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.
Learn how to protect yourself and become a more informed investor at www.investright.org
SOURCE British Columbia Securities Commission
