The Canadian Venture Exchange (CDNX) has once again suspended “prairie-gold” explorer
The exchange ended Birch’s 3-month suspension from trading in September 2000 on the condition that it pay for an independent audit of its exploration program. The audit, by consulting firm Associated Mining Consultants, was completed in mid-February, and the conclusion was that positive results previously announced by Birch from its Athabasca property in Alberta are unreliable, and that “if gold or other precious metals are present in the samples, the concentrations are so low as to be near or below the detection limit of the analytical methods.”
Birch has maintained that conventional analytical methods do not detect the gold and platinum group metals it contends are in rocks from the Athabasca property.
The suspension was made under the CDNX’s Rule C1.07, which permits the exchange to suspend trading in an issue if it considers suspension to be in the public interest.
Birch Mountain is appealing the suspension with the Alberta Securities Commission, asserting that the audit was flawed and “did not consider a significant body of data.”
Another company with “unassayable” gold has fallen foul of regulators, this time in the U.S. The Corporation Commission in the state of Arizona has filed an “administrative action” against
Xenolix has consistently claimed that conventional chemical analysis of samples from its Arizona property do not detect gold mineralization it says is present in the material. It claims to have “proprietary nanotechnology” to detect and recover this gold.
Xenolix recently claimed to have extracted gold from coal ash, where (according to Xenolix executive vice-president Richard Childress) there exists a “precursor material” for precious metals.
Also named in the administrative action is the company’s vice-president of technology, Alvin C. Johnson.
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