ICELANDIC GOLD CORPORATION
SYMBOL: ICEG - CDN
REYKJAVIK, Iceland, Dec. 5 /CNW/ - Icelandic Gold Corporation
(''Icelandic''), a CDN - listed company, today reported that it had been informed that some of its funds had been paid to an arms' length creditor of St. Genevieve Resources Ltd. (SGV - TSE, ME). Icelandic is continuing to examine the nature and ultimate destination of such payment. As previously reported, an investigation of Icelandic's finances disclosed that some of its funds had been diverted without authorization from bank accounts administered by St. Genevieve, and recovery of approximately $400,000 and other current financial obligations of St. Genevieve to Icelandic not exceeding $125,000 was
thrown into question by St. Genevieve's filing last week of a plan of
arrangement under the Companies' Creditors Arrangement Act.
After reassessing its ability to continue with its current exploration programmes in Iceland, Icelandic has decided to continue the consolidation and evaluation of the considerable geochemical data acquired through the summer field season, but will defer drilling three separate prospects for the foreseeable future. Icelandic will seek further funding (including recovery of diverted funds) or a joint venture partner to pursue further exploration plans.
Icelandic also reported that it had accepted the resignations of Peter Miller, Chairman, Alain Taillefer, Vice-President, Finance and Treasurer and Luce Saint-Pierre, Secretary, but that Peter Miller had been re-appointed as Chairman.
At its meeting today, Icelandic's board of directors requested, but did not receive, the resignations of Pierre R. Gauthier and Andrew S. Etcovitch.
The board will write to such directors to formally request such resignations.
NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY
HAS APPROVED, DISAPPROVED OR PASSED ON THE CONTENTS OF THIS PRESS RELEASE.
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For further information: Lyn Carroll, Director, Icelandic Gold Corporation, 12 Rannoch
Road, London, W6 9SR, UK, 011 44 171 385 1452, 011 44 171 385 6425
ICELANDIC GOLD CORPORATION has 2 releases in this database.
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