ASC Seeking Sanctions Against Flag Resources, Golden Briar Mines, Murdo McLeod and Sidney Miszczuk

    CALGARY, July 16 /CNW/ - The Alberta Securities Commission (ASC) has
issued a Notice of Hearing seeking trading bans against Flag Resources
Limited, Golden Briar Mines Limited, Murdo McLeod and Sidney Miszczuk. The ASC
is also seeking to permanently ban McLeod and Miszczuk from acting as
directors or officers of any issuers. McLeod is the president and a director
of both Flag Resources and Golden Briar Mines, while Miszczuk is the chairman
of Flag Resources' board of directors.
    ASC staff allege that Flag Resources and Golden Briar Mines failed to
provide continuous disclosure information as required by Alberta securities
laws, and that McLeod and Miszczuk, as officers of these companies, failed to
ensure that Flag Resources and Golden Briar Mines filed and provided this
information as required.
    Flag Resources and Golden Briar Mines are already subject to cease trade
orders issued by the ASC in 2006. At one time the securities of both companies
were listed for trading on the TSX Venture Exchange (TSXV), but were delisted
on August 25, 2005 for failure to comply with the TSXV's filing, approval and
disclosure requirements.
    The ASC will convene at 2 p.m. on Wednesday, August 13, 2008 to set a
date for the hearing into this matter.
    A copy of the Notice of Hearing outlining the allegations in their
entirety is available on the ASC website at

    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.

For further information:

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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