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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers
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To: Proud Deplorable who wrote (45211)7/19/2007 12:24:56 PM
From: loantech  Read Replies (2) of 78419
 
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Southwestern Resources retracts Boka results

2007-07-19 12:07 ET - News Release

Mr. David Black reports

SOUTHWESTERN WITHDRAWS PREVIOUSLY ANNOUNCED RESULTS FOR ITS BOKA PROJECT PENDING FURTHER REVIEW AND ANNOUNCEMENT

Southwestern Resources Corp.'s special committee of independent directors, formed on July 4, 2007, because of the delay in the Boka prefeasibility study and the resignation of its former chief executive officer, John Paterson, initiated a dual-track process to review all aspects of the Boka project. This included having the company's senior operating management attend at the project site in China to review its control procedures and results, and having the same reviewed by independent mining consultants. The committee also retained Sangra Moller LLP as independent special counsel to advise with respect to the foregoing matters.

Based upon the results of such review to date, the company has determined that there were deficiencies in its control procedures for its Boka project and believes this resulted in errors in reported assay results, including those announced in 2007. Additionally, the review indicates that the integrity of certain drill core samples was compromised. As a result, the company has dismissed John Zhang, its Yunnan-based general manager for the Boka project, and replaced him with a new appointee.
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