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Gold/Mining/Energy : Regal GOldfields (REGL -- Cdn over the counter)
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To: Brian Warner who wrote (369)6/12/1999 4:13:00 PM
From: Brian Warner   of 370
 
ONTARIO SECURITIES COMMISSION - RE: REGAL GOLDFIELDS
LIMITED

TORONTO, ONTARIO--

Ontario Commission des
Securities valeurs mobilieres
Commission de l'Ontario

RE: Regal Goldfields Limited

The Ontario Securities Commission announced today that it has
concluded its investigation into trading in shares of Regal
Goldfields Limited in November and December of 1996. The
investigation centred around trading in advance of the Nova
Scotia government's decision to remove protected wilderness
status from certain lands in Nova Scotia. That decision
permitted mineral exploration and possible mine development on
those lands.

In March of this year, the RCMP announced that it had concluded
its parallel investigation. The RCMP concluded that there was
nothing to substantiate charges that news of the decision had
been leaked improperly. That result along with the Commission's
own investigation has resulted in no basis having been found for
an allegation that there was improper trading in shares of Regal
prior to publication of the government's decision.

Generally, the Commission does not publicly announce the
conclusion of an investigation. In this case, the Commission had
earlier confirmed that it was reviewing a complaint about the
matter. In all the circumstances, the Commission is of the view
that the decision to close the subsequent investigation should
also be made public.


Reference: Mark Conacher
Director, Corporate Relations
(416) 593-8073

fin-info.com
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