Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Winspear Resources -- Ignore unavailable to you. Want to Upgrade?

To: The Fix who wrote (13625)	1/29/1999 7:04:00 PM
From: Gord Bolton	Read Replies (1) \| Respond to of 26850

*Off topic* Fix, I want you to have at least three good stiff drinks before you read this so that you don't hurt yourself. * * * * * * * * * * * * * * * * * * * * * * * News out on JP's Stock Pick (Cartaway) First Marathon Securities pays $500,000 to settle Cartaway Resources case VANCOUVER, Jan. 29 /CNW/ - First Marathon Securities Ltd. has agreed to donate $450,000 to a fund that fosters British Columbia mining and geological expertise after acknowledging it breached B.C. securities regulations in the Cartaway Resources Corp. case. The Toronto-based First Marathon will pay the monies into the Mineral Deposit Research Fund at the University of B.C. and another $50,000 to the British Columbia Securities Commission toward the commission's investigation costs, Commission Executive Director Michael Watson said today. ''We believe a contribution to the fund is appropriate because it recognizes the harm done to the province's junior capital market by the Cartaway case and mitigates a portion of the damage,'' said Watson. In an Agreed Statement of Facts signed today, the investment dealer acknowledged it failed to properly apply business procedures and failed to ensure that its Vancouver branch manager Robert Disbrow carried out his duties to properly supervise employees. As a result, the dealer ''may have inadequately addressed the potential conflicts of interest'' that arose among five of its Vancouver brokers, a Calgary office employee, Cartaway and First Marathon's clients, the statement said. The breaches and circumstances ''created an unacceptable risk that the integrity of the capital markets might be compromised.'' A group of the investment dealer's brokers bought control of Cartaway, a shell company on the Alberta Stock Exchange, in late 1994 and 1995. Cartaway shares eventually rose to $26 in May 1996, but eventually dropped to about $2 a share after initially promising visual geological reports did not prove out. First Marathon has taken remedial action, satisfactory to the commission, to improve its compliance and supervision programs and procedures. Among the actions are company rules requiring that: - none of its employees will act in the legal role of a promoter for any issuer; - no employees individually or with others will buy or acquire a corporate shell to obtain access to public market financing; - employees must notify the company's vice-president of compliance when their holdings of any public company reach five per cent of issued and outstanding shares; - the collective holdings of employees of any public company must not exceed 19.9 per cent without the consent of the company's vice-president of compliance. Copies of the Agreed Statement of Facts are available on the commission's web site (www.bcsc.bc.ca) or by phoning the commission's Communications Manager. The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities and exchange contracts in the province. -30- For further information: Michael Bernard, (604) 899-6500 or (BC only) 1-800-373-6393

To: The Fix who wrote (13625)	1/29/1999 8:12:00 PM
From: russet	Read Replies (1) \| Respond to of 26850

fIXER: They have a 2-dimensional display of what they envisioned happened. A series of sheets were produced at different times, one is extruded towards the northwest peninsula, another towards the east, another towards the south, another towards the middle of the lake, but not reaching the northwest peninsula. All together they form a cone sheet, but not continuous, more like wings of a butterfly. Some are underneath the others, which is the reason they got two, 2.5 meter thick intercepts in one of the north shore holes. There may be more sheets under the ones they have intercepted so far. Winspear geologists don't seem to care whether they find the pipe or not. They think they have all the material they need to make one hell of a mine in the sheets alone. But the mag low is there, in the north east of the lake, right on the "snap-crackle" fault that runs east to west along the north shore of the lake and they envision it to be the source of the multiple sheet extrusions. Diamond grade or concentration in each sheet is the same, as shown in the published findings, and the Winspear geologists believe those concentrations of diamonds are very, very good. Compare them to the Lac de Gras findings and I think you would agree. russet