To all,
Naxos Resources Ltd. Announces Resignations
Tuesday, October 20, 1998 12:13 PM
VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 20, 1998--Naxos Resources Ltd (OTC BB:NAXOF), today announced the resignation of Sidney Kemp as President and Director, Ian Gordon as Secretary/Treasurer and Director, and Barry Riback as Director. These resignations will be effective December 18, 1998. This will allow time for an orderly transition of management.
In addition, the board wishes to express its opinion that the focus of Naxos will continue to be research and development of technologies which may be applied to Franklin Lake as well as other properties. It is the opinion of the board of directors that these moves will make way for a strengthening of the company, thereby increasing shareholder value.
ON BEHALF OF THE COMPANY
NAXOS RESOURCES LTD
"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.
CONTACT: Naxos Resources Ltd. Investor Relations: Jeff Sharp, 913/894-8509 or Russell Smith, 603/891-5743
Quote for referenced ticker symbols: NAXOF
© 1998, Business Wire
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