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

To: Paul Salber who wrote (16490)	10/2/1998 3:05:00 PM
From: Tom Frederick	Respond to of 20681

Paul, The one thing I believe we can all agree on is that we are owed a much more detailed explanation of what the "deal" really is. I don't think that Sid is in the business of minimizing his chances of success. Keep in mind they have an excellent money source (CPM) looking over their shoulder giving them direction as to what would make them (CPM) happy and willing to help fund the companies activites. You also have a situation, which you correctly point out, of no love lost between Sid and Lett as well as all those completely immersed in FL and non standard testing as the solution. How does a person in Sids position keep everyone happy and not lose what they have worked very hard for? (ie. support from a known financial entity like CPM) Well, it makes sense to allow those who truly believe in FL to move ahead without the "debates" that have raged on for a long time now while at the same time giving shareholders a much straighter path to a profitable return on their investment. Does it dilute value? I'm not sure. It seems that FL now has fewer shares so that would seem to increase value per shareholder for those who jump 100% into FL. Does it result in diluted value of FL for those who stick with Naxos U.S.? It does but the balance is the conservative, more reliable return of known resources in common metals. We need a more thorough explanation of how this deal works, who's in charge of what, how does FL get funded, how are profits split if FL takes off, etc etc. Let's push for more information so we can all make a better choice in the next 30 days. As far a results from J/L, we just can't count on anything until we see it. But one thing I firmly believe is that the results will be VERY thoroughly reviewed before release. We'll have to wait and see, but we need those numbers soon to make an educated choice as to our preference in the offer. Tom F.

To: Paul Salber who wrote (16490)	10/2/1998 3:09:00 PM
From: Tom Frederick	Read Replies (1) \| Respond to of 20681

To Everyone: CALL IR! Ask Russ and Jeff the tough questions. Get the answers you need. That's what they get paid for! What the release did NOT say, they may well be prepared to answer for you.