News Release
Former geologist of Vancouver-based OTC BB company fined $30,000
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Date:
2007-08-07 -
Number:
2007/59
Vancouver - The British Columbia Securities Commission has fined a Coquitlam geologist and limited his abilities to issue scientific and technical information after he admitted to signing off on a series of misleading news releases.
In a settlement agreement with the BCSC, Robert Weicker, a former director of Aberdene Mines Ltd. (now Canyon Copper Corporation), admitted he signed three news releases that contained misleading information about the company's property in Nevada.
From March 17, 2004 to May 31, 2006, Weicker was a director and officer of Aberdene. At the time, the company traded on the U.S. over-the-counter bulletin board.
Even though Aberdene was not a reporting issuer under the B.C. Securities Act, it had significant connections to the province. The company conducted investor relations in Vancouver, made a number of private placements to B.C. residents, and the majority of its directors and officers lived in the province, including Weicker who resides in Coquitlam.
As Aberdene's senior geologist and director, Weicker signed off on three news releases in June and July 2004 that contained misleading scientific and technical information about the company's New York Canyon property. The news releases made incorrect statements related to the economic viability of the property and failed to disclose that Weicker had an interest in the property. The releases also relied on historical mineral resource estimates that failed to meet the requirements set out in NI 43-101 Standards of Disclosure for Mineral Projects.
Under the settlement agreement, Weicker agreed to pay the BCSC $30,000 and he cannot prepare or disseminate news releases containing scientific or technical information for any issuer for 12 months without supervision by a director or officer of the issuer.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the settlement on our website www.bcsc.bc.ca by typing in the search box, Robert Weicker or 2007 BCSECCOM 465. If you have questions, contact Ken Gracey, Media Relations, 604-899-6577.