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

To: jbIII who wrote (20001)	11/3/1999 7:04:00 PM
From: Kim W. Brasington	Read Replies (2) \| Respond to of 20681

FOR: NAXOS RESOURCES LTD. FOR FURTHER INFORMATION CONTACT INVESTOR RELATIONS: (604) 669 - 8078 FOR IMMEDIATE RELEASE #99-16 Vancouver, British Columbia – November 3, 1999 - Naxos Resources Ltd (O.T.C. Bulletin Board: NAXOF) is pleased to announce that a settlement agreement has been reached between the current Board of Directors and Father Gregory Ofiesh. This is contained in a Court Order, not yet entered, in the lawsuit commenced by Father Ofiesh in the Supreme Court of British Columbia (the “Ofiesh Lawsuit”). Under the settlement agreement Father Ofiesh, Robert Chatwin, Michael McGee and George Milburn may elect to join the Board within the next fourteen days. If there is a vacancy on the Board prior to the Annual General Meeting the vacancy will be filled in accordance with the provisions of the settlement agreement and Court Order. It was also agreed that the next Annual General Meeting will be held on or before March 1, 2000 and that a single Management slate or, if the Board is unable to agree, two slates of five proposed Directors may be presented to shareholders on a common information circular and proxy. Robert Gardner will continue as President at the Board's pleasure until the 2000 Annual General Meeting. Other provisions are incorporated in the settlement agreement and Court Order to settle the procedure for the governance of the Company including the appointment of an independent chair for the 2000 Annual General Meeting. The Ofiesh Lawsuit will be dismissed by consent thirty days after the 2000 Annual General Meeting and Father Ofiesh agrees not to commence proceedings for leave to commence a derivative action before that date. Either party to the Ofiesh Lawsuit and certain others may apply to Court for directions or interim orders to carry out the terms of the Court Order. It is sincerely hoped that this settlement will lead to improved performance and prosperity for the Company. In another matter, drilling of the brine water wells at Franklin Lake is proceeding on schedule and should be completed by the end of the week of November 8, 1999. 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.