News Release

Vancouver -- The B.C. Securities Commission has denied a Vancouver chartered accountant access to the securities markets for six months and ordered him to pay an administrative penalty of $3,000 for failing to file insider reports over a five-year period.

Between 1995 and 2000, George Frederick Orr failed to file reports for trades that he made in the shares of Grande Portage Resources Ltd., Great Western Gold Corp. and War Eagle Mining Company Inc. Orr was an insider of all three companies.

Orr, who said his failure to file was due to procrastination, brought the delinquent filings to the attention of commission staff, bulk filed his reports and paid late-filing fees of $1,850. Since then he has filed his reports on time.

In making its orders, the commission noted that Orr’s trading was insignificant compared to the general market activity in the stock of the three companies and that Orr has no previous disciplinary history with the commission. Orr also cooperated fully with the commission staff’s investigation.

“Orr’s conduct falls toward the lower end of the range of seriousness in cases of this type,” the commission panel said. “He does not appear to be a major threat to the market nor manifestly unsuitable to be a director or officer of an issuer. Through his professional qualifications and his occupation he is clearly aware of the responsibilities of directors and officers, so there seems little to be gained by compelling him to take a course on that subject.”

But the panel went on to say that Orr’s conduct could not be condoned and orders were appropriate. The commission will reserved its decision on costs after hearing further from Orr and commission staff.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities and exchange contracts within the province. Copies of the decision can be viewed in the documents database of the commission’s website www.bcsc.bc.ca or by contacting Andrew Poon, Media Relations, 604-899-6880.