Kim,
Naxos release on canada-stockwatch today. Can you elaborate on the purpose of the meeting with ASC today.
Regards, Lalit Jain
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ASC hearing on Thursday; 175,999 unit private
placement closed
Naxos Resources Ltd
NXR
Shares issued 26919073
1996-05-30 close $8.35
Wednesday Jan 7 1998
Mr W.L. Hess of the ASC reports
A special hearing in the matter of Naxos Resources, Jimmy John, Ian M. Gordon, Carl F. Campbell,
Sidney W. Kemp, Antony Moilliet and Frederick Arkoosh Jr will be held at 9:00 am on Thursday,
January 8 1998 in the hearing room of the Alberta Securities Commission at 4th floor, 300 - 5th Avenue
SW, Calgary.
Mr Jimmy John reports
Naxos has closed a private placement of 175,999 units at US$6.00 for a total of US$1,055,994 to be
used for working capital and work on the Franklin Lake property. Each unit consists of one share and
one warrant exercisable at US$6.625 within two years.
The company's mill at Km 88 has been in operation since October 19 1997, with a total down time of 15
days. From the period of October 19 to December 12 3,704 dry metric tons were processed through the
plant with an average head grade of 3.04 g/t of gold. The total down time for the period of October 19 to
December 12 was 10 days. During this period, the total feed to the plant was 362.06 troy ounces of gold
with a yield of 329.47 troy ounces of gold which equates to a 91% plant recovery level.
A further 128.62 troy ounces of gold remains locked up on carbon in the plant circuit awaiting elution.
Since December 12 the plant has been down a further five days for upgrades and maintenance. As well,
since December 12 an estimated further 192.92 troy ounces of gold has been produced with 128.62 troy
ounces of gold remaining in circuit on carbon.
The small alluvial plant on the Hoyada property remains in production with production to date totalling
174 carats, to December 20.
The company has re-negotiated its option to acquire the Johnson Lett Technology to extend the date of
exercise of the option to January 21 1998.
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