Is this the company everybody is talking about?
FOR FURTHER INFORMATION PLEASE CONTACT:
The Alberta Stock Exchange
Ms. Patricia M. Johnston
Vice President & General Counsel
(403) 974-7408
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: THE ALBERTA STOCK EXCHANGE
JANUARY 23, 1997
RE: ASE Issuance of Notice of Hearing Against Naxos
Resources Ltd. and Jimmy John
CALGARY, ALBERTA--The Alberta Stock Exchange (the "Exchange") has
issued a Notice of Hearing dated January 22, 1997 against Naxos
Resources Ltd. ("Naxos") and its president, Jimmy John. The
hearing is scheduled for March 12, 13 and 14, 1997 at the offices
of the Exchange in Calgary.
The Notice of Hearing alleges, among other things, violations on
the part of Naxos and Mr. John of Exchange Requirements in
connection with the issuance of numerous press releases disclosing
significant concentrations of precious metals on samples taken
from the Franklin Lake property which results have not been
replicated or verified by consultants retained by the Exchange for
that purpose.
The Notice of Hearing specifically alleges that Naxos and Mr. John
issued numerous press releases during the last two years
disclosing significant concentrations of platinum group elements
on samples taken from the Franklin Lake property, which press
releases were issued without regard to whether such disclosure was
accurate.
The Notice of Hearing also alleges that Naxos and Mr. John issued
numerous press releases during the last two years disclosing
significant concentrations of gold and silver on samples taken
from the Franklin Lake property using non-conventional fire assay
procedures. Subsequent attempts by Naxos to replicate such
results using its own testing procedures were unsuccessful.
Further, several standard fire assay tests conducted by
independent laboratories disclosed that the concentrations of gold
on samples taken from the Franklin Lake property were
significantly lower than the previous results reported by Naxos.
Additionally, there was no evidence of concentrations of platinum
group elements present in such samples. Accordingly the Exchange
has alleged that the press releases by Naxos and Mr. John were
issued without regard to whether such disclosure was accurate.
The Exchange has also alleged that by the issuance of press
releases dated December 20, 1996 and January 20, 1997, Naxos and
Mr. John directly contravened Exchange policies which require the
preapproval of any non-conventional fire assay testing procedures
and the disclosure of standard fire assay testing results
contemporaneously with precious metal results obtained using non-
conventional fire assay methods.
At the hearing of these matters, the Exchange will seek an order
delisting the securities of Naxos from the Exchange and a order
prohibiting Mr. John from acting as a director, officer, insider,
promoter or investor relations consultant for or on behalf of any
company listed on the Exchange.
Copies of the Notice of Hearing may be obtained by contacting Ms.
Patricia M. Johnston, Vice President & General Counsel at (403)
974-7408. |
