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

To: Henry Volquardsen who wrote (16239)	9/14/1998 9:33:00 AM
From: jlallen	Read Replies (1) \| Respond to of 20681

I'll have my girl call your girl. <g> JLA

To: Henry Volquardsen who wrote (16239)	9/14/1998 4:45:00 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 #98-23 NAXOS ANNOUNCES MEXICAN PROJECT AND NEW DIRECTION Vancouver, British Columbia - September 14, 1998 - Naxos Resources Ltd (O.T.C. Bulletin Board: NAXOF), today announced that it has signed an agreement with Laminco Resources Inc. of Mexico to acquire a 70% interest in the Luz del Cobre copper deposit. This deposit is located in the Sonora District of Mexico, approximately 140 kilometers east south-east of Hermosillo in the San Antonio claim area. Mintec of Arizona confirmed in April, 1998, a reserve in excess of 150,000,000 pounds of copper. The feasibility study by Bateman engineers was completed in March, 1997 and established the economics of the project and the fact that the copper is amenable to heap leaching. At the time of the signing of the letter of intent, Naxos paid Laminco $30,000 Canadian. $25,000 Canadian per month will be paid while Naxos completes due diligence. The due diligence is expected to take up to 3 months. It includes drilling between five and ten diamond drill holes to confirm the existing reserve model and to generate material for completing the metallurgical test work. At the conclusion of due diligence and upon closing the debt and equity package required to place the project into production, Naxos will pay Laminco a further $100,000 Canadian. At that stage, Naxos will begin construction of the mining operation and receive 70% of the net income for their efforts. It is estimated to take 12 months from the letter of intent to the start of actual mining. Sidney W. Kemp, President of Naxos Resources, stated, "This property is particularly valuable to Naxos because John Norton and Jeremy Ison, of our management team, have considerable experience in the development of copper mines. This project illustrates the next direction of the Company. Our mission is to find and develop mining properties with proven reserves and long-term potential. These properties fall into two categories: either too small for development by larger mining companies or lack of capital or management expertise by the current owners." Kemp added, "Naxos is in the process of restructuring to better develop this and other properties." Formed in 1986 as a precious metals and development company, Naxos Resources owns mining projects in Venezuela and California. ON BEHALF OF THE COMPANY 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.