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

To: Larry Macklin who wrote (15387)	8/10/1998 7:57:00 PM
From: Richard Mazzarella	Read Replies (1) \| Respond to of 20681

Larry, from Jay Taylor's weekly update: miningstocks.com << Sidney Kemp provided an upbeat letter to shareholders of NAXOS RESOURCES this past week. With regard to Franklin Lake, he stated that an investigation is underway to determine why fire assay results from Alfred Knight and Rocky Mountain Geochemical and Englehard were much lower than the results obtained by Ledoux Labs from the same sample material. This is very important to Naxos because, acting on advice from Ledoux, they engaged in an energetic drill program. Mr. Kemp said that representatives from these labs as well as Naxos personnel have continued to scrutinize the analysis of the higher-grade samples from Franklin Lake that Ledoux & Company reported. Kemp also stated that work was continuing with the Johnson Lett technology and that the company has retained the services of Brian Russell, one of the top scientists in the filed of precious metal metallurgy research. Dr. Russell has been conducting detailed analytical analysis of the Johnson-Lett technology and will also be concentrating his research effort to truly understand the metallurgy of the Franklin Lake Playa. Dr. Russell reportedly provided Naxos with two interim reports, which, were described by Kemp as encouraging but inconclusive. My retort to that is "so what else is new with the desert dirts?" Kemp indicated that financing would continue to be made available to Dr. Russell to ensure all material, information and financing are available for him to continue his work on the property. It is important that Naxos determine whether it wants to continue working on the Franklin Lake property. At present, it needs to pay the U.S. Government nearly $100,000 annually to retain the exploration rights to this property. Kemp stated that Naxos would pay this sum as it comes due this year. Kemp also noted that CPM Group will continue to work with Naxos as a partner and that CPM is impressed with the personnel of Naxos, in particular Jeremy Ison and John Norton. I think the arrangement with CPM is a very positive development for Naxos and their emphasis on management is also very encouraging. At this stage, I continue to recommend holding this stock until a clearer picture develops concerning Franklin Lake and/or other projects the company may become involved in. Call Naxos for additional information at (604) 669-8078. >>