Seven months after being halted in a scandal over allegations that its drill results had been tampered with, Timbuktu Gold (TBT-A) has resumed trading on the Alberta Stock Exchange.
Spectacular first drill results from the company’s Sitakilli mining concessions in Mali, West Africa, were released on April 17, but subsequent analysis showed the drill core had been “salted” to produce values of up to 200 grams gold per tonne.
Timbuktu’s stock closed at $9.45 the day before the results were announced, and then rocketed to $26.50 the next day on volume of more than 1 million shares. It reached a peak of $30 before being grounded on April 19 by the ASE. In doing so, the exchange cited past securities infractions of Chairman Oliver Reese, who later resigned.
Reese, his family and associates have since agreed to surrender, for cancellation, 9.8 million Timbuktu shares, leaving a total of 11.6 million shares outstanding. They will also surrender their options to buy 1.6 million shares.
Timbuktu recently filed a materials change report with the ASE and the Alberta Securities Commission, together with an update on company affairs.
The company intends to change its name to Marchmont Gold in order to reflect its connection with Marchmont Resources, its wholly owned subsidiary in Mali.
However, President Raymond Antony admits the name change is also an attempt to “start all over.”
Drilling is scheduled to resume in the first quarter
of 1997.
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