FOR: NAXOS RESOURCES LTD.
FOR FURTHER INFORMATION CONTACT
INVESTOR RELATIONS: Jeff Sharp (913) 894 - 8509
Russell Smith (603) 891 - 5743
FOR IMMEDIATE RELEASE #98-22
Vancouver, British Columbia - August 13, 1998 - Naxos Resources Ltd (O.T.C. Bulletin Board: NAXOF), today announced that, in line with our July 16th News Release where it was stated an investigation into assay discrepancies between Ledoux & Company, Alfred H. Knight and Rocky Mountain Geochemical would be undertaken, all Franklin Lake samples from the 1998 auger drill program that Ledoux & Company assayed and produced grades of greater than 0.015 oz/t were re-sampled from the library material stored at Rocky Mountain Geochemical and submitted to Ledoux & Company for gold analysis using the Ledoux & Company assay protocol. All results from this re-analysis program have now been received by the Company and every sample has been reported by Ledoux & Company to contain less than 0.003 oz/t of gold.
Ledoux & Company was questioned regarding the discrepancy in assay value on these samples and their written response has been received by the Company. The response states the assay results differ due to contamination of the samples during the initial analysis procedure at the Ledoux & Company assay facility.
The letter states that the contamination is limited to analysis of samples from the 1998 auger drilling program and they have no reason to question the analysis of samples from Franklin Lake assayed by Ledoux & Company prior to the 1998 drilling program since the assay protocol differed prior to the 1998 auger drill program. Ledoux & Company's response states that the contamination resulted from rotating gold and silver as collectors in the protocol, as the Company requested that both gold and silver be analyzed.
Formed in 1986 as a precious metals and development company, Naxos Resources owns mining projects in Venezuela, British Columbia and California.
ON BEHALF OF THE COMPANY
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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