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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: Henry Volquardsen who wrote (13808)6/24/1998 3:32:00 PM
From: jbIII  Read Replies (1) of 20681
 
Kurt, Henry, FYI

<< Vancouver, BC (6/11) - Placer Dome said that the Supreme Court of Venezuela has declared all the Inversora Mael/Crystallex claims on the Las Cristinas concessions 4 and 6 inadmissable in a final and unappealable ruling. The ruling gives Placer and partner Corporacion Venezolana de Guyana sole and exclusive mining rights over both concessions in the Kilometer 88 district of southeast Venezuela.

Placer began construction of the 11.8-MM-oz gold deposit in August 1997 but suspended work in January pending outcome of the litigation. A decision to resume construction will be made following completion of
project financing. Source: NR. Contact: John M. Willson, president, Vancouver, BC, (604)682-7082, NYSE,
TSE (PDG). >>

Naxos also has concessions in Kilometer 88.

Rgds,
jb3
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