NAXOS RESOURCES LTD.
409 - 808 Nelson Street
Vancouver, B.C., Canada
V6Z 2H2
(604) 669 - 8078
N E W S R E L E A S E (97-16)
Trading Symbol: NAXOF Date: August 29, 1997
Franklin Lake Property, Inyo County, California
Chain of Custody Assay Ledoux Certification
The Company is pleased to announce the following certified assay results performed by Ledoux & Company. The material tested was drilled by Steffen Robinson Kirsten and follows a strict chain of custody protocol. The first set of results are based on the completion of the first stage of a three stage, patent pending, metallurgical methodology developed by Johnson, Lett and Company. The significance of these numbers is in the fact that they are the first certified chain of custody platinum and palladium assays the Company has ever received from Ledoux & Company.
Gold (oz/Ton) Platinum(oz/Ton) Palladium (oz/Ton) Gold Equivalent (Oz/Ton)
Depth 120ft - 130ft 0.06 0.08 0.08 0.21
Depth 200ft - 210ft 0.07 0.10 0.10 0.25
Non Chain of Custody Assay Ledoux Certification
The following result followed the first and second stages of the three stage methodology at Ledoux & Company with the exception of one step. This step was done outside Ledoux & Company's chain of custody. Therefore the reader should strongly note that the assays, although certified by Ledoux & Company come from results from non chain of custody material.
Gold (oz/Ton) Platinum(oz/Ton) Palladium (oz/Ton) Gold Equivalent (Oz/Ton)
Depth 130ft - 140ft 0.191 0.300 0.297 0.734
Non Chain of Custody Ledoux Certification
The Company has commenced a 200 pound bulk test taken from surface material from the five acre number one disturbance area within the tight grid of the Franklin Lake Playa. Sixteen samples were taken following all three
stages of the methodology and assayed using the standard fire assay method. The resulting metals recovered (prills) were shipped to Ledoux & Company for analysis. The Company considers the following information relevant and material and the Company is obligated to release these results; however the reader should strongly note that the assays, although certified by Ledoux & Company come from non chain of custody material which has been partially processed outside of Ledoux & Company's environment.
Gold (oz/Ton) Platinum(oz/Ton) Palladium (oz/Ton) Gold Equivalent (Oz/Ton)
Surface 5 acre #1 Disturbance area 0.779 1.259 1.378 3.135
Preparations are being made to have Ledoux & Company repeat these results, under full chain of custody. The required equipment to perform all three metallurgical procedures will be delivered to Ledoux & Company on Tuesday, September 2, 1997. Company insiders have been instructed not to trade in the shares of the Company in accordance with our Black Out Policy until these tests are repeated by Ledoux & Company and results released to the shareholders.
DATED at Vancouver, British Columbia, the 29th day of August, 1997.
ON BEHALF OF THE BOARD
NAXOS RESOURCES LTD.
Per: "Jimmy John"
Jimmy John
President & CEO
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. For further information, please contact our Investor Relations' Department at (603) 891-5743 or (702) 372-1712 or (913) 894-8509. |
