FOR: NAXOS RESOURCES LTD.
FOR FURTHER INFORMATION CONTACT
INVESTOR RELATIONS: Jeff Sharp (913) 894 - 8509
Bob Gardner (702) 372 - 1712
Russell Smith (603)891 - 5743
FOR IMMEDIATE RELEASE #98-10
NAXOS SELECTS ENGINEERING COMPANY AND SETS DRILLING DATE
NAXOS' SECURITIES TO BEGIN TRADING ELECTRONICALLY APRIL 1ST.
Vancouver, British Columbia - April 1, 1998 - Naxos Resources Ltd (O.T.C. Bulletin Board: NAXOF), today announced the selection of Kleinfelder, a noted Arizona-based engineering company, to supervise the extensive phase two and phase three drilling programs at their Franklin Lake property, Death Valley Junction, California. The phase two 28-hole drilling program is to a depth of 300 feet and will commence on April 20th. Kleinfelder will ensure strict chain of custody protocol for the delivery of the material to Colorado Mineral research Institute ("CMRI") who, in turn, will forward splits of these samples to 3 designated laboratories within the chain of custody protocol. Naxos also approved a further infill drilling program (phase three) to delineate a resource. Phase three will consist of an additional 40 holes to a depth of 100 feet within a tight grid area.
The Company also announced that, effective April 1st, their stock will begin trading electronically on the OTC Bulletin Board. This will allow market makers to trade in real time.
Formed in 1986 as a precious metals and development company, Naxos Resources owns mining projects in Venezuela, British Columbia and California.
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. |
