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

To: mfgrep who wrote (12890)	5/15/1998 4:52:00 PM
From: Kim W. Brasington	Read Replies (1) \| Respond to of 20681

FOR: NAXOS RESOURCES LTD. FOR FURTHER INFORMATION CONTACT INVESTOR RELATIONS: Jeff Sharp (913) 894 - 8509 Russell Smith (603) 891 - 5743 FOR IMMEDIATE RELEASE #98-14 NAXOS ANNOUNCES ADDITIONAL ASSAY RESULTS FROM HOLE ONE Company also Reports Drill Program Progress Ahead of Schedule Vancouver, British Columbia - May 15, 1998 - 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.