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

To: citydi who wrote (15889)	8/27/1998 2:05:00 AM
From: Ed Lamb	Respond to of 20681

City .... It say that Naxos is pleased to announce that blah blah blah blah blah blah blah blah and furthermore blah blah blah blah blah blah blah and we expect that blah blah blah blah etc etc etc. Sorry but it was a waste of paper. elamb

To: citydi who wrote (15889)	8/27/1998 3:18:00 AM
From: GlobalMarine	Respond to of 20681

Citydi: It basically says that management hates Franklin Lake.

To: citydi who wrote (15889)	8/27/1998 8:09:00 AM
From: Henry Volquardsen	Read Replies (1) \| Respond to of 20681

Naxos Res: Discrepancy In Franklin Lake Findings Forces Naxo 8/27/98 0:16 98/08/27 Market News Publishing Inc. No: 000002 NAXOS RESOURCES LTD ("NAXOF-L") - Discrepancy In Franklin Lake Findings Forces Naxos To Reconsider - The Direction Dear Shareholders: As expressed in our most current shareholder letter and news release, the discrepancy in the Franklin Lake findings between Ledoux & Company and the other assay labs has forced us to reconsider our direction. We are working closely with Johnson-Lett in conjunction with Brian Russell to assess their process and the mineralology of Franklin Lake. This will enable us to better determine the value and long term feasibility of the property. In order to ensure adequate funding, we have embarked on a cost-cutting program. This includes selling-off certain non-essential assets, primarily located at Franklin Lake, in addition to reducing our holdings in Venezuela. This will allow us to better focus on what we believe to be the future direction of the company. We are aware that two distinct views currently exist among the Naxos Shareholder base. One group wants the Company to concentrate its resources on Franklin Lake with the Johnson-Lett and/or other non-conventional approaches. The other group looks at the more conventional standard fire assay as the final arbiter. Over the last eight years, Naxos has tried numerous methods to extract precious metals from Franklin Lake and we will continue to do so. In order to address these differing views, we are considering various options for the restructuring of Naxos Resources (USA) Ltd. to facilitate the independent development of the Franklin Lake project. We believe those investors who came into the Company on the basis of the potential of Franklin Lake should have the right to continue that investment. In addition, we want to be in a position to attract new investors into the Company based on the technical ability of management to develop other more conventional mining projects. Naxos is continuing with its due diligence on a number of potential properties in association with the CPM Group. To these ends, we are continuing to develop a plan that addresses the interests of each shareholder group. Sincerely, "Signed" Sidney Kemp, President TEL: (604) 669-8078 Sidney Kemp, President FAX: (604) 669-8068 Email: naxos@uniserve.com