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

To: BGM who wrote (15853)	8/23/1998 10:08:00 AM
From: Kurt R.	Respond to of 20681

To All: Well, it's been another quiet week at Lake Franklin - to use the words of my favorite radio poet. What else is new? Did anyone have a chance to read the infamous Ledoux letter in its entirety? If so, please post, or share your thoughts. Thank you, Kurt

To: BGM who wrote (15853)	8/24/1998 9:49:00 AM
From: Tom Frederick	Read Replies (1) \| Respond to of 20681

Brad, I believe that Larry's comment was a general one referencing "successful companies" changing direction when necessary. As far as the stopping on a dime, I believe you are mischaracterizing the situation. Naxos has had parallel programs with SFA and J/L for the last year which was well known. The focus was on SFA on because Ledoux convinced them they had solved the SFA problem of low numbers. The conclusion the check labs and Ledoux have arrived at is, for all intents and purposes, "old news", since we have been down this SFA road before. Naxos at least has had an ongoing program to continue trying to perfect one non-standard test method, which in my opinion will likely be the only effective way to prove out the real content of the ore. Larry was simply giving some leeway and allowing Naxos to make the moves ANY company would have to make in this situation. And I think we can all be at least hopeful that the J/L work has another year of research and development to bring to bear on this complex ore. Beyond that, Naxos has to do, as any company must do, anything and everything to start producing cash flow to pay for the ongoing effort to finally prove out FL, while at the same time create a company with real and immediate value to support the bottom line and therefor the stock price. I just want to see the Brian Russel report so we know if J/L has spent the last year wisely. Tom F.