FOR: NAXOS RESOURCES LTD.
FOR FURTHER INFORMATION CONTACT
INVESTOR RELATIONS: Jeff Sharp (913) 894 - 8509
Russell Smith (603) 891 - 5743
FOR IMMEDIATE RELEASE #98-29
Vancouver, British Columbia – November 6, 1998 - Naxos Resources Ltd (O.T.C. Bulletin Board: NAXOF), announced today that Robert Gardner has been elected as President, replacing the position held by Sidney W. Kemp, Dr. Paul F. DelGiudice has been elected as Treasurer and Stanley R. Combs as Secretary, replacing the position held by Ian Gordon, and Mark Summers has been elected Chairman of the Board of Directors, replacing the position held by Jimmy John. This will continue the transition to new management. Bob Gardner was previously Manager of the Franklin Lake operation for Naxos and has held management positions with British Petroleum in the past.
The Company also announced that the employment of Messrs. John Norton and Jeremy Ison has been terminated.
A final report has been received from Brian Russell, mining and financial consultant, who was retained by the Company to review the attrition procedure and roasting techniques previously carried out by Johnson-Lett. His testing and results were based on 550 assays conducted by Mintek and SGS in South Africa. Mr. Russell stated that “Attrition appears to offer no advantages in that the attrited samples invariably yielded lower results than head ores. The values obtained on standards were also substantially lower than the certified results. Also, attrited samples are more difficult to analyze and surprising amounts of stainless steel abraded from the equipment interfered with nickel sulfide collection”. Secondly, with respect to roasting, he stated that “although the roasting procedures may be effective for samples containing interfering substances, they were unnecessary for the Naxos samples”. Recommendations included discontinuing the use of attrition, continued assessment of the efficacy of the Johnson-Lett methodology and developing multiple, reliable laboratories with controls on all samples for future analyses.
ON BEHALF OF THE COMPANY
NAXOS RESOURCES LTD
“Signed”
Robert S. Gardner
President
All forward-looking statements made by Naxos involve material risks and uncertainties and are subject to change based on factors beyond Naxos' control. Accordingly, Naxos' future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, without limitation, those described in Naxos' filings with the United States Securities and Exchange Commission. Naxos does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
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