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Gold/Mining/Energy : Naxos Resources (NAXOF) -- Ignore unavailable to you. Want to Upgrade?

To: Neal davidson who wrote (19429)	7/12/1999 7:03:00 PM
From: Kim W. Brasington	Read Replies (1) \| Respond to of 20681

Vancouver, British Columbia – July 12, 1999 - Naxos Resources Ltd (O.T.C. Bulletin Board: NAXOF) The following resolutions concerning warrants were passed by unanimous consent of all Board members present at a meeting this afternoon; 1. The expiry date of all warrants will be extended for a further 12 months from their current expiry date and, 2. The price of all warrants will be reduced to US $0.50 for a period of 90 days from the date of this announcement. After the 90-day period the exercise price will revert to the original exercise price. The Board has resolved to adjust the warrants based on the fact that options had been previously lowered to CDN $0.80. Accordingly the lowering of the warrant price to US $0.50 places Shareholders, Directors and Management on the same level playing field. In addition, the Board passed by unanimous consent a resolution to extend an unconditional invitation to Father Gregory Ofiesh to meet with the Board in Vancouver at his earliest convenience. It is the hope this will be the first step to a mutual accord being reached from which the Company can go forward. Naxos also announces the departure of Russell Smith from the Company. Mr. Smith held the position of Director of Corporate Development in addition to his duties as an Investor Relations Representative. We wish him well in his future endeavors. 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.