re: up she goes why..more drills to come??
Eagle Bay to defend Rechner charges
Tuesday, January 17, 2006
EAGLE Bay Resources says it will vigorously defend charges brought against the company's managing director Anthony Rechner relating to statements he made about a copper and gold project Eagle Bay was exploring in South Australia in 2003.
Eagle Bay's Tony Rechner
ASIC is alleging that comments made by Rechner in September 2003 regarding the presence of copper and gold at Myall Creek (north of Whyalla) were not substantiated by results of an drilling program undertaken by the company earlier that year.
Rechner appeared before the Perth Magistrates Court on ten charges of making false or misleading statements – laid by the Australian Securities and Investments Commission (ASIC).
According to ASIC, four of the charges against Rechner relate to an announcement by Eagle Bay to the ASX (and associated media release) titled 'Whyalla Copper and Gold Find', made by the company in September 2003.
The remaining charges relate to comments made by Rechner to various media outlets on the same date, and in the week leading up to the market releases.
The charges were laid following a referral from the ASX and an investigation by ASIC.
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 March 24.
Rechner is a geologist by profession and has reportedly been involved in several gold and oil discoveries in his plus-30 years as a geologist including as operations manager for West Australian Petroleum and Chevron Oil in North Africa.
Based on a presentation Eagle Bay gave at its AGM in November, the company appears to still be active in the Myall Creek region north or Whyalla, and has various additional projects searching for uranium, iron ore, graphite and onshore and offshore oil and gas.
Shares in the company dropped 1.3c today to 8.5c.
EBR Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
