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

To: Larry Macklin who wrote (14821)	7/28/1998 12:59:00 AM
From: GlobalMarine	Respond to of 20681

Larry: Setting aside the issue of the South American properties, if there hadn't been pressure applied to have the JL process evaluated, management would not have any plan to enhance shareholder value whatever the outcome of Ledoux's testing, as mere drilling/fire assaying will not enhance shareholder value and we are not one drill hole away from success. We are, however, "one recovery process away from success," that is to say that if we ever find a recovery process that does truly work, our hopes for Naxos (very high shareholder value) may be realized, and we need to keep evaluating recovery processes until we find something that works. However, management was (and may still be) of the view that the drilling program would enhance shareholder value and evaluating new recovery processes would not. Rand