IF you want to mack back whate you lost NAXOS Good news should move 200% this week
BW1282 FEB 21,1997 18:29 PACIFIC 21:29 EASTERN
( BW)(NAXOS-RESOURCES)(NAXOF) Naxos Resources Ltd. -- Franklin Lake
Property Update
Business Editors
VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 21, 1997--
The Company is pleased to announce that Ledoux & Company continues to
achieve significant commercial gold values on the Franklin Lake
property using a proprietary recovery process. It should be
understood that the proprietary recovery process employs a hot
cyanide leach procedure to recover precious metals from head ore.
The following values has been certified by Ledoux & Company. In
addition to the results previously reported on the SRK hole, the
Company has received three additional results, from tests performed
during the week of February 17, 1997, under the supervision of Paul
Blumberg, Technical Director, one which is a duplicate of the 160' -
170' depth which are set below with footnote(a).
For completeness, the Company has set out all values reported, to
date, on the SRK hole, including the new results.
-0-
*T
Number Au - oz/ton Depth
1142751 0.124 10' - 20'
(a) 0.058 20' - 30'
1 0.073 50' - 60'
1142752 0.095 60' - 70'
2 0.088 70' - 80'
3 0.102 90' - 100'
4 0.073 100' - 110'
(a) 0.058 160' - 170'
5 0.073 160' - 170'
6 0.044 210' - 220'
(a) 0.058 230' - 240'
1142753 0.102 240' - 250'
AVERAGE 0.079 10' - 250'
*T
-0-
The samples are the line of custody samples taken from the split
sent to Ledoux & Company by SRK Robinson and, of course, collected by
Associated Mining Consultants, Inc. and SRK Robinson from the 250'
hole drilled on September 17, 1996.
Based on these results, the Company now believes that it has
established the existence of commercial levels of gold in the
Franklin Lake property. The Company will engage a recognized
international engineering firm to supervise the Franklin Lake
project. The engineering firm will move to establish the size of the
deposit and coordinate with Ledoux & Company in determining and
enhancing the recovery process. As previously announced, the Company
has applied for permits to drill up to 205 holes over a 6 square mile
area of the Franklin Lake playa and anticipates receiving permission
for an initial five acre disturbance permit which will allow the
Company to begin drilling its first five holes to 250' at a location
approximately 2,000 feet north of the SRK hole.
In the interim, Ledoux & Company will begin testing the
previously drilled 510' hole located in the Tight Grid Area,
approximately 2,000' south of the SRK drill hole, using the hot
cyanide leach process for gold recovery.
For further information, please contact our Investor Relations'
Department at 604/669-8078 or 604/669-1955.
-0-
Note to Editors: The Alberta Stock Exchange has neither approved
nor disapproved the information contained in this release.
--30--nb/sf*
CONTACT: Naxos Resources Ltd.
Investor Relations' Department
604/669-8078 or 604/669-1955
KEYWORD: NEW YORK
INDUSTRY KEYWORD: MINING/METALS
REPEATS: New York 212-752-9600 or 800-221-2462; Boston 617-236-4266 or
800-225-2030; SF 415-986-4422 or 800-227-0845; LA 310-820-9473
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