Update Flag Resources (1985) Limited
CALGARY, Feb. 13 /CNW/ - Pending approval of its application to the
Alberta and British Columbia Securities Commission to have a cease trading
order rescinded, issued for late filing of financial statements, Flag proposes
to complete an airborne magnetic/electro-magnetic survey recommended for the
Wolf-Jess-Jones Lakes area of Mackelcan Township, Sudbury, Ontario, referred
to as the Cobalt Hill prospect.
It is the area where studies suggested that the minute inclusions of
nickel-bearing sulfides predominating in pyrite mineralization, along with
chromium, originated from a nearby underlying mafic or ultramafic intrusion. A
downhole magnetic survey, also in the area, detected a strong off-hole
magnetic anomaly, extending from 130 meters (400 feet) to a depth of
680 meters (2200 feet), whose amplitude was suggested as only being explained
by the presence of a nearby mafic or ultramafic intrusion.
The airborne survey has been recommended to detect and delineate the
suggested underlying mafic or ultramafic intrusion.
Constantly improving technology has led to depth penetration of up to
800 meters (2600 feet) for helicopter borne electromagnetic (E.M) systems.
Flag's chairman, Sidney Miszczuk and president, Murdo C McLeod, have
applied to the Supreme Court of Canada for leave to appeal, from a judgment of
the Alberta Court of Appeal, dated July 31, 2006.
Between 2003 and 2005, Flag received some rather unusual requests from
the TSX Venture Exchange, in its replies to submissions filed by Flag.
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Some of the unusual requests:
1. In a July 17, 2003, reply to a Share for Debt submission by Flag, the
Exchange requested:
"Please provide the Exchange with further clarification as to the
implications faced under US securities laws, regarding the issue of
amalgamation between Flag Resources and Golden Briar"
Amalgamation of Flag and Golden Briar has never been considered and
they are unaware of any issues that would involve conformance to U.S
Securities laws.
2. In a May 12, 2004 reply, to a submission filed by Flag, whereby
Golden Briar could earn a 50% interest in Flag's Rathbun Lake mining
claim, Rathbun Township, the Exchange requested:
"That as it appears that Rathbun and Mackelcan are the Company's
(Flags) principle properties to which a 50% working interests to be
assigned to Golden Briar, underlying 5.3 Section 6.1 (a) requires the
issue to submit for Exchange review a Geological Report which is
National instrument 43-101 compliance. As such please prepare and
report.
There has never been an assignment by Flag to Golden Briar of working
interest in any of its holdings in Rathbun and Mackelcan Township.
Flag did not assign a 50% working interest in its Rathbun Lake mining
claims to Golden Briar, but only the right to earn that interest by
spending a designated amount of expenditures, in a specific time
period. The requested Geological Report would have cost up to
$200,000 and several months to complete.
>>
Flag notes that the letter from the Exchange announcing halt trading in
its shares on June 25, 2004, was dated June 15. The Exchange said it was a
typographical error.
For further information: Murdo C. McLeod, President, Phone: (403)
262-8883, or toll free in North America: 1-888-531-7798, Fax: (403) 262-8886 |
