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Van Sun says AM Gold forced to confess its NR sins
AM Gold Inc (C:AMG) Shares Issued 54,557,570Last Close 4/13/2011 .50Monday April 25 2011 - In the News
The Vancouver Sun reports in its Saturday edition that AM Gold has made a trip to the confessional. The Sun's David Baines writes that under pressure from the B.C. Securities Commission, chief executive officer John Fiorino admitted in a news release last week that three reports prepared by a mining analyst in November and December and posted on the company's website did not comply with NI 43-101. Mr. Fiorino also said the company had not been able to determine that the analyst who prepared the reports is a "qualified person." The reports were prepared by Jeff Wu, who works for Byron Capital Markets. All three reports were extremely bullish. All of them recommended the stock as a "buy" and set a target price more than double the prevailing price. This sort of third party disclosure has been problematic for the BCSC. AM Gold further admitted that on April 12, an e-mail alert was disseminated "on behalf of the company" containing estimates of mineral resources that did not comply with disclosure rules. Professional geologist Stewart Jackson had reviewed and approved the release. Mr. Jackson is also a director of AM Gold. Mr. Baines wonders where he was when all this inappropriate disclosure was being made. REV Sin= the Sin of omission . Come on management. We need a Press Release.
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