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

To: Ruthie who wrote (14436)	7/18/1998 5:45:00 PM
From: Henry Volquardsen	Read Replies (2) \| Respond to of 20681

Ruthie, I agree completely. Management owes us a clear and public statement on exactly how they plan to proceed. The internal politics need to stop. I am also thoroughly disillusioned. Henry

To: Ruthie who wrote (14436)	7/18/1998 6:51:00 PM
From: GlobalMarine	Read Replies (1) \| Respond to of 20681

Ruthie: VOTE TO CHANGE MANAGEMENT AT THE AGM. I share your wariness and anger. You will have the opportunity to weigh in at the AGM. Remember, the people who got the company into trouble are not the ones to get us out of trouble. If they were the ones to get us out of trouble, they wouldn't have gotten us into trouble in the first place. Let's take a step backwards and think about the big picture: current management spends a fortune drilling FL and conventionally assaying with the goal of producing a resource statement. The problem is that a resource statement is useless without an economic recovery method to extract the resource. The stock price is NEVER wrong; it reflects whether management is enhancing or destroying shareholder value, and the stock price decline in the face of the drilling and assaying program PROVES that such a program will not enhance shareholder value. Rather than spend money on a drilling program that has been proven via the stock price decline not to enhance shareholder value, management should have been focusing on developing an economic recovery method. To demonstrate that developing a recovery method is what enhances shareholder value, look at how the introduction of the JL process caused the stock price to shoot up to $9 on prospects that the process may work. That the stock price declined thereafter reflects concerns that this particular process may not work out, but the fact that the stock price shot up at that time shows what makes shareholder value increase. Current management spent millions on a drilling/assaying campaign that did nothing to enhance shareholder value. They had their chance and should be thrown out in favor of new management. There are those who believe that you shouldn't change management because of a mistake. But let's think about it: in every other endeavor in life, if you cause a grave error, you are usually punished for it and someone else takes over. For instance, if a pilot's error causes a plane crash, you wouldn't want the same pilot to then fly you to Hawaii, now would you? If your major league baseball team ends up in last place, wouldn't you want a change in coaching staff? If an employee steals money from you, wouldn't you fire him? If the economy falls into deep recession, the public generally votes for a new president, doesn't it? If shareholders vote to continue the status quo, the status quo will continue. Does the status quo look good? Rand