ASC alleges that former Edmonton director engaged in illegal insider trading

CALGARY, May 31, 2011 /CNW/ - The Alberta Securities Commission (ASC) has issued a Notice of Hearing alleging that Edmonton businessman Dr. Richard Gary Nash engaged in illegal insider trading of Liberty Mines Inc. shares.

ASC staff allege that Nash, as a company director and member of the senior management team, was in a special relationship with Liberty Mines and was in possession of material information relating to Liberty Mines' operations that had not been generally disclosed to the public. ASC staff allege that following his departure from the company's board of directors and senior management team, and prior to the general disclosure of this fundamental change in Liberty Mines' operations, Nash sold 1,240,500 Liberty Mines shares on November 10, 2010.  ASC staff further allege that Nash avoided a loss of more than $21,800 as a result of having engaged in this illegal trading activity.

An appearance to set a date for a hearing in Edmonton will be held on June 1, 2011 at 9:30 a.m. in the ASC Hearing Room, 5th Floor, 250 - 5th Street SW, Calgary, Alberta.

A copy of the Notice of Hearing is available on the ASC website at www.albertasecurities.com

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors.  As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

SOURCE Alberta Securities Commission

For further information:

For Media Inquiries: 

Mark Dickey
Senior Communications Advisor
403.297.4481
For Investor Inquiries: 
ASC Public Inquiries
Toll Free 1.877.355.4488


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