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Gold/Mining/Energy : Royal International Venture RIL.V (was Labrador Int'l LAB)

LAB 1.210

-2.0%

Nov 17 3:59 PM EST

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To: Gord Bolton who wrote (3144)	2/3/1999 11:05:00 AM
From: Gord Bolton	Read Replies (1) of 3380

Toronto Stock Exchange moves to protect investors from mining scams Associated Press scams TORONTO (AP) -- The Toronto Stock Exchange proposed dozens of measures Tuesday to protect investors from mining-industry scams, two years after the Bre-X gold mine scandal. A TSE report called for tighter technical and scientific standards for exploration, development and mining operations. It also said stock analysts should be forced to reveal whether they own shares in mining companies they promote. The TSE, Canada's largest stock exchange, formed a task force to look into mining investment after revelations in 1997 that a vast gold deposit supposedly found in Indonesia by Calgary-based [ Bre-X Minerals ] was in fact a hoax. John Carson, the TSE's senior vice president of market regulation, expressed hope that the task force proposals would help Canada remain a world leader in financing mining exploration. Among the report's recommendations: --Mining companies should be subject to scrutiny by independent, well-trained experts, perhaps drawn from the ranks of a new professional association of geologists and other experts. --New standards should be established for the scientific analysis of mineral samples, as well as for the way in which sampling results are reported. --Police agencies and securities regulators should strengthen their ability to enforce securities regulations. Bre-X stock was listed on the TSE after rising to more than $200 a share on the smaller Alberta Stock Exchange as the company steadily upped its projections of gold at the Indonesia site. The mine was later proved worthless, and some of the company's geologists in Indonesia were accused of adding gold from other sources to samples extracted from the exploration site. Bre-X went bankrupt after its share price collapsed, leading to numerous pending lawsuits by investors who lost money. Publication Date: February 02, 1999 Powered by NewsReal's IndustryWatch

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