Company president admits to not reporting offshore securities transactions

    VANCOUVER, June 1 /CNW/ - The president of a TSX Venture Exchange company
will pay a fine and have his ability to participate in securities markets
limited after admitting that he traded securities through a private offshore
account without reporting the transactions.
    In a settlement with the Executive Director, Michael Derek Townsend, a
39-year-old Vancouver resident, agreed to pay the B.C. Securities Commission
$41,250 for failing to file insider reports pertaining to securities
transactions he made in two B.C. companies - Lateegra Gold Corp. and West Hawk
Development Corp.
    Between January 2005 and August 2006, Townsend used his offshore
brokerage account to buy and sell shares in the two companies.
    Townsend filed insider reports for his transactions on Aug. 30, 2006
after BCSC staff brought his failure to file to his attention through
information it received from the RCMP's Integrated Market Enforcement Team.
    Townsend has been the president and a director of Lateegra since Oct. 23,
2002. He also held senior management positions with Lateegra and West Hawk
during the period in which he failed to file.
    Under the settlement, Townsend cannot trade in securities except in
limited circumstances. With the exception of his positions with Lateegra,
Townsend will resign any position he holds as a director or officer of any
issuer. He is also prohibited from engaging in investor relations or acting as
a director or officer of any other issuer for one year.

    The B.C. Securities Commission is the independent provincial government
agency responsible for regulating trading in securities within the province.
You may view the settlement on our website by typing in the
search box, Michael Derek Townsend or 2007 BCSECCOM 300.

For further information:

For further information: Andrew Poon, Media Relations, (604) 899-6880 or
(B.C. & Alberta) 1-800-373-6393

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