News Release

Released: March 16, 1994  Contact: Ron Messent  660-4800

The British Columbia Securities Commission today released a decision in the matter of Philip Lieberman.

Mr. Lieberman is subject to an order made in March 1988 removing his trading rights under the Securities Act for a period of ten years. That order was based on Mr. Lieberman's conduct in relation to the promotion of Marco Resources Ltd. Mr. Lieberman was found at that time to have been responsible for deliberately and knowingly making false and misleading statements in public disclosures about a mineral property in which Marco held an interest.

In the period April to June 1991, Mr. Lieberman acquired 100,000 shares of Liquest International Marketing Corporation through his private company, American Oil Reserve Inc. He then sold 60,000 of these shares, in contravention of the 1988 order.

Following a hearing held on March 7, 1994, the Commission decided to order the removal of Mr. Lieberman's trading rights for eight years, effectively extending the previous order for four years. In addition, the Commission has prohibited Mr. Lieberman from being a director of any reporting issuer (public company) for eight years and has ordered him to pay an administrative penalty of $10,000 and hearing costs of $1,000.

The British Columbia Securities Commission is a provincial government agency responsible for regulating trading in securities and exchange contracts.

Copies of the Commission's decision (6 pages) may be obtained in person at 1100 - 865 Hornby Street, Vancouver, British Columbia.