Naxos Resources Ltd. - Announcement
January 22, 1999 11:19 AM
VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 22, 1999-- Naxos Resources Ltd , is pleased to announce that the re-configuration of it's demonstration plant is on schedule and the plans are to test-run the plant in February with the objective of optimizing recovery and starting normal operations in March. We want to emphasize that achieving the recovery of precious metals in our plant remains our first and most important objective. However, there has been a development which we feel the shareholders should be made aware of.
We intend to use all resources available to us to prove the viability of the Franklin Lake property. One of the companies we are working with is Northwest Analytical, Inc., who at our direction is experimenting with a fire assay method utilizing a chemical pretreatment of Franklin Lake material. We emphasize that the technology is in the development stage and unproven, however, the last tests performed seem to suggest that a level of success has been reached.
The results of these five tests, fire assayed and analyzed by Atomic Absorption, are as follows.
Samples Oz/Ton Au Franklin Lake no.1 0.24 Franklin Lake no.2 0.25 Franklin Lake no.3 0.21 Franklin Lake no.4 0.26 Franklin Lake no.5 0.19 Blank no.6 0.00
The material utilized in the tests was chain of custody but as part of a research program the results are not certified. Work will continue to determine repeatability and consistency of results. When we feel that these goals have been reached we will have a referee lab verify the process.
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.
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