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

To: sh who wrote (16757)	10/21/1998 1:05:00 PM
From: Henry Volquardsen	Read Replies (1) \| Respond to of 20681

Please remind me what specific proposal you are now claiming you have been critical of from the outset. As to my investment, yes I did invest because of the potential for new technology and that is why I have remained. As I specifically stated in my last post I do not believe Dr Johnson has perpetrated fraud and furthermore his process may eventually prove workable. What I specifically stated was the process was not complete nor stable, which is pretty obvious at this point. What I have objected to strongly was the Austin Lett and some of his associates tried to get us to hand him a third of the company for unproven technology. They tried to influence the decision by spreading breathless rumours of multiple ounce results. One of the main sources of these rumours was a company employee whose father had a significant ownership stake in J/L yet did not bother to disclose this to the shareholders. Now I purposefully never characterized this as fraud. That is your term not mine. But I find this highly questionable and suspect. But to repeat this does not bring any questions directly on wether Dr Johnson's process may eventually become viable. But it does make me extremely nervous about any financial dealings with the partnership. And as Larry points out, Austin wants money up front. He apparently is unwilling to wait to be paid for performance. This adds to my nervousness. As to what Sid uncovered, as I said before I never said fraud. What Sid did was refuse to pay the Johnson/Lett partnership until they had proven the process. If that decision had not been made we would have suffered even more dilution and there still would be no process .