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Gold/Mining/Energy : YBM Magnex Intl Sees Revenue Growth 30-35%/Yr In MagnetOp -- Ignore unavailable to you. Want to Upgrade?

To: Adrian du Plessis who wrote (189)	6/22/1998 7:54:00 AM
From: Mr Metals	Respond to of 314

YBM Magnex International Inc - Times says world's experts dispute claims YBM Magnex International Inc YBMShares issued 442229011998-05-13 close $14.35Monday Jun 22 1998The Financial Times of London says in its Friday June 19 edition that questions were raised about the legitimacy of claims made by YBM prior to Ontario regulators approving a $53 million financing last fall. Reporter Ted Alden writes that Ontario regulators were warned by industry experts that the company's assertion it had earned US$20 million in 1996 from using neodymium powder to remove sulphur from Ukrainian crude oil could not be substantiated. No commercial use of neodymium to desulphurise oil has ever been developed, says Fred Jones, a 35-year consultant to the permanent magnet industry; John Creighton, development specialist with Grace-Davidson, a large US commercial supplier of rare earth materials to the oil industry; Tom Halford, director of process and technology for Petro-Canada's refining division; John Giesman, gas project manager for Universal Oil Products, the world's largest seller of licensed technology to oil refineries; and Barry Kilborn, formerly of the rare earth producer Molycorp, who is regarded as the world's foremost expert on uses for rare earth materials. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com

To: Adrian du Plessis who wrote (189)	6/22/1998 7:55:00 AM
From: Mr Metals	Respond to of 314

YBM Magnex International Inc - Times says Ontario regulators ignored red flags YBM Magnex International Inc YBMShares issued 442229011998-05-13 close $14.35Monday Jun 22 1998In a second article on YBM in its Friday June 19 edition, The Financial Times of London says that the OSC disregarded a number of warnings about YBM Magnex sales claims. Reporter Edward Alden writes that the OSC was told by industry experts last autumn that YBM had attributed almost a quarter of its 1996 revenues to a procedure that technical specialists say has no commercial applications. YBM claimed to have earned more than US $20 million from adding a neo-dymium power by product to crude oil it buys, has refined and re-sells to the Ukraine. More than six experts on rare earth applications told the Times that they had never heard of neodymium being used to desulphurise crude oil. The Times says that a comprehensive literature search by the center for rare earths and magnetics at Iowa State University, the major clearing house for information on rare earth applications, turned up no reference to the procedure. YBM has not provided evidence to substantiate its claims. The Times notes that YBM's Pennsylvania headquarters were raided last month by the US Federal Bureau of Investigation and thousands of documents seized as part of a criminal probe. One of YBM's major shareholders, Semion Mogilevitch, was barred from the UK in 1995 following an investigation into alleged money laundering involving Russian organized crime. OSC officials declined to comment. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com

To: Adrian du Plessis who wrote (189)	6/22/1998 8:16:00 AM
From: Mr Metals	Read Replies (1) \| Respond to of 314

YBM Magnex International Inc - Courier Times says nephew ran brokerage under YBM's roof YBM Magnex International Inc YBMShares issued 442229011998-05-13 close $14.35Monday Jun 22 1998The Bucks County Courier Times says in its Sunday June 21 edition that a nephew of YBM president and CEO Jacob Bogatin operated a securities firm under YBM's roof. Reporter Bill Yingling writes that 26-year-old Michael Kogan formerly sublet space from his uncle's public company and is now cooperating with U.S. federal investigators who raided YBM's headquarters in May searching for links to Russian organized crime. Mr Kogan's lawyer said his client is not the target or a subject of the criminal probe. The Times says that Mr Kogan's brokerage was incorporated in July 1996 by Jennifer L. Dombrowski, an assistant at the Philadelphia law firm of Wolf, Block, Schorr and Solis-Cohen. Mr Bogatin's nephew told the Courier Times that prior to starting his own brokerage firm he had worked for YBM for two months although he declined to elaborate. The brokerage firm, Jefferson, Gersch Inc., moved out of the YBM building sometime in the last two years. Earlier this year it was cited and fined by securities regulators in Pennsylvania and Maryland for failing to have proper registration. Mr Kogan says that Jefferson Gersch is being closed in all states where it was registered. The SEC says the company was registered in California, Delaware, Florida, Maryland, Massachusetts, New Jersey, New York, Texas and Washington. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com