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Gold/Mining/Energy : Flag Resources (FGR.A A) -- Ignore unavailable to you. Want to Upgrade?

To: RJ2 who wrote (4176)	2/13/2007 8:04:28 PM
From: ali	Read Replies (1) \| Respond to of 4269

Update Flag Resources (1985) Limited CALGARY, Feb. 13 /CNW/ - Pending approval of its application to the Alberta and British Columbia Securities Commission to have a cease trading order rescinded, issued for late filing of financial statements, Flag proposes to complete an airborne magnetic/electro-magnetic survey recommended for the Wolf-Jess-Jones Lakes area of Mackelcan Township, Sudbury, Ontario, referred to as the Cobalt Hill prospect. It is the area where studies suggested that the minute inclusions of nickel-bearing sulfides predominating in pyrite mineralization, along with chromium, originated from a nearby underlying mafic or ultramafic intrusion. A downhole magnetic survey, also in the area, detected a strong off-hole magnetic anomaly, extending from 130 meters (400 feet) to a depth of 680 meters (2200 feet), whose amplitude was suggested as only being explained by the presence of a nearby mafic or ultramafic intrusion. The airborne survey has been recommended to detect and delineate the suggested underlying mafic or ultramafic intrusion. Constantly improving technology has led to depth penetration of up to 800 meters (2600 feet) for helicopter borne electromagnetic (E.M) systems. Flag's chairman, Sidney Miszczuk and president, Murdo C McLeod, have applied to the Supreme Court of Canada for leave to appeal, from a judgment of the Alberta Court of Appeal, dated July 31, 2006. Between 2003 and 2005, Flag received some rather unusual requests from the TSX Venture Exchange, in its replies to submissions filed by Flag. << Some of the unusual requests: 1. In a July 17, 2003, reply to a Share for Debt submission by Flag, the Exchange requested: "Please provide the Exchange with further clarification as to the implications faced under US securities laws, regarding the issue of amalgamation between Flag Resources and Golden Briar" Amalgamation of Flag and Golden Briar has never been considered and they are unaware of any issues that would involve conformance to U.S Securities laws. 2. In a May 12, 2004 reply, to a submission filed by Flag, whereby Golden Briar could earn a 50% interest in Flag's Rathbun Lake mining claim, Rathbun Township, the Exchange requested: "That as it appears that Rathbun and Mackelcan are the Company's (Flags) principle properties to which a 50% working interests to be assigned to Golden Briar, underlying 5.3 Section 6.1 (a) requires the issue to submit for Exchange review a Geological Report which is National instrument 43-101 compliance. As such please prepare and report. There has never been an assignment by Flag to Golden Briar of working interest in any of its holdings in Rathbun and Mackelcan Township. Flag did not assign a 50% working interest in its Rathbun Lake mining claims to Golden Briar, but only the right to earn that interest by spending a designated amount of expenditures, in a specific time period. The requested Geological Report would have cost up to $200,000 and several months to complete. >> Flag notes that the letter from the Exchange announcing halt trading in its shares on June 25, 2004, was dated June 15. The Exchange said it was a typographical error. For further information: Murdo C. McLeod, President, Phone: (403) 262-8883, or toll free in North America: 1-888-531-7798, Fax: (403) 262-8886