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Franklin Lake Trades Wednesday Morning with New Symbol; Implements Reverse Split



WEDNESDAY, JANUARY 09, 2002 07:59 AM

SOUTH SAN FRANCISCO, Calif., Jan 9, 2002 (BUSINESS WIRE) -- Father Gregory Ofiesh, President and CEO of Franklin Lake Resources Inc.(OTCBB:FKLR) (formerly Naxos Resources Ltd.), an exploratory stage mining company, announces that the Company is now continued in USA and is a Nevada corporation with the name Franklin Lake Resources Inc. These changes will be effective immediately for trading purposes at the opening of business at 9:30 AM EST on Wednesday, January 9, 2002, including a reverse split of one new share for each ten existing shares with the new symbol FKLR.

Our Transfer Agent, Computershare Trust of Canada, has available the new Franklin Lake certificates.

The President has called for directors, advisory members and interested shareholders to meet in Las Vegas at Stardust Hotel, Friday, January 25, 2002 at 11:00 AM PST for production and corporate update. A trip to the site is scheduled for Saturday Morning. For reservations, please e-mail us by Friday, January 18, 2002 at [e-mail]. Hotel rooms are $39-49 per night.

The Board of Directors has scheduled an Annual General Meeting ("AGM") for Monday, April 22, 2002 in Las Vegas.

Father Gregory Ofiesh announces the appointments of two new members to the Board of Directors: Paul A. Kaser, a graduate chemical engineer with BASF which is one of the largest chemical companies in the world, and Kamal Alawas, a director of several public and private corporations. Kamal has been involved with financial investment since 1983. Both gentlemen bring high expertise in their related fields to the Company. Also, joining our production team, Idell Cook, who is a graduate chemical engineer, alongside Roger Graham, our chief technician, and David Gray at the Death Valley site.

The Company has accepted the resignation of two of our Canadian directors, John Van Engelen, the founder of Chauncey Laboratory in Toronto. However, he will remain as a consultant; and our economist, Maher Moussa, who also will remain as an advisor to the Company.

NOTE: Safe Harbor Provision for Forward Looking Statements -- Except for historical information, the statements in this news release are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the company's actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, volatility of market prices, stability of product demand, market competition, uniformity and consistency of minerals in the ore, the difficulty of stepping up the scale of operations from the laboratory to production, and other risks, including the existence of many unknowns inherent in mining operations.



CONTACT: Franklin Lake Resources Inc.
Father Gregory Ofiesh, 650/588-0425

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