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

To: Henry Volquardsen who wrote (18463)	4/6/1999 1:33:00 PM
From: soxan	Read Replies (2) \| Respond to of 20681

Hi Henry, Agreed, 10 bucks may not ever happen again or at least not in the near future. As I said I'm holding not selling or buying, but I think a good question would be at .42 per share is it a good time to buy short term and perhaps sell in only a few weeks or days when we could see the price go back up to .65? Just another angle to look at, again I'm inclined to just sit tight for now, but it really wouldn't take much at all to rebound to 60cents or so. Just food for thought, soxan

To: Henry Volquardsen who wrote (18463)	4/6/1999 2:34:00 PM
From: Tom Frederick	Respond to of 20681

Henry, I would agree with you if Naxos were taking a shot at a whole new property OR if we had no evidence of a working method OR if they were still working on J/L with no verifiable success. However, with COC assay and COC recovery in the same value range, implying that the new pretreatment is unlocking a specified concentration of Au, it would seem to improve the odds dramatically. My reasoning would be that the question now is if the 25 lb. bench test sample getting .26 is scaleable to pilot plant volume. The recovered metal is empirical evidence of gold. It's no longer interpretation or opinion if Gold is there. (And it is my understanding that Gold is NOT used as an extracting metal for this process avoiding any "contamination") As it is a recovery process, as opposed to another assay, and this recovery process which worked on 25 lbs of ore is being duplicated, the great unknown is if it can be duplicated in large volume in a production environment. Therefor, I interpret that as a yes or no, following previous success, which in turn implies a fairly calculated chance of success, not a shot in the dark implied by 22 to 1 odds. Now, it is another story if, in anyones opinion, there is significant reason to believe or not believe the .26 Au opt recovery number. It is also another story if any person has a high or low degree of confidence in the abilities of those at the plant. With the key plant manager having successfully brought 14 properties into production the odds of him being capable of bringing this pilot plant on line successfully are certainly fairly good, ASSUMING the process itself is scaleable. I personally have gone through a great range of thoughts and emotions regarding this investment. I have learned a very tough lesson about when to take profit. I have learned a much harder lesson on doing proper DD when the story seems too good to be true. Naxos as a general investment has gone through wild swings of being a purely emotional purchase, to be a calculated risk based on test results. Like yourself for example. You have stated quite clearly that your investment was based largely on the results from Ledoux and conversly, your loss of confidence seems to hinge on the retraction of results from the last two holes tested by Ledoux. Having said that, I believe that with as many test results as we have seen showing metal, the metal must be there. So now I can only assume that Bob and the Board saw enough real evidence beyond the .26 Au opt on the 25lb test to believe this is the proper course of action to prove the ultimate bottom line...is the metal recoverable in volume. I wish us all luck. Tom F.