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

To: Larry Macklin who wrote (16615)	10/9/1998 9:37:00 AM
From: Tom Frederick	Read Replies (2) \| Respond to of 20681

Larry, While this will not surprise anyone, I want to support you on this point. The series of events which lead to Sid putting all the eggs in the SFA basket were the words and actions of Ledoux. They convinced him, and the board for that matter, that they (Ledoux) had finally figured out SFA. Now Sid, knowing that the major institutions who they had already had several meetings with said very clearly "unless it's SFA you won't get our support" had a very simple choice to make. Believe that one of the premier referee labs in the world was being honest and providing the company with a clear path to success WITH institutional support, OR keep experimenting with non standard methods that would garner NO industry support until the point of proven recovery. Well, if you can get big money supporting you without spending your own dime on a recovery operation, then it's a simple decision...SFA. But, since SFA had NEVER worked in the past, to be sure that Ledoux had come up with a fool proof method, Sid and members of the board decided to install as many checks and balances as possible. Including a professional to manage and standardize the testing format (John Norton) AND multiple labs to prove repeatable results. That is just good prudent business sense. And we all know the rest all too well. Did you even know someone who just hated going to the dentist? These people HATE the dentist. As long as they are chewing their food and not in pain, the dentist might as well be the devil incarnate. But they go to the dentist just to be sure that all is well and low and behold there are cavities which need to be filled. Now they're REALLY pissed at the dentist. What kind of logic is that? He didn't put the cavities there. He just found them and did what was necessary. In retrospect, could any one of us sit in a room with a top representative of a top referee lab giving you advice that COULD put your company in a position for Great success and say, "no, we don't believe you" Of course not. But, you could say OK, let's go and then put in the checks and balances to be sure you werent' being taken for a ride. And that is what Sid did. His efforts found the cavaties and now we're pissed. We can still have the hope that after all this, FL is a complex ore that will never be able to test with SFA. And, that J/L have figured it out...finally. If they have, and it can be proven to work repeatedly with multiple labs with standards and blanks in the testing on COC material, in other words, with all the checks and balances in place, I for one will look at this last year as a very, very bad dream. Many of you are very upset about where we have come to. But like Larry said, we all knew what we were getting into here. A "worlds largest deposit" claim is either the real deal or nothing. It's not something in between. And if we were only in this investment because it was a guaranteed success, then we were fools indeed. I for one was in this to lose my whole investment or make a bundle on it. J/L has one more at bat. Let's see if they can put someone on base or knock one out of the park. But this will likely be their LAST at bat if they come up with a whiff. Tom F.