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

To: Paul Salber who wrote (7874)	1/7/1998 5:16:00 PM
From: Kim W. Brasington	Read Replies (3) \| Respond to of 20681

NAXOS RESOURCES LTD. 409 - 808 Nelson Street Vancouver, B.C., Canada V6Z 2H2 (604) 669 - 8078 N E W S R E L E A S E (98-1) Trading Symbol: NAXOF Date: January 7, 1998 Private Placement Naxos Resources Ltd. ("the Company") is pleased to announce that it has, today, closed a Private Placement comprising of 175,999 Units at US$6.00 per unit, for a total of US$1,055,994 to be used for working capital purposes and work on the Franklin Lake Property. Each Unit consists of one Share and one Share Purchase Warrant, exercisable at US$6.625 within two years. Venezuela The Company's mill at Km. 88 has been in operation since October 19, 1997, with a total down time of 15 days. From the period of October 19th to December 12th, a total of 3,704 dry metric tons were processed through the plant with an average head grade of 3.04 grams per ton of gold. The total down time for the period of October 19th to December 12th was 10 days. During this period, the total feed to the plant was 362.06 troy ounces of gold with a yield of 329.47 troy ounces of gold which equates to a 91% plant recovery level. In addition, a further 128.62 troy ounces of gold remains locked up on carbon in the plant circuit awaiting elution. Since December 12th, the plant has been down a further five days for upgrades and maintenance. As well, since December 12th, an estimated further 192.92 troy ounces of gold has been produced with 128.62 troy ounces of gold remaining in circuit on carbon. The small alluvial plant on the Hoyada property remains in production with production, to date, totalling 174 carats, to the 20th of December. Corporate Matters The Company has re-negotiated its option to acquire the Johnson Lett Technology to extend the date of exercise of the option to January 21, 1998. DATED at Vancouver, British Columbia, the 7th day of January, 1998. ON BEHALF OF THE BOARD NAXOS RESOURCES LTD. Per: "Jimmy John" Jimmy John President & CEO 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. For further information, please contact our Investor Relations' Department at (603) 891-5743 or (702) 372-1712 or (913) 894-8509.