Natedog, I know now the world within the SEC and the Alberta Securities Commission is spotless when it comes to honesty and integrity just ask the investing public of unconditional devotion these organizations have for the general investing public. SEC has started to chase the rating agencies cause the fix is in and the US investors have been raped and sodomized and we have Alberta Securities Commission who has NEVER lost a case because their sanc O sanc (holy O holy) communion and we must now bow down to their unsurp positions of power. Come on, I'll tell you why the commission has not taken Flag and Murdo to court over the statements of this last news release, the TSX/ASC and the their lap dog analysts are in cahoots and they would rather see Murdo and the Flagshareholders except a second rate group of lackies of their choice than to deal with a elderly wise miner that has done no wrong except to rely on some other slick back suckholes with the thought of making millions by doing nothing, lawyers and accountants of course. Murdo has surrounded himself with the cream of the crop geologists and scientists and for 7 years these regulatory fornacators have deprived Ontario and the rest of Canada hundreds if not thousands of jobs and these peckers still is figure their in the driving seat. Flag Resources holds more minerals in its huge, mature land package and our near surface deposits blow away what other miners have 1500 feet below the ground, and the small investors of Canada can still get shares and warrants because Flag believes in the small investor and many are willing to wait with less investment than rely on a scurded system broken by pompous rules and regulations from a system broken by years of neglect that cannot tolerate dissent. A true Canadian Regulatory System would flush alot of these lackies and parasites and the whorish union today between the Alberta Justice department, Alberta Securities Commission, the TSX Venture and its analysts needs to be put out to pasture or the investing public will be in for more of this promotion, pleasure, riches and fame that will quickly make one a servant of the Beast for the province of Alberta regulations...Here's the Canadanewswire latest Flag newsrelease!!!
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Flag Resources (1985) Limited Downhole I.P. Survey CALGARY, Aug. 15, 2011 /CNW/ - Flag Resources is preparing to complete a downhole I.P. Survey on WLC 90-3, which intersected 73.5 feet, from 104 to 177 feet, of 0.519 oz gold, including 3.5 feet of 4.98 oz gold and on WLC 83-28, 20 feet to the east, which intersected 48 feet of 3.60 percent copper and .043 oz gold from 148 to 196 feet, with current down hole technology being utilized.
Located on the south-west shore of Wolf Lake, Mackelcan Township, Sudbury, Ontario, the two drill holes may be on the west edge of Flag's recently discovered large airborne magnetic anomaly, 2,000 feet north of Cobalt Hill.
Sanction free for 51 years, Flag's shares were delisted by the TSX Venture Exchange and cease-traded by the Alberta Securities Commission in 2005 and 2006 respectively, by the following documents.
July 17, 2003
The Exchange gave conditional approval to the issue of 10,000,000 Golden Briar shares to Flag for payment of outstanding debt of $1,157,183.00, subject to Flag clarifying the implications forced under U.S. Securities Laws, regarding the proposed amalgamation between Flag and Golden Briar Mines. There was no proposed amalgamation and no dealings with U.S. Securities laws. The Golden Briar shares were not issued.
June 24, 2004
On June 24, the Exchange announced that Flag's shares were being halt traded on June 25. The halt-trading announcement was dated June 15, a day before the matters causing the halt-trading had yet to commence.
August 2004
Flag agreed to the appointment of an impartial legal counsel to assess and review the validity of the Exchange's allegations. Flag subsequently became aware that the legal counsel had recently spent six months working with Exchange analysts.
November 23, 2004
The Exchange announced that Flag's President, Murdo McLeod, failed to meet the requirements to be a Director or Officer of an Exchange Listed company, with the allegation that Flag had paid $150,000.00 of Murdo McLeod's taxes. On a letter dated October 29, 2004, Revenue Canada had confirmed that Flag had not paid any of Murdo McLeod's taxes. The Exchange's announcement was accepted by the commission, rejecting Flag's appeal.
June 28, 2005
Every paragraph of a press release by Flag dated June 28, 2005 was stated to be incorrect in an announcement from the Exchange, assuming it had been written by Flag's President. Upon becoming aware that the press release had been written by W.A. (Bill) Morris, McMaster University, there was no further communication from the Exchange.
July 25, 2005
The Exchange announced that as Flag's Directors had resigned and Flag had no management, its shares were being delisted on August 25, 2005. As no Director had resigned, Flag appealed to the Court of Appeal, but its appeal was rejected by the court, stating the Exchange had the necessary legal authority to proceed with the delisting.
March, 2006
On Flag's appeal to the Alberta Court of Appeal on the delisting of its shares, the Exchange, in its submission to the court made the false allegation that Flag paid $150,000.00 of Mr. Murdo McLeod's taxes, which Revenue Canada had previously confirmed had not been paid by Flag. The Court unknowingly accepted the false allegation. The Chief Justice dwelled on it at the beginning of the hearing. As expected Flag's appeal was denied.
May 19, 2006
In May 2006, Flag, on behalf of its Auditor, applied to the Commission for a one month extension to file its 2005 annual financial statements. The application was rejected, the Commission cease-trading Flag's shares on May 19, 2006.
December 2006 - January 2007
In the later part of December, Flag applied to the Commission to have the cease-trading order lifted, as the financial statements were now current. The Commission however continued with the cease-trading order announcing a four month review of Flag's financial affairs.
April 25, 2007
As a result of the review a Commission accountant reported that three financial statements of Flag's had not been prepared according to "Generally Accepted Accounting Principles", with Flag's Directors being held responsible. The Commission also alleged that filing of Management Discussion and Analysis ("MD&A") returns were not properly completed.
The Commission ruled it would not be dealing with the application to lift the cease-trading order until these matters were resolved.
2010
Hearings with the Alberta Securities Commission continued for three years until 2010. Finally in December 2010, the Commission banned 84 year old Murdo McLeod for life, from being a Director or Official of any corporation citing that he was responsible for financial statements not being prepared according to Generally Accepted Accounting Principles, and not preparing MD&A filings properly. The chartered accounting firm, Flag's auditors, made no attempt to defend the Commission's allegations that their annual financial statements for Flag were not properly prepared.
The Commission's legal counsel supported the Commission's decision by repeating the false allegation, six years later, that Flag had paid $150,000.00 on Mr. Murdo McLeod's taxes. Flag is considering transferring registration of its shares to the province of Ontario.
Director
Jim Dyck
For further information: Flag Resources (1985) Ltd.
1105 Council Way S.W.
Calgary, Alberta T2T 1X5
Bus: (403) 262-8883 Fax: (403) 262-8886 North America 1-888-531-7798
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