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

To: sh who wrote (14536)	7/21/1998 1:24:00 AM
From: knight	Read Replies (1) \| Respond to of 20681

sh: The information should have been kept within the company until management had a clear explanation for what has transpired. I strongly disagree with you on this. Holding back a major development has gotten Naxos into trouble in the past. I would like to draw your attention to the following article: Naxos Resources Ltd - Calgary Herald says ASE hearing set for September Naxos Resources Ltd NAXOF Shares issued 30,409,5741899-12-30 close $0 Thursday Jul 16 1998 The Vancouver Sun reports in a Calgary Herald dispatch in its Thursday edition that a hearing for a Vancouver firm accused of breaching securities regulations has been scheduled to resume in Calgary in September. The Alberta Securities Commission will resume its hearing into allegations of improper disclosure practices by Naxos Resources. The hearing is scheduled for September 16. The commission alleges that Naxos failed to disclose negative reports regarding its assay results at the company's Franklin Lake property in Nevada. The commission says that Naxos did not release unfavourable news regarding is unique process for the recovery of precious metals nor did it correct false or misleading claims about assay results. The commission's notice of hearing also says that company officials published favourable news about the property, even when they should have been aware of poor results, and they made misleading disclosures designed to influence the price of Naxos shares, to their own benefit. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com .................................................................... If Naxos wants to regain credibility with the ASC and the investing community, it must be forthright in news releases, no matter how damaging the news might be at the time. IMHO, management did the right thing in releasing these latest development in a timely fashion.