VANCOUVER, July 16 /CNW/ - A British Columbia Securities Commission panel today ordered Ross Stanfield and his two mining companies, Bul River Mineral Corporation and Gallowai Metal Mining Corporation, to provide technical reports for a property in southeastern B.C. and disseminate the reports to current and future shareholders.
The panel ordered the respondents to prepare two technical reports for the Gallowai Bul River Property that are fully compliant with National Instrument 43-101 Standards of Disclosure for Mineral Projects. Scott Wilson RPA Inc. will prepare the reports.
Under the order, the first technical report, which will include laboratory results, but not a mineral resource estimate, is due by Oct. 15, 2010. A second technical report with a mineral estimate is due by July 15, 2011. The panel also ordered the respondents report to the executive director on their progress in completing the technical reports.
Stanfield, through other companies he owns, controls all of the voting shares of both Bul River and Gallowai. He is also the president and a director of both companies. Gallowai and Bul River, which are both private companies, together have raised approximately $229 million from almost 3,000 shareholders since 1980. The companies raised the money by relying on certain exemptions from the registration and prospectus requirements in the Securities Act.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the order on our website www.bcsc.bc.ca by typing in the search box, Ross Stanfield, Bul River Mineral Corporation, or Gallowai Metal Mining Corporation, or 2010 BCSECCOM 417. If you have questions, contact Ken Gracey, media relations, 604-899-6577.
Learn how to avoid investment fraud at the BCSC's investor education website: www.investright.org.
SOURCE British Columbia Securities Commission
For further information: For further information: Ken Gracey, 604-899-6577 or (Canada) 1-800-373-6393