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

To: Supervalue who wrote (2476)	2/22/2001 11:27:12 PM
From: Carl F Mulcahy	Read Replies (2) \| Respond to of 2505

Finally found the release. ASC allowing Mr Ivany to carry on with duties. release follows ASC Sanctions Former CEO of Cartaway Resources 2/22/01 ALBERTA SECURITIES COMMISSION ("ALSC-V") CARTAWAY RESOURCES CORP ("CCRCF-L") - ASC Sanctions Former CEO of Cartaway Resources The Alberta Securities Commission has made orders against John Ivany, former CEO of Cartaway Resources Corporation, prohibiting him from acting as a director or officer of any junior issuer for 5 years. He was also ordered to pay costs of the investigation and hearing in the amount of $20,000. On August 11, 2000, a panel of the Commission found that Mr. Ivany was responsible for the issuance of a news release by Cartaway dated May 16, 1996 which contained a misrepresentation, describing visual estimates of mineralization in drill core from one of Cartaway's properties. The panel found that Mr. Ivany, in approving the issuance of the news release, "displayed a reckless and cavalier approach that fell far below the standard expected of persons in his position." In its reasons for decision, the panel noted that Cartaway marked the second time that Mr. Ivany had been found responsible for disclosure violations (the first finding was made by the British Columbia Securities Commission in 1990 in relation to Calpine Resources Inc.). The panel found that in both cases, the violations were not intentional but involved failures of judgment, as opposed to failures of honesty or ethics. Mr. Ivany has been employed by a senior issuer since 1995. The panel considered Mr. Ivany's long experience acting as a director or officer of public companies and that his "career history shows no problems in the senior- issuer environment, in contrast to the serious problems that have occurred in the junior-issuer environment". The panel concluded that Mr. Ivany should be allowed to continue in his current role, but that he be prohibited from acting as a director or officer of any junior issuer for 5 years. Mr. Ivany was ordered to pay $20,000 for the costs of the hearing and investigation. A copy of the order can be found at www.albertasecurities.com. The Alberta Securities Commission is the industry funded regulatory agency responsible for administering the Alberta Securities Act. Its mission is to foster a fair and efficient capital market in Alberta and, together with the other members of the Canadian Securities Administrators, develop and operate the Canadian Securities Regulatory System. TEL: (403) 297-4079 Charlene Anderson, Senior Enforcement Counsel, Alberta Securities Commission ______________________________________