisory committee. What makes us think they can do this as board members? What have they accomplished other them getting themselves nominated for the board? 5. Possibly a current consultant of ours be hired to oversee the unconventional research (such as J/L). No, let's not spend money on this! Let them prove it to Ledoux!