RE: OSC actually looking into this?
Thy. I just emailed the following to Jeff.
Undisclosed Resource Estimates of High River Gold’s Irokinda and Zun-Holba Mines
CPR Report on the Assets of Nord Gold for Burkina Faso, Guinea, Kazakhstan and the Russian Federation (see pages 413 & 442)
https://www.nordgold.com/mer.pdf
The preceding document shows the exploration work program for the Irokinda and Zun-Holba Mines during 2010 & 2011. The following chart is a summary of the combined estimated resources for both mines.
| | t Au | oz Au |
| C2 (indicated resource) | 10 | 32,000 |
| P1 (inferred resource) | 96 | 3,072,000 |
| P2 | 61 | 1,952,000 |
These estimates were not disclosed to HRG shareholders. Actual production numbers have been stated for both mines on quarterly reports with no mention of these exploration numbers.
HRG Lends Money to Nord Gold
Related Party Transactions
“In 2011, Buryatzoloto and Berezitovy provided 6.0% and 6.25% interest bearing secured loans to affiliates of Nord Gold with the amounts outstanding as at the end of Q3 2011 being approximately US$51,4 million and US$10.4 million respectively (2010 – $7.6 million). “
- High River Gold Q3 report
High River Gold has now lent over $60 million to Nord Gold while at the same time Nord Gold/Severstal purchased more shares of HRG increasing their stake to 630,627,472 Common Shares, representing approximately 75.06% of the issued and
outstanding Common Shares. Nord Gold was in possession of the exploration results for Irokinda and Zun-Holba during this period thus purchasing shares at a potentially suppressed stock price.
References:
Q2 – see page 14
https://www.sedar.com/GetFile.do?lang=EN&docClass=7&issuerNo=00002764&fileName=/csfsprod/data121/filings/01786321/00000001/z%3A%5CPUBLIC%5CHighRiv%5C2011%5CQ2%5CrptQ2MDA110630v1finalclean.pdf
Q3 – see page 14-15
https://www.sedar.com/GetFile.do?lang=EN&docClass=7&issuerNo=00002764&fileName=/csfsprod/data124/filings/01825746/00000001/z%3A%5CPUBLIC%5CHighRiv%5C2011%5CQ3%5CQ3MDA110930finalapprd.pdf
HRG Share Acquisition Press Release August 23, 2011
https://www.sedar.com/GetFile.do?lang=EN&docClass=8&issuerNo=00002764&fileName=/csfsprod/data121/filings/01790308/00000001/z%3A%5CPUBLIC%5CHighRiv%5C2011%5CPressReleaseEWRreOAOAug232011.pdf
HRG Share Acquisition Press Release August 25, 2011
https://www.sedar.com/GetFile.do?lang=EN&docClass=8&issuerNo=00002764&fileName=/csfsprod/data122/filings/01795532/00000001/z%3A%5CPUBLIC%5CHighRiv%5C2011%5CPressReleaseEWRAug292011.pdf