eagle bay chairman on asic charges!

Tuesday January 17, 2006


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Eagle Bay chairman on ASIC charges
by Edited announcement


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Eagle Bay Resources NL chairman Anthony Rechner has appeared before the Perth Magistrates Court on 10 charges laid by the Australian Securities and Investments Commission.

The charges of making false or misleading statements relate to the Perth-based exploration and mining company's Myall Creek Copper Project, north of Whyalla, South Australia.

Four of the charges against Mr Rechner concern an announcement by Eagle Bay to the Australian Stock Exchange and a media release on 10 September 2003, titled 'Whyalla Copper and Gold Find'.

The remaining charges relate to comments made by Mr Rechner to various media outlets on the same date and in the week leading up to the market releases.

ASIC allege that the comments made by Mr Rechner to the ASX and various journalists regarding the presence of copper and gold at Myall Creek were not substantiated by results of a drilling program undertaken by the company in May 2003.

The charges were laid following a referral from the ASX and an investigation by ASIC.

Mr Rechner was not required to enter a plea and was bailed on a personal recognisance of $20,000 and $20,000 surety to reappear on 24 March 2006.

The Commonwealth Director of Public Prosecutions is prosecuting the matter.