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

To: soxan who wrote (19109)	5/12/1999 11:29:00 AM
From: Tom Frederick	Read Replies (1) \| Respond to of 20681

Soxan, Here is what Bob wrote in the letter to shareholders, dated April 9, 1999. "...we established relationships with five carefully selected parties who conduct research and development in this field. In the true spirit of R&D, each group provided a slightly different recovery approach for consideration. After this initial work, it was clear that we would continue to work with three of the groups. They began a series of tests, and management determined that one of the approaches appeared, at this stage, to be superior." Later in the letter he states "If significant recovery is achieved, we will move quickly to scale up production to an even greater level. If it is not achieved, we will be open to all other available technologies that could help Naxos be successful." By my reading, Naxos has selected the most promising method and if this doesn't work, Mr. Gardner is open to something new, not one of the methods already discarded as less likely to succeed. Tom F.