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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Jerry in Omaha who wrote (17144)	12/10/1998 11:08:00 AM
From: Jerry in Omaha	Read Replies (1) of 20681

NAXOS NEWS RELEASE Naxos Resources Ltd. - Results Of Bulk Test VANCOUVER--(BUSINESS WIRE)--Dec. 10, 1998--Naxos Resources Ltd (O.T.C. Bulletin Board:NAXOF), the Company has received from Northwest Analytical Inc., the results of a 25lb bulk test performed on chain of custody material from the 1998 Franklin Lake Drill Program. Precious metal extraction from the bulk sample was via halogen leach and special ion exchange resins followed by furnace recovery of noble metals. Substantial gold was recovered. Uncertified pressure dissolution heads indicated 0.26 ounces per ton. Northwest Analytical, Inc. does not certify the accuracy of the pressure dissolution AA finish assay method due to a variety of variables inherent with wet chemical procedures. It is used to measure various aspects of lab scale bulk precious metal recovery. Next week company representatives will be at Northwest to witness recovery on another 25lb test. Northwest will continue bulk tests to improve effectiveness and attain consistent repeatability. As soon as this has been achieved the Company will work with Northwest to run a pilot plant based on their recovery process. The Company has also received very encouraging results from a firm using a process similar to Northwest and that tend to collaborate Northwest's results. This firm has a history of putting mines into operation. These results were not chain of custody and are for internal use only. However, the firm is currently re-configuring the pilot plant at Death Valley Junction with the purpose of testing recovery from bulk samples in February. ON BEHALF OF THE COMPANY NAXOS RESOURCES LTD "Signed" Robert S. Gardner 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 Russell Smith, (603) 891-5743

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