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

To: Richard Mazzarella who wrote (18793)	4/28/1999 9:52:00 AM
From: Tom Frederick	Read Replies (1) \| Respond to of 20681

Mr. Mazzarella, To your question "When were IPM and NAXOF $10/share?" The answer is...when we all bought the hype instead of the facts. Naxos had some legitimate success and it was appropriate that there was some confidence that there was metal at FL. I don't think anyone doubts that there is metal there now, since there has been so much empirical evidence from a variety of sources showing metal to one degree or another. What never made sense is the run to $10 based on assay alone when there were only a handful of holes drilled and no third party verification. And most important, no idea whatsoever if they had a way to extract the metal. Those were the days when the thread was chock full of "rumors" and "leaks" about 5 ounce per ton results, using electroplating to recover the gold, the IMF giving Naxos funding, Arab Sheiks buying Naxos outright, etc. etc.. I believe we have come a long way with in the last 4 years, and specifically with Bob at the helm. We have plenty of holes drilled by a third party to use for assay verification or bench test recovery tests. We have both assay and recovery which match up nicely, and we have a pilot plant running which, we hope, will shortly prove, at least for the first stage, there is a way to extract FL precious metal. I want to make money just like anyone, but I want to earn it based on legitimate, sustainable, verifiable data that gets the mining and investment community excited about Naxos. Henry is showing his true colors when he says he won't make money on other peoples poor decisions to buy in when we are all trying to get out. There is honor in making an honest profit, but no good comes from a profit off anothers bad fortune. Richard, that doesn't mean I like to lose money. I've had tough enough financial times to know full well the impact of lost income, lost investments, etc. I'm not a glutten for punishment, just a person who agrees we should make our profit with integrity and honesty. Regards, Tom F.