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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 (203)	6/29/1998 7:46:00 AM
From: Mr Metals	Respond to of 314

YBM Magnex International Inc - Globe says auditor, unsure 1997 results free of error or fraud, quits YBM Magnex International Inc YBMShares issued 44,222,9011998-05-13 close $14.35Monday Jun 29 1998The Globe and Mail reports in its Saturday, June 27, 1998 edition that YBM Magnex International's auditor, Deloitte & Touche resigned Friday, saying it could not be certain the company's 1997 annual results were free from "error or fraud." The Globe's Jacquie McNish writes that Deloitte's resignation is the latest in a series of blows to YBM, which is under criminal investigation and has had trading in its TSE listed stock suspended since May 13. Earlier this month, YBM said an internal investigation conducted by an independent committee of its board of directors found no evidence of illegal activity by its employees. Deloitte, which received a report of the internal investigation three weeks ago, told YBM Thursday that it was not satisfied with the investigation. On Friday Deloitte said the investigation "failed to answer all questions and resolve all issues raised during the audit, and failed to provide competent auditable evidence regarding certain 1997 transactions." YBM says it's looking to go forward with new auditors and to carry on its business. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com MM

To: Adrian du Plessis who wrote (203)	6/29/1998 11:57:00 AM
From: Mr Metals	Read Replies (3) \| Respond to of 314

YBM Magnex International Inc - WSJ says Wayne Deans writes YBM down to zero YBM Magnex International Inc YBMShares issued 44,222,9011998-05-13 close $14.35Monday Jun 29 1998The Wall Street Journal reports in its Monday edition that YBM Magnex International, whose operations are under criminal investigation, says that its auditor, Deloitte & Touche LLP, resigned and refused to approve the company's 1997 financial statements. Reporter Mark Heinzl says that Deloitte's resignation hampers the industrial magnet maker's efforts to resolve the investigation and lift a trading ban on its once-popular stock. A senior Pinkerton Investigation Services official declined to discuss his firm's YBM report. YBM released a short summary of the report but declined to provide the full report, and company spokesman Guy Scala says he has only read the summary. YBM lawyer Joseph Groia says the company has "nothing to hide" and is hopeful that finding a new auditor will satisfy most, if not all, of the concerns of securities regulators. Shareholder Wayne Deans of Deans Knight Capital Management says he has written the value of YBM shares down to zero. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com MM