FALSE STATEMENTS IN 1997 ANNUAL REPORT
The JVAG Report highlights many false and misleading statements in the 1997 Annual Report. Amongst them is the BOGUS claim that the most important asset of Java GOld Corporation (the A-01 Mining License at Zaamar)had had a resource re-evaluation done by independent consultants, Watts, Griffis and McOuat Ltd (WGM)of Toronto, on the basis of the 352 holes drilled that year by Java GOld Corporation's 100% subsidiary Golden Tiger Corporation. Indeed a resource re-evaluation was done by WGM, but it REJECTED the results of the 352 holes!
Documents examined state:
"In reviewing the recorded data, WGM found inaccuracies which cause WGM to question the reliability of the 1997 data."
For this reason, WGM's independent re-evaluation was based entirely on more reliable OLD DATA of holes drilled 10 year's before by the Mongolian Government.
Java Gold Corporation should have revealed this in the 1997 Annual Report (dated March 1998), Annual Information Form (dated 30 June 1998)etc.
Instead investors received the repeated FALSE statement that WGM's re-evaluation was based on the new drilling funded by Java Gold Corporation.
If the truth had been revealed, rather than lies - that the management had spent a substantial sum on drilling and testing 352 holes in 1997 whose results FAILED to merit being included in an independent re-evaluation - confidence in the competence of the management of Java Gold Corporation would been seriously doubted and the share price negatively affected.
(Especially if coupled with the truth that the 1997 season has been a disastrous attempt at full-scale placer mining and not a mere "test plant" operating "a large bulk testing programme.")
Thus again, anyone who made an investment decision regarding JVAG shares on the basis of the 1997 Annual Information Form, the alluring 1997 Annual Report or the press releases associated with the resource re-evaluation, may have a claim and should seek appropriate professional legal advice.
Robin Grayson
Author of The JVAG Report
General Director of Eco-Minex International Co Ltd |
