FOR: NAXOS RESOURCES LTD.
FOR FURTHER INFORMATION CONTACT
INVESTOR RELATIONS: Jeff Sharp (913) 894 - 8509
Russell Smith (603) 891 - 5743
FOR IMMEDIATE RELEASE #98-14
NAXOS ANNOUNCES ADDITIONAL ASSAY RESULTS FROM HOLE ONE
Company also Reports Drill Program Progress Ahead of Schedule
Vancouver, British Columbia - May 15, 1998 - Naxos Resources Ltd (O.T.C. Bulletin Board: NAXOF), a precious metals and development company, today announced certified standard lead fire assay results from Ledoux & Company, a nationally recognized independent laboratory. The results listed in the table below are from ore taken from chain of custody drill hole #1 located at the Naxos Franklin Lake property, Death Valley, California:
Depth * Au oz/T
0' - 10' 0.023
10' - 20' 0.023
20' - 30' 0.070
30' - 40' 0.018
40' - 50' 0.018
50' - 60' 0.018
80' - 90' 0.018
100' - 110' 0.018
110' - 120' 0.026
120' - 130' 0.281
130' - 140' 0.073
140' - 150'* 0.047
160' - 170' 0.053
170' - 180' 0.029
180' - 190' 0.070
190' - 200'* 0.032
200' - 210'* 0.064
210' - 220'* 0.038
220' - 230'* 0.059
230' - 240'* 0.184
240' - 250'* 0.059
250' - 260' 0.041
* - Previously reported.
A total of 11 blank samples were submitted blindly to Ledoux & Company, which are randomly introduced throughout RC holes 1 through 5, averaging 0.008 oz/t.
Naxos Resources also announced that the Company's 68 hole drill program is ahead of schedule with a total of 9 holes completed. Material from the first six drill holes have been dispatched to Rocky Mountain Geochemical's facilities in Reno, Nevada for drying and sample preparation.
Formed in 1986 as a precious metals and development company, Naxos Resources Ltd. owns mining projects in Venezuela, British Columbia and California.
ON BEHALF OF THE BOARD
NAXOS RESOURCES LTD
Per: "Signed"
Sidney W. Kemp
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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