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 (98-2)
Trading Symbol: NAXOF Date: January 12, 1998
Ledoux & Company Certifies Remarkably High Gold Values on Chain of Custody Franklin Lake Playa Material,Inyo County CA
On Monday , January 12, 1998, Ledoux & Company confirmed the following certified values for gold on chain of custody material from the Franklin Lake Property.
A twenty-five foot composite sample (C7) from drill hole #5 was prepared by Behre Dolbear. The material sample was prepared from the depth range of 150' - 175' (excluding interval 160'-165'). The material was properly sealed and forwarded to Ledoux & Company along with all appropriate documentation thus establishing chain of custody. Paul Blumberg, Technical Director, Ledoux & Company conducted all three portions of the tests himself . All results are by lead fire assay.
Drill Hole #5
Composite Sample C7 (25 feet)
Depth Range 150' - 175'
excluding interval 160'-165' Au oz/Ton Platinum Group Metals
Portion #1 - original ore (Johnson fire assay) 1.66 not detected
Portion #2 - 1st stage of Johnson Methodology 2.56 not detected
Portion #3 - 1st & 2nd stages of Johnson Methodology 0.954* not detected
*sample to be retested
The average value achieved from this twenty-five foot composite sample is 1.72 oz per ton Au. Portion #2 represents a significant increase due to the Johnson-Lett Technology. Investigation into the Johnson-Lett Technology continues.
This represents the first certification received from Ledoux & Company on the chain of custody material established by Behre Dolbear from time of collection as part of a 5-hole drilling program until delivery to Ledoux & Company for analysis. It is the intention of the Company to complete the testing on the remaining depths for drill hole #5, then proceed to finalize testing on the remaining four holes.
The Alberta Securities Commission hearing against the Company, its directors and its officers, scheduled to commence January 12, 1998, has been adjourned. A new date will be determined by the commission and the Company's counsel at a later date.
The Black Out Policy announced by the Company on August 29, 1997 in News Release #97-16 instructing Company insiders not to trade in the shares of the Company will remain in effect until the close of trading on Thursday, January 16, 1998.
DATED at Vancouver, British Columbia, the 12th day of January, 1998.
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. |
