RE: RE: RE: RE: RE: RE: RE: RE: Similar Jr MiningOr how about this one...
"When I last left Arctic Oil & Gas Corp. in March, the LasVegas-based company was claiming to have valid claim to all the mineraldeposits under the Arctic Ocean, a pretty fantastic boast for apipsqueak company that trades on the lowly "pink sheets" in the UnitedStates.
The company also touted Senator Ed Lawson of Vancouver asone of its directors, which seemed to give it some credibility. But UBCinternational law professor Michael Byers told me the company's claimwas unlikely to hold any water in international circles. Within a fewweeks of my story, Lawson quit as a director. No reason was given.
Thecompany, under the stewardship of Los Angeles promoter Peter Sterling,is continuing to make fantastic pronouncements. On Friday, it announcedit is proceeding with two placer gold projects (one onshore, the otheroffshore) in Alaska that will produce "approximately 300,000 ounces ofgold in the first year."
If true, this would make the projectnearly as large as Canada's biggest-ever gold mine, the Hemlo goldfields in Ontario, which produced 400,000 ounces per year at its peak.
AlthoughSterling acknowledges this disclosure does not comply with Canadiandisclosure rules, it didn't stop him from making it. If this companystill had a substantial B.C. connection, the B.C. Securities Commissionwould almost certainly object.
The company also announced it is"now distributing a $250-million private offering" for banks andinstitutional investors to buy up to 500,000 ounces of its prospectivegold production at $500 per ounce. Once again, without proper evidenceit can produce the gold, this announcement simply extends the fairytale."
dbaines@vancouversun.com
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