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

To: John Jacobs who wrote (14490)	7/20/1998 11:00:00 PM
From: Al C	Read Replies (1) \| Respond to of 20681

To John Jacobs and ALL: "How can we have PUB results in your annual report and then say we have nothing?" (14490) Let's look further at the Annual Report, pp. 6-7, versus actual results that management then knew: (From my post of 14147 on 7/9) WITH DR. JOHNSON AS CONSULTANT PROVIDING ASSAY PROTOCOLS FOR LEDOUX: 3/12 RC4 .164 3/18&4/8 RC5 .223 (without full attriter) Average Grade .193 AFTER JOHNSON STOPPED WORKING AS OUR CONSULTANT ON ASSAY PROTOCOLS: 5/15 RC4 .033 6/11 98-1 .093 98-2 .075 98-3 .037 09-4 .038 Average Grade .055 Yet, the Annual Report, released in June, reiterates the goal (page 7) of 0.15 oz/ton from the drill program. The Annual Report was published AFTER Johnson withdrew his consulting services, and assay results began plummeting below 0.1 under Ledoux's own creation of our assay protocols. The Annual Report, then, was knowingly submitting misleading information. Even if Kemp didn't know the full degree of his thin ice, he was knowingly publishing misleading information. Clearly, we couldn't do it on our own. Clearly, we had lost the services of Johnson under whom we had the ONLY really good numbers (always closer to 0.2 than to 0.1). Clearly, there was a sharp break in the numbers since losing his services. YET, the 0.15 oz./ton target was REITERATED in the Annual Report, released in June. Note that Kemp's letter to shareholders has no date. Strange, isn't it? But remember, Kemp's a lawyer. Not a SMART one, to be sure, but a lawyer nonetheless. Smart enough not to own but 4,000 shares, I add. Al C.