FOR: NAXOS RESOURCES LTD.
FOR FURTHER INFORMATION CONTACT
INVESTOR RELATIONS: Jeff Sharp (913) 894 - 8509
Russell Smith (603) 891 - 5743
FOR IMMEDIATE RELEASE #99-8
Vancouver, British Columbia – May 3, 1999 - Naxos Resources Ltd (O.T.C. Bulletin Board: NAXOF). On Friday, April 30, the Company held its Annual General Meeting at the Hotel Vancouver in Vancouver, British Columbia. With the exception of the election of the Board of Directors, the business conducted at the meeting was taken as uncontroversial and passed by the shareholders of the Company with overwhelming support.
In accordance with the agreement with Father Gregory announced in the Company's New Release of April 28, 1999, management nominated a group of 8 directors, of which 4 were previous nominees of management (Martin Blake, Stanley Combs, Daphne Elworthy and Jim Sahlin) and 4 were nominees of the dissident group (Father Gregory Ofiesh, Marshall Naify, Bruce Downing and Michael McGee). When the meeting was asked if there were any additional nominations, Father Gregory Ofiesh took the floor and nominated the same four dissident nominees that management had just nominated as well as the balance of the previous dissident slate other than Stephen Jacklin. As a result, there were 12 nominees for election to the Board and only 8 positions to be filled.
Following the initial ballot, Martin Blake, Stanley Combs, Daphne Elworthy and Jim Sahlin were elected. There was a 7 way tie for the remaining 4 positions.
In order the break the tie, the meeting was informed that a second ballot amongst the 7 individuals that were tied for the remaining 4 spots would be required. At this point, Father Gregory Ofiesh took the floor and announced to the meeting that he was withdrawing his name from the candidacy for election to the Board of Directors of the Company.
Following the second ballot, the tie was broken and the Board of Directors that was elected were as follows:
Martin Blake Lloyd Brewer
Lawrence Brierley Stanley Combs
Bruce Downing Daphne Elworthy
Gerard Gallissant Jim Sahlin
At the Board of Directors' meeting held immediately following the Annual General Meeting, Bob Gardner was re-elected as President of the Company with Daphne Elworthy elected as Secretary/Treasurer and Paul Del Giudice was added as an additional Director.
With the election of the new Board of Directors behind it and the continuity afforded by the re-election of Mr. Gardner as President of the Company, the Company is again poised to focus its complete attention on Franklin Lake.
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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