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Gold/Mining/Energy : Regal GOldfields (REGL -- Cdn over the counter)

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To: Brian Warner who wrote (280)10/22/1997 12:21:00 PM
From: Brian Warner  Read Replies (1) of 370
 
herald.ns.ca

Barren ruling could be just days away

Decision on area's status likely by Friday, premier's office says

By DEAN JOBB / Staff Reporter

Premier Russell MacLellan hopes to announce the future of Jim Campbells Barren within days, his spokesman says.
"It's anticipated, it's hoped that we'll have a decision, a formal decision, a public decision on that before the end of the week," communications director Peter MacLellan said Tuesday.
He indicated the announcement may address concerns over an apparent conflict within the Natural Resources Department, which oversees the preservation of wilderness areas and the
promotion of mineral development.
"Changes in responsibility for areas of legislation pertinent to things like protected lands are also being explored," he said.
He described the "parallel decisions" as "housekeeping items," but would not elaborate.
The review of the status of the 1,700-hectare barren, located near Cape Breton Highlands National Park, was undertaken after Russell MacLellan took over the premier's job this past summer.
Last fall the government of John Savage outraged environmental groups by removing the barren from a list of 31 areas slated for protection from mining, logging and other development.
The decision gave Regal Goldfields Ltd., a Toronto company prospecting in the Cheticamp area, the right to explore the barren for gold, nickel and other minerals.
The RCMP is doing a preliminary probe into a possible leak of cabinet's Nov. 21 decision, which was not made public until Dec. 3.
The Ontario Securities Commission is reviewing a flurry of trading in Regal shares before Dec. 3 to determine if insider-trading laws were broken.
The Liberal caucus is expected to discuss the barren issue today, Peter MacLellan said. It should advance to cabinet on Thursday.
"Anytime after that, if we get that on the agenda this week, you could reasonably expect an announcement."
Despite allegations cabinet secrecy was breached last fall, the government is not concerned about publicly discussing the timing of the upcoming announcement, he said.
Premier MacLellan assigned his ministers of natural resources, fisheries and the environment to consult interested parties, including Regal and local environmental and sportsfishing
groups.
A coalition of about 50 groups seeking the barren's return to protected status has complained of being left out of discussions.
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I see two options-- either the government approval is given... or Regal has a good case with the government for compensation. Comments?
Brian
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