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

To: Henry Volquardsen who wrote (18184)	3/25/1999 4:08:00 PM
From: Ruthie	Respond to of 20681

Hi Everyone Russell Smith, IR of Naxos, returned my telephone call and gave me the following information: 1. When the dissident group first approached the present Naxos management, they did not have the required 5% of shareholders (holders with shares in their own name or proxies of shares from brokerage houses) which is necessary to call a Special Meeting.. Naxos present management checked on the ownership and they did not have the required 5%. The present Board advised the dissident group of this fact. 2. The next step the dissident group took was to send out these proxies thru the various brokerage houses, etc. 3. The next step for Naxos management is that they are taking the dissident group to Court and seeking an injunction against this meeting. This will happen on Monday. 4. He stated that it would not hurt to send all the proxies back with votes for Bob Gardner. It may not be necessary, but it can't hurt. This is all the information I obtained, but it seems straight forward and I'll be forwarding my proxies with votes for Bob Gardner and the present board. Thanks to all who took the time to answer my questions.