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

To: Wayland who wrote (15140)	8/3/1998 2:28:00 PM
From: knight	Respond to of 20681

Wayland, I couldn't comment on the specific outcome if the hearing goes against Naxos as I'm not sure of the penalties that can be imposed, considering Naxos is no longer under the jurisdiction of the ASC. This hearing is a carryover from 1996/97 when Naxos settled 35 out of 36 allegations against them. One remains and that is; as quoted from Form 27 dated July 23/97 filed with the BCSC: On January 22, 1997, the ASE issued a Notice of Hearing and Particulars which specified 36 allegations against Naxos. As the result of the settlement agreement 35 of the 36 allegations were withdrawn. Naxos agreed to the admission of non-compliance with one of the ASE's regulations; namely; Section 10 of Circular Number 4 with respect to News Releases 96-13, 97-1, 97-3, 97-4 and 97-5. This Circular requires approval from the ASE for any assay methodology used if other than a fire assay methodology. In addition, this regulation requires the issuing company to process all samples using both the non-standard assay methodology as well as the conventional fire assay methodology. Other than making ambiguous comments such as, Naxos is victorious resulting in recognition by the majors and fund managers; Naxos fails, stock continues to trade in the twilight zone, I can't add too much. The latest developments do not bode well though.