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Gold/Mining/Energy : Starpoint Gold -- Ignore unavailable to you. Want to Upgrade?

To: john mcknight who wrote (2248)	7/20/1999 3:04:00 PM
From: GWalker	Read Replies (1) \| Respond to of 2378

And this would be our partner!?!?!?! Global Explorations plans to delist from VSE Global Explorations Corp GXC Shares issued 6,068,708 Jul 9 close $2.32 Mon 19 Jul 99 News Release Ms. Allison Eaton reports Pursuant to a resolution of the board of directors, the company has taken steps to delist the company's shares from the Vancouver Stock Exchange. The directors of the company have been constrained to institute the delisting process pursuant to a painstaking analysis of the substantive issues governing the recent halt and suspension of the company's shares. Management of the company has consistently adopted the policy of full and complete disclosure of all material affairs; at the same time, it is the company's position that the shareholdings -- and changes therein -- of the company's significant shareholder, Rakesh Saxena, have been public knowledge for many months, if not years. Neither the directors of the company, nor its management, have had any active or effective involvement in the trading of the company's shares and, consequently, the company has no comment to offer on the VSE's concerns on this subject. The company has, over time, sought the advice and expertise of Mr. Saxena in its dealings in various developing countries; the company, however, wishes to draw a clear distinction between interference and involvement in the company's affairs on one hand and contributions targeted to benefit all shareholders on the other; the company has always taken the position that the search for above-average rewards in countries in Africa brings with it unique associated risks and, therefore, the company is justified in maintaining continuing communications with Mr. Saxena with the objective of gaining insights into complex risk offset mechanisms. In fact, corporate management has been independently involved in extensive due-diligence-oriented trips to Africa and has, furthermore, conducted critical negotiations with all joint venture partners, on its own accord, in line with the company's objective of institutionalizing a certain type of business perspective in chosen developing countries. It is clear that the VSE has strong concerns relating to Mr. Saxena's involvement with the company in any form whatsoever, except perhaps in his role as a passive shareholder; the directors cannot offer any assessment on the existence (or otherwise) of understandings between the VSE and Mr. Saxena except that, to the best knowledge of the directors, Mr. Saxena has not been convinced -- to date -- of any offence in any jurisdiction. Most importantly, regardless of the outcome of the investigations into the trading of the company's stock, the directors feel that they will be unable to resolve the outstanding issues between the VSE and Mr. Saxena. In addition, the directors have received notices, written and verbal, from a group of major shareholders, represented by Mr. Saxena, indicating that the company's significant shareholders are taking steps to finalize the trading of the company's shares or its business -- in some acceptable form -- on a non-Canadian market. Given the above-mentioned substantive issues, the directors have deemed, that it is in the best interests of the shareholders for the company to proceed to delist its ordinary shares from the VSE. Corporate counsel has been instructed to start the necessary paperwork in that direction. The directors will, pending further communications from its major shareholders, continue to consolidate the business gains achieved to date and will remain driven by the overriding need to preserve and enhance shareholder value. WARNING: The company relies on litigation protection for "forward-looking" statements.