News Release

Vancouver -- The B.C. Securities Commission, in a more aggressive move against delinquent insider report filers, has imposed cease trade orders on a Vancouver mining company president and his former spouse for failing to file insider-trading reports.

From June 8, 1988 to November 30, 2001, James Poe (also known as Po Sun Liu) failed to report trading in securities of Pan Asia Mining Corp. held by Forever Diamonds Ltd. that he had control over. Under Poe's direction, Forever acquired 15.3-million shares of Pan Asia and disposed of 10.5-million shares during that period. Poe is the president of Pan Asia.

From February 10, 1999 to June 30, 2000, Poe's former wife, Paula Marie Poe -- a director of Pan Asia during that period -- failed to file insider reports for the acquisition of 3.0-million shares of Pan Asia and the disposition of 2.8-million shares.

Since receiving the cease trade orders, the pair has cooperated with the commission on their delinquent reports.

"To maintain and protect the integrity and fairness of the securities market, we will take action against individuals who do not report their insider trading activities," said Wayne Redwick, BCSC Director of Corporate Finance. "Investors have a right to accurate and timely information about insider trading activities."

Securities regulations call for a $50 fee to be levied for each late insider report.

Redwick said that the action against the pair is part of a larger initiative to crack down on public companies and insiders who do not file their reports on time with the commission.

"Last year, we began taking tougher measures against companies that filed their financial statements late by cease-trading them quickly and without notice," said Redwick. "We are building on that now by taking strong action against individuals who are either late in filing insider reports or neglect to file them at all."

He said that in the past four weeks, the commission has issued four cease trade orders against individuals who failed to file insider reports on time.

Last November, the commission denied a Vancouver chartered accountant access to the securities markets for six months and imposed an administrative penalty of $3,000 for failing to file insider reports over a five-year period.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities and exchange contracts within the province.