NAXOS AND FATHER OFIESH JOINTLY ANNOUNCE ACCORD
Vancouver, British Columbia – April 28, 1999 - Naxos Resources Ltd (O.T.C. Bulletin Board: NAXOF), is
pleased to announce that the Board of Directors has reached an agreement with Father Gregory Ofiesh to end the proxy battle for control of the Company prior to Friday's Annual General Meeting. (the “AGM”)
In brief, four of your Board's nominees, as listed in the Management Information Circular distributed to the shareholders of the Company will not stand for re-election at the AGM. Similarly, Father Gregory has agreed to only nominate four of the dissident nominees, as set out in the Dissident Information Circular distributed to the shareholders of the Company, for election at the AGM. The result will be a group of eight Director nominees representing jointly management and the group of shareholders led by Father Gregory, with an equal number of nominees.
It is anticipated that, following the AGM, the Board of Directors will meet to elect its Executive Officers and that Father Gregory and Bob Gardner will share joint executive authority for an interim period until your new Board of Directors determines the appropriate structure of the Company.
The Board of Directors believe that in bringing everyone together, the Company will be unified and able to move forward. The benefits are not only saving of the Company's resources, but a greater ability to raise future financing that will be necessary in order to move the Franklin Lake property closer to production and to fulfil our aims and goals.
We look forward to seeing a great number of you at the AGM on Friday at which time we will together unveil our plans for the future.
ON BEHALF OF THE COMPANY
NAXOS RESOURCES LTD
“Signed” “Signed”
Robert S. Gardner Father Gregory Ofiesh
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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