VANCOUVER, June 27, 2012 /CNW/ - The executive director of the British
Columbia Securities Commission has issued a notice of hearing alleging
that a corporate communications officer made materially misleading
statements when engaging in investor relations on behalf of a
B.C.-based mining company listed on the TSX Venture Exchange.
The notice alleges that Aaron Ross, a B.C. resident, made statements
that he knew or ought to have known were misrepresentations while
engaging in investor relations on behalf of Aguila American Gold
Limited. Aguila is a B.C. mining company that trades on the TSX-V.
On February 18, 2011, Aguila issued a news release disclosing drill
results on a property in Peru. The news release included a disclaimer
that "the potential quality and grade was conceptual in nature, there
has been insufficient evidence to support a mineral resource and it is
uncertain if further exploration would result in a discovery or mineral
Ross, while engaging in investor relations for Aguila, made calls and
sent emails to over 130 potential investors identified on a list. A
BCSC investigator was listed among the prospective investors, and was
contacted by Ross the day before the Aguila news release was issued.
The executive director contends that during the course of this
conversation, Ross made materially misleading statements to the
investigator. In doing so, Ross breached securities laws and mining
These allegations have not been proven. Counsel for the executive
director will apply to set dates for a hearing into the allegations
before a panel of commissioners on July 10, 2012 at 9:00am.
The B.C. Securities Commission is the independent provincial government
agency responsible for regulating trading in securities within the
province. You may view the notice of hearing on our website www.bcsc.bc.ca by typing Aaron Ross or 2012 BCSECCOM 246 in the search box.
Information regarding disciplinary proceedings can be found in the Enforcement section of the BCSC website.
Please visit the Canadian Securities Administrators' Disciplined Persons List for information relating to persons disciplined by provincial
securities regulators, the Investment Industry Regulatory Organization
of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA).
Learn how to protect yourself and become a more informed investor at www.investright.org
SOURCE British Columbia Securities Commission
For further information:
For media enquiries, contact Richard Gilhooley, media relations, 604-899-6713. For public enquiries, call 604 899 6854 or 1 800 373 6393 (toll free).