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

To: mark silvers who wrote (16733)	10/20/1998 3:55:00 PM
From: Henry Volquardsen	Read Replies (1) \| Respond to of 20681

absolutely agree with the sentiment. But I am not entirely certain the J/L sycophants have totally won yet but they seem one step closer. As I am sure you recall from our personal conversations that my greatest fear for the future of Naxos is that regardless of what the appropriate direction for the company is, wether it be accumulating small conventional projects or Dr Johnson's process, management will never be free to select that course because of pressure from large blocks of 'fanatic' shareholders who bought in on a pipedream and refuse to let go of their feverish fantasies of magic processes that will produce multiple ounces per ton out of plain dirt. Fantasies die hard and as long as some snake charmer with a bag of magic beans can sell them another illusion they will never relent. This, imo, is the biggest obstacle to Naxos ever find a strategy to produce shareholder value. A real lesson in the madness of crowds.

To: mark silvers who wrote (16733)	10/20/1998 5:32:00 PM
From: ShoppinTheNet	Respond to of 20681

Mark I missed this who would be the one blamed? Are you pro Sid Or anti Sid at this point?

To: mark silvers who wrote (16733)	10/20/1998 6:08:00 PM
From: sh	Read Replies (3) \| Respond to of 20681

Who do we blame for Naxos' current state of disarray? What are you proposing that Naxos do? Give up on FL? If FL does not contain economic quantities of PM's, I want to know about it. I, like others, bought into this company because of the potential for FL (and no, that does not mean multiple ounces of gold per ton). When someone like Kemp takes over and permanently sits at the helm when he is supposed to be a temporary CEO -- and the stock tanks in the meantime -- you better believe shareholders like myself are going to be angry. I'm not so enthusiastic about buying other properties when it means giving up on FL. We need to know whether or not FL truly has the potential we were once convinced by people like Kemp that it did. Hopefully now that Kemp is out, we can learn more about what has transpired over the past few months with Ledoux, etc. If they have not retracted on their previous tests (pre-'98), then they need to reaffirm them. We should also be given a better explanation for the apparently flawed '98 testing. I would feel more comfortable knowing that Ledoux still believes that FL has good potential based on its past testing. We finally need to ascertain if the PM's only exist in certain areas and whether it takes a more sophisticated process (which the Johnson process hopefully is -- putting aside for now the pejorative "black box" label that its detractors have given it) to uncover (and economically produce) them. If it turns out that PM's do not exist in FL as we once thought, then so be it. If someone then has some ideas about keeping Naxos alive, fine. If not, then that is the risk we all took and must live with the consequences (although I agree about the adverse reliance on Ledoux's 1998 testing by shareholders, including myself, and the possibility of pursuing Ledoux for seemingly inexcusable and incompetent testing). However, selling off at this point a good portion of FL in order to pursue other properties, as Kemp's quickly abandoned plan would have done, is preposterous. I expect whoever comes on board now to have a major financial stake in Naxos and to pursue, with proper mining professionals, answers as to whether or not FL is a feasible precious metals mining property. Enough of this meandering around and tinkering with other projects when we haven't even resolved the status of the company's principal property. The idea that someone is so impressed with Naxos' current management that they want it to buy and run other properties -- when we haven't even gotten a definitive answer about Naxos' main property -- is a joke. I'll stop rambling now. I obviously feel today's news is very positive and hope the next step is finally to resolve the status of FL, without the old hype.