A 3-month prison term has been handed to Ronald Gilson for authorizing, permitting or acquiescing in the issuance of a misleading press release by junior Silver Bar Mines.
Gilson, president of the company, has appealed his conviction and sentence. The Ontario Securities Commission also reports that Silver Bar was fined $20,000. The company is not appealing.
Judge Guy Mahaffey of the Provincial Division found that the issuance of a misleading press release was tantamount to attempted fraud.
The press release, dated Sept. 18, 1987, announced
the start of production at a high-grade copper property. “Proved up” reserves of 7.5 million tons averaging up to 25% copper were reported.
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