VANCOUVER, May 15, 2012 /CNW/ - Gallowai and Bul River submitted an independent technical report on their Gallowai Bul River property to the British Columbia Securities Commission on April 2, 2012. The report provides a small inferred mineral resource estimate, including key assumptions, parameters and methods used in the mineral resource estimation. It is available to investors through the website of the court appointed monitor under federal creditor arrangement legislation at http://www.deloitte.com/assets/Dcom-Canada/Local%20Assets/Documents/Insolvencies/ca_en_insolv_Stanfield_RPA_041012.pdf.
This is the first independent geological report investors have received in the 30-year history of the companies. 3,000 investors are finally receiving proper information on the mining property in which they invested $230 million. The technical report concludes that if the entire database can be verified, then the size of mineralization is likely to be materially greater.
Calgary mining promoter Ross Stanfield founded Gallowai Metal Mining Corporation and Bul River Mineral Corporation. Stanfield died in August 2010. Since then, his grandson, Tim Hewison, has taken over the companies. Both are private companies based in Alberta. The Gallowai Bul River property is located 40 kilometres southeast of Cranbrook, B.C.
In May 2010, the BCSC issued a notice of hearing asking for a compliance order. In July 2010, the companies consented to provide an independent geological report for the Gallowai Bul River property that was fully compliant with national securities law for public companies. The law requires public companies to comply with standards of disclosure for their mineral properties. Subsequent delays and complications arose over Stanfield's death, and the companies finally complied with the compliance order on April 2, 2012.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province.
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