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.

Microcap & Penny Stocks : Tokyo Joe's Cafe / Anything goes -- Ignore unavailable to you. Want to Upgrade?

To: Mr Metals who wrote (33289)	3/8/1999 5:24:00 PM
From: Probart	Read Replies (1) \| Respond to of 34592

MYNG Golden Eagle Settles SEC Charges of Misleading Gold-Find Claim Washington, March 8 (Bloomberg) -- Golden Eagle International Inc. settled regulators' charges that the Denver mining company misled investors last May with claims of ''staggering'' gold reserves in Bolivia. The U.S. Securities and Exchange Commission alleged that Golden Eagle and its president Terry C. Turner fraudulently hyped the claimed discovery of more than 6 million troy ounces of ''proven'' gold reserves on Bolivian mining concessions. The announcement of the discovery led to jumps in the price and trading volume of the stock, the SEC said in its complaint filed in Denver federal court. The price declined after Golden Eagle later ''publicly admitted that it lacked sufficient basis for the reserve claims.'' The company settled the SEC charges by agreeing to be subject to stiffer sanctions if it commits similar violations in the future. It neither admitted nor denied the allegations. Calls to the company were not immediately returned. Golden Eagle shares fell .02 to .3. The SEC said litigation is continuing against Turner, as well as Turner's predecessor and several other defendants. Turner didn't immediately return a call for comment. The SEC alleges Turner caused the company to put out a news release without reading the geological report on which the claim was based, and without ''a reasonable basis'' for statements that even larger gold reserves may exist at the site. Turner said in November that the SEC's characterization of the press release isn't fair. He said the release urged caution and warned investors the company couldn't guarantee that initial findings of gold reserves would bear up to closer scrutiny. 16:26:06 03/08/1999 For more stories from Bloomberg News, click here. (C) Copyright 1999 Bloomberg L.P. Any redistribution of Bloomberg content, including by framing or similar means, is expressly prohibited without the prior written consent of Bloomberg L.P. Any reference to the material must be properly attributed to Bloomberg News. The information herein was obtained from sources which Bloomberg L.P. and its suppliers believe reliable, but they do not guarantee its accuracy. Neither the information, nor any opinion expressed, constitutes a solicitation of the purchase or sale of any securities or commodities.(C) Copyright 1999 Bloomberg L.P. BLOOMBERG, Bloomberg News, Bloomberg Financial Markets, Bloomberg Television, Bloomberg News Radio are trademarks, tradenames and service marks of Bloomberg L.P.