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Gold/Mining/Energy : Flag Resources (FGR.A A)
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To: RJ2 who wrote (4243)4/2/2010 5:30:17 PM
From: ali  Read Replies (2) of 4269
 
Miners cited for poor paperwork

Dan Healing

From Herald News Services; Calgary Herald April 2, 2010

Oversight - A junior mining firm executive in his 80s has been cited by the Alberta Securities Commission, along with two Calgary based exploration companies with which he was associated.

The commission announced in a news release Thursday that Murdo Campbell McLeod, an officer and director of Flag Resources (1985) Ltd. and Golden Briar Mines Ltd., was responsible for the companies' breach of continuous disclosure obligations.

No disciplinary actions have been decided on.

The release noted the ASC panel made no findings in relation to another man, Sidney Miszczuk, a respondent who died in December.
The panel found Flag Resources' 2003-05 financial statements were not prepared in accordance with accounting principles, its 2004 and 2005 management discussion and analysis was deficient, and it failed to file or filed deficient certifications of interim and annual filings for 2005.
The panel found Golden Briar Mines' 2002-04 financial statements were not prepared in accordance with generally accepted accounting principles and its 2004 management discussion and analysis was deficient.
The commission noted McLeod, who was 82 at the time of the hearings last year, was president and a director of Flag since 1976, a director of Golden Briar since 1974 and was apparently both companies' chief executive throughout the relevant period.
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