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

To: mark silvers who wrote (10668)	3/20/1998 9:46:00 AM
From: Kim W. Brasington	Read Replies (2) \| Respond to of 20681

FOR: NAXOS RESOURCES LTD. FOR FURTHER INFORMATION CONTACT INVESTOR RELATIONS: Jeff Sharp (913) 894 - 8509 Bob Gardner (702) 372 - 1712 Russell Smith (603)891 - 5743 FOR IMMEDIATE RELEASE #98-8 NAXOS RESOURCES ANNOUNCES EXPANDED DRILLING PROGRAM 28 New Holes To Be Drilled Vancouver, British Columbia - March 20, 1998 - Naxos Resources Ltd (O.T.C. Bulletin Board: NAXOF), a precious metals and development company, today, posted a bond for a 28-hole drilling program at their Franklin Lake property, Death Valley Junction, California, thus, clearing the way for commencement of the drill program. The holes will be drilled to depths of 300 to 500 feet to further explore the property. Naxos has sent out requests for bids to several engineering companies to supervise the drilling program and preserve a strict chain of custody protocol for the delivery of the material to Colorado Mineral Research Institute (CMRI). Steps have been taken to reorganize the delivery and processing of the remaining 3-1/2 drill holes at CMRI. These steps are designed to ensure an orderly processing of material through the assay labs to provide a constant flow of information to the market place. CMRI has resumed grinding ore from the previously drilled holes and has sent its first shipment to Ledoux & Company and Rocky Mountain Geochemical where they will conduct conventional fire assay analysis. John Norton, Mining Manager of Naxos Resources, commented, "This expanded drilling program is a positive step towards our goal of delineating the extent and value of the Franklin Lake property. We look forward to reporting favorable results." Formed in 1986 as a precious metals and development company, Naxos Resources owns mining projects in Venezuela, British Columbia and California. 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.