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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion. -- Ignore unavailable to you. Want to Upgrade?

To: Dave Gore who wrote (29698)	2/22/2000 1:40:00 PM
From: SSP	Respond to of 150070

Judge Vindicates Utah Executive Accused of Falsely Hyping Gold Mine Feb. 19 (The Denver Post/KRTBN)--Mining executive Terry Turner settled his score with the U.S. Securities and Exchange Commission on Friday as a federal judge in Denver ruled that he did not falsely hype his company's Bolivian gold deposits. U.S. District Court Judge Zita Weinshienk said the SEC failed to prove its charge that Turner, president of Golden Eagle International Inc., knowingly made false statements about the deposits in a May 1998 news release. "The court is persuaded at this time that there will not be problems in the future," Weinshienk said in ruling against the SEC, which sought a $50,000 fine from Turner and an injunction to prevent him from violating securities laws in the future. Weinshienk called the decision a "close case." Turner, who hugged his lawyers and family members after the ruling, said the decision would allow his company, which moved from Denver to Salt Lake City in October, to resume mining operations on the Cangalli property in western Bolivia. "We wanted the facts to be aired and once they were, we hoped there would be a fair decision," Turner said. "With this cloud taken off, Golden Eagle can go forward with confidence and mine gold at a very large scale." SEC attorney Robert Fusfeld had no comment. The release in question was based on an independent geologist's finding that Golden Eagle's mining rights in western Bolivia had a proven reserve of 6.4 million ounces and "inferred resources" of 157 million ounces. In the release, Turner described the reserves as "world class." The news caused a run-up on Golden Eagle's stock, which trades over the counter. The SEC, which two weeks earlier had filed a complaint against the company for "false and misleading" statements about its U.S. mining operations in 1994 and 1995, began an investigation into the 1998 release. After interviewing the geologist, the SEC halted trading on Golden Eagle's stock for two weeks, then sued Turner and the company. The SEC and Golden Eagle settled the earlier charges, which did not include Turner, and the company and several other executives reached settlements regarding the Bolivia release. But Turner did not reach a settlement with the SEC. In its case against Golden Eagle, Fusfeld argued that Turner had not read the geologist's report, written in Spanish, before sending out the release. But Turner's lawyers, John Schlie and Mary Corporon, said Turner is fluent in Spanish and did read the report. Turner testified that he released the report's findings after parts of it showed up on the Internet. Weinshienk didn't buy that justification. "The president has no duty to respond to postings in chat rooms," she said. "I recommend that he not be so concerned with chat-room comments in the future." By Greg Griffin -0- To see more of The Denver Post, or to subscribe to the newspaper, go to denverpost.com (c) 2000, The Denver Post. Distributed by Knight Ridder/Tribune Business News. END!A$16?DP-MINING