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

To: Paul Salber who wrote (16202)	9/11/1998 8:42:00 AM
From: jlallen	Read Replies (1) \| Respond to of 20681

Where is that Russell report? JLA

To: Paul Salber who wrote (16202)	9/11/1998 8:52:00 AM
From: Henry Volquardsen	Read Replies (1) \| Respond to of 20681

Paul, The $10 price was last October. So it got there well before that news. When we got the Jan release you refer to we rallied for a few days and then resumed its steady decline. It would not appear the market was particularly impressed with that release. Or perhaps someone with greater knowledge was taking the opportunity to lighten his position. Also given subsequent disclosures re Ledoux's testing and the ongoing delay in J/L coming forward with a consistent process I would think that it would be wise to treat those numbers cautiously until we receive confirmation. IMO there has been little hard evidence to support valuations and one pr with three numbers is way to little to base a signifigant market capitalization on. I'm hoping J/L and/or Brian Russel can come up with a viable process. Until then I stand by original characterization of what generated the $10 price. Henry