News about High River Gold!2 Mar 2012 19:59
HRG/Nord in default of Ontario Securities Commission in Canada for not filing an updated 43-101 for the Zun-Holba and Irokonda mines. HRG/Nord management have purposely been holding back information for years in an effort to keep HRG shareprices low so they can buy them up on the cheap. Their efforts to squeeze out the minority shareholders have thus far been unsuccessful due to very determined minority group. All we are asking for is fair value for our shares and Mordishov is determined to screw us.
High River in default, plans Zun-Holba resource update
2012-03-01 14:44 PT - News Release
Mr. Konstantin Sobolevskiy reports
HIGH RIVER GOLD ANNOUNCES DEFAULT PURSUANT TO NATIONAL POLICY 12-203
The Ontario Securities Commission has noted High River Gold Mines Ltd. in default of its continuous disclosure obligations under Ontario securities law due to the company not having filed National Instrument 43-101-compliant technical reports to support the current mineral reserves and mineral resources at its Zun-Holba and Irokinda mines.
In 2009, the company filed a technical report dated Oct. 10, 2008, to support the mineral reserves and mineral resources of the Zun-Holba mine and a technical report dated Sept. 30, 2008, to support the mineral reserves and mineral resources of the Irokinda mine. As indicated in the company's subsequent public disclosure, the NI 43-101-compliant mineral reserves and mineral resources at the mines have been essentially depleted, though production has been continuing. As a result, the OSC has concluded that there has been a material change in the mineral reserves and mineral resources at the Zun-Holba and Irokinda mines that is not supported by the technical reports filed in 2009. Accordingly, the OSC is of the view that High River is required to file new NI 43-101-compliant technical reports for the Zun-Holba and Irokinda mines.
The company has faced serious operational and liquidity issues over the last several years and implemented cash conservation measures in third quarter 2008. These measures delayed the preparation of technical reports for the Zun-Holba and Irokinda mines. The company subsequently engaged in extensive negotiations with a number of engineering consultants regarding the preparation of technical reports for the mines that were only recently concluded.
The OSC has noted the company will remain in default until it files new NI 43-101-compliant technical reports for the Zun-Holba and Irokinda mines. To that end, the company has mandated its internal geologists to co-ordinate the preparation of NI 43-101-compliant mineral reserve and mineral resource estimates to support the current mineral reserves and mineral resources at its Zun-Holba and Irokinda mines. The company anticipates that a new technical report for each of the Zun-Holba and Irokinda mines will be completed by March 30, 2012, and the company will be in a position to file such technical reports concurrently with its annu