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

To: Tom Frederick who wrote (12888)	5/15/1998 4:39:00 PM
From: Lalit Jain	Respond to of 20681

NAXOS RESOURCES ANNOUNCES ADDITIONAL ASSAY RESULTS FROM HOLE ONE; COMPANY ALSO REPORTS DRILL PROGRAM PROGRESS AHEAD OF SCHEDULE 1998-05-15 VANCOUVER, B.C Naxos Resources Ltd (O.T.C. Bulletin Board: NAXOF), a precious metals and development company, today announced certified standard lead fire assay results from Ledoux & Company, a nationally recognized independent laboratory. The results listed in the table below are from ore taken from chain of custody drill hole #1 located at the Naxos Franklin Lake property, Death Valley, California: Depth * Au oz/T 0' - 10' 0.023 10' - 20' 0.023 20' - 30' 0.070 30' - 40' 0.018 40' - 50' 0.018 50' - 60' 0.018 80' - 90' 0.018 100' - 110' 0.018 110' - 120' 0.026 120' - 130' 0.281 130' - 140' 0.073 140' - 150'* 0.047 160' - 170' 0.053 170' - 180' 0.029 180' - 190' 0.070 190' - 200'* 0.032 200' - 210'* 0.064 210' - 220'* 0.038 220' - 230'* 0.059 230' - 240'* 0.184 240' - 250'* 0.059 250' - 260' 0.041 * - Previously reported. A total of 11 blank samples were submitted blindly to Ledoux & Company, which are randomly introduced throughout RC holes 1 through 5, averaging 0.008 oz/t. Naxos Resources also announced that the Company's 68 hole drill program is ahead of schedule with a total of 9 holes completed. Material from the first six drill holes have been dispatched to Rocky Mountain Geochemical's facilities in Reno, Nevada for drying and sample preparation. Formed in 1986 as a precious metals and development company, Naxos Resources Ltd. owns mining projects in Venezuela, British Columbia and California. ON BEHALF OF THE BOARD NAXOS RESOURCES LTD Per: "Signed" Sidney W. Kemp 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. FOR FURTHER INFORMATION CONTACT INVESTOR RELATIONS: Jeff Sharp (913) 894 - 8509 Russell Smith (603) 891 - 5743

To: Tom Frederick who wrote (12888)	5/15/1998 6:09:00 PM
From: Kim W. Brasington	Respond to of 20681

Tom: As the news release pointed out, Naxos has completed 9 holes of the new drill program. There are 59 more to go after those have been processed and assayed. In talking with management, the area drilled will be 1/10th or less of the playa. The drill sector is north of the tight grid. Insofar as other companies in the mining sector - looking at Newmont's 1997 annual, they show a total U.S. grade average of 0.072 ozs. of gold per ton. In the same annual, they show Total International grade per ton of gold as 0.033. Barrick's Pascua property in South America has a grade of 0.058 ounces of gold per ton, while their large Betze-Post mine in Nevada has a grade of 0.181 ounces of gold per ton. Barrick's data is drawn from their 1997 annual. Placer Dome's Las Cristinas property has a grade of 0.035 ounces of gold per ton while their Cortez mine in the U.S. has a grade of 0.080 ounces of gold per ton. Their Porgera mine has a grade of 0.138 ounces of gold per ton. The data is from their 1997 annual. An important factor in mining equations is - Is the material oxide or sulfide? Oxide material is material that is close to the surface, and or has been exposed to air and or water. Sulfides have not been exposed to air and therefore have not oxidized and are therefore much more expensive to process. Autoclave units which combine heat and pressure are used for processing ore that will take sulfide ore and convert it to oxide ore. Some of your higher sulfide materials have an economic cut-off point of 0.1 ounces of gold per ton. At present there is no evidence to show that sulfides exist in any quantity at Franklin Lake due to the presence of underground water. Regards, Kim W.