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

To: ShoppinTheNet who wrote (15964)	9/2/1998 12:34:00 PM
From: Tom Frederick	Read Replies (1) \| Respond to of 20681

Mr. 2, you will have to help me find a place where I even implied betting it all on Naxos at this stage. Please don't put my name on absurd comments of your own design. Your questions are all legitimate, but here is the stark reality you so often refer to. Naxos has NOT had success to date determining one single repeatable method of testing the ore at FL even though there have been periodic successes. If Naxos wants to take advantage of current market conditions, in house talents, experience and industry knowledge possessed by Mr. Norton, then that is accomplished by putting him to work on existing known properties. It is a South African phenomenon that large mining companies are creating "small mines" divisions. The reason is that large companies need to work on large scales to be economic for their infrastructure. This has not been done here in the Americas to date. Mr. Norton has a long resume of identifying properties, doing the drill program on them, specifying the equipment for recovery and getting them operational. I believe what Naxos will likely do is find smaller properties which don't produce the volume that larger firms need to justify their interest, and buy them up now while they are available for deep discounts. Then, they get them running efficiently and profitably and start producing real cash flow sufficient to support the much smaller infrastructure of a Naxos vs. a Barrick or Angogold. That allows Naxos to fund continuing efforts at FL AND start building a long term, profitable operating base for Naxos as well. Now, having said all that, we all need to understand WHAT properties, WHAT metals, how the business plan looks, what will be estimated revenues, etc. etc. before we can make a clear decision if the plan is sound. For myself, while a year ago I was interested in the Venezuela property, at this point I care more about what the future plans are to expand the base of Naxos and not rely totally on figuring out the complex puzzle of FL. I hope they do, don't get me wrong. But at this point, we better have a strong plan B (new properties) to support the old plan A ( FL). Just my thoughts. Tom F.