ORI Omni Resources, TYG Trumpeter Yukon, AKA Arkona Res. Message Board

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Gold/Mining/Energy : ORI Omni Resources, TYG Trumpeter Yukon, AKA Arkona Res.

ORI 39.46

+0.4%

Oct 31 9:30 AM EDT

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To: Gramps who wrote (420)	5/3/1999 4:29:00 PM
From: Al Cern	Read Replies (1) of 444

BYG getting investigated by John McHutchion News reporter Stock exchanges in Toronto and Alberta suspended trading in the shares of beleaguered BYG Natural Resources Inc. last week. The exchange put BYG's shares under review on April 9 and halted trading on April 22 after the company failed to meet its listing requirements. It Mt. Nansen gold mine has been in the hands of a receiver-manager since March 22. Carmacks-based BYG has said that it wants to work out a plan for the return of the mine to the company from the receiver. "The exchange determined there was enough uncertainty about whether (BYG) could carry out with their plans," TSE spokesperson Steve Kee said in citing reasons for the suspensions. The TSE also stopped the trading because BYG had a working-capital deficit and low share price, he said. To get relisted on the exchange, BYG would have correct those three situations and then reapply for a listing. The company has a year to reapply to the exchange, Kee said. Suspensions are typically a year before the company gets delisted. BYG is also apparently under deeper scrutiny from the Alberta Stock Exchange. In a news report, the exchange's regulatory department confirmed it is looking into the company's affairs. Questions have been raised by members of the public about a financing deal involving BYG's financing. During the suspension from the major markets, the company is making an application for a stock quotation on the Canadian Dealing Network. Starting April 26, BYG shareholders were able to report their trades without a quotation on the network under the symbol BYGN. There are currently 73,168,627 outstanding common shares of BYG. The company's stock last traded in Toronto at 3.5 cents per share. At one point about a year ago, its share price hit a 52-week high of 30 cents. The share price then went on a slow but steady drop on fairly thin trading volume. The bottom came when the share price hit 2.5 cents last month on heavier trading. The tumbling share price reflects the company's recent troubles. BYG suspended operations at its Yukon mine on February 19 and laid off about 50 people. The company's creditors are reported to be owed between $3 million and $4 million. The company has had an ongoing feud with the department of Northern Affairs over environmental standards at the mine. These include high levels of cyanide in the mine's tailings pond and safety of the tailings dam. Early this year, DIAND also sought assurance the company could come up with the $6 million to $8 million needed to clean up the minesite. BYG was ultimately told to comply with a series of environmental directives or cease operations. The mining company chose the later and apparently had its lawyer ask Jane Stewart, the federal minister responsible for mining, to review those directives. BYG is also running out of reserves in the ore body it was mining and wants changes to its water licence so it can eventually keep mining the body.

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