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Gold/Mining/Energy : Naxos Resources (NAXOF)
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To: citydi who wrote (15889)8/27/1998 8:09:00 AM
From: Henry Volquardsen  Read Replies (1) of 20681
 
Naxos Res: Discrepancy In Franklin Lake Findings Forces Naxo
8/27/98 0:16

98/08/27 Market News Publishing Inc. No: 000002

NAXOS RESOURCES LTD ("NAXOF-L")
- Discrepancy In Franklin Lake Findings Forces Naxos To Reconsider
- The Direction

Dear Shareholders:
As expressed in our most current shareholder letter and news release,
the discrepancy in the Franklin Lake findings between Ledoux & Company and
the other assay labs has forced us to reconsider our direction.
We are working closely with Johnson-Lett in conjunction with Brian
Russell to assess their process and the mineralology of Franklin Lake. This
will enable us to better determine the value and long term feasibility of
the property.
In order to ensure adequate funding, we have embarked on a
cost-cutting program. This includes selling-off certain non-essential
assets, primarily located at Franklin Lake, in addition to reducing our
holdings in Venezuela. This will allow us to better focus on what we
believe to be the future direction of the company.
We are aware that two distinct views currently exist among the Naxos
Shareholder base. One group wants the Company to concentrate its resources
on Franklin Lake with the Johnson-Lett and/or other non-conventional
approaches. The other group looks at the more conventional standard fire
assay as the final arbiter. Over the last eight years, Naxos has tried
numerous methods to extract precious metals from Franklin Lake and we will
continue to do so.
In order to address these differing views, we are considering various
options for the restructuring of Naxos Resources (USA) Ltd. to facilitate
the independent development of the Franklin Lake project. We believe those
investors who came into the Company on the basis of the potential of
Franklin Lake should have the right to continue that investment. In
addition, we want to be in a position to attract new investors into the
Company based on the technical ability of management to develop other more
conventional mining projects. Naxos is continuing with its due diligence on
a number of potential properties in association with the CPM Group. To
these ends, we are continuing to develop a plan that addresses the
interests of each shareholder group.
Sincerely,
"Signed"
Sidney Kemp, President

TEL: (604) 669-8078 Sidney Kemp, President
FAX: (604) 669-8068
Email: naxos@uniserve.com
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