First Bitcoin Capital Corp (BITCF)

[OriginalFred]

This cease trade order is bad.

lhsmith, I am sorry to say it, but I think you have been taken. I do not think it will do any good to talk with the company because they have not been honest with shareholders. They did not notify share holders of the cease trade order. Also, they claimed they had "commenced discussions with a leading Canadian-based mining concern with significant mining holdings within the country of Venezuela" when in reality they got a lame deal with a company that no one had ever heard of.

This is not looking good at all. In fact, it is looking more and more like yet another pink sheet scam.

-------------------------
British Columbia Securities Commission
Tel: [phone] Fax: [phone] Toll Free: 1 800-373-6393 www.bcsc.bc.ca
P.O. Box 10142, Pacific Centre, 701 West Georgia Street, Vancouver, BC, Canada V7Y 1L2
2006 BCSECCOM 629
Cease Trade Order
Grand Pacaraima Gold Corp.
Section 164 of the Securities Act, R.S.B.C. 1996, c. 418
¶ 1 Grand Pacaraima Gold Corp. (Grand Pacaraima) was incorporated in 2005 under the
laws of Oregon and its head office and senior management are located in British
Columbia.
¶ 2 Shares of Grand Pacaraima are quoted on the Pink Sheets an over-the-counter market
in the United States. Between November 1, 2005 and October 27, 2006, about 3.77
million shares of Grand Pacaraima were traded on that market at prices ranging from
US$0.04 to US$0.23.
¶ 3 On March 23, 2006, Grand Pacaraima announced the completion of its merger with
Mindanao Gold Mining Corporation and its intention to focus its development
operations on four mining properties in Southern Venezuela.
Lack of Technical Report
¶ 4 In its November 3, 2005, March 23, 2006, and March 28, 2006 news releases, Grand
Pacaraima disclosed that its primary mining concession had estimated reserves of
US $580 million based on US $350 gold prices on selected samples of 80.86 grams
per ton or 2.6 troy ounces per ton. In its August 3, 2006 news release, Grand
Pacaraima disclosed recoverable gold reserves of 3.6 million ounces and indicated
gold reserves of 5 million ounces.
¶ 5 Grand Pacaraima has not filed an independent technical report in support of its
disclosure of mineral reserves. This contravenes s. 4.2(1) (j) and s. 5.3(1) (c) of
National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-
101).
Context of Scientific and Technical Disclosure
Non-compliant disclosure of Mineral Reserves
¶ 6 In the above noted news releases, Grand Pacaraima disclosed mineral reserves that
contravened s. 2.2 of NI 43-101. For example, Grand Pacaraima did not:
1. use the applicable mineral resource and mineral reserve categories, contrary to
s. 2.2(a),
2. report each category of mineral reserve separately, contrary to s. 2.2(b), and
3. disclose the tonnes and grade for each category when disclosing the contained
metal content, contrary to 5.2, 2(d).

¶ 7 Grand Pacaraima also disclosed the metal content of a deposit that was not
categorized using Canadian Institute of Mining, Metallurgy, and Petroleum
categories, which is prohibited under s. 2.3(1)(a) of NI 43-101. In particular, Grand
Pacaraima disclosed mineral reserves that:
1. were not categorized as proven and probable,
2. do not appear to be supported by at least a preliminary feasibility study, and
3. appear to be based on selected samples and therefore do not meet the
requirement to be based on detailed and reliable information gathered through
appropriate techniques.
¶ 8 Grand Pacaraima failed to provide information required under section 3.4 of NI 43-
101 for mineral reserves estimates. In particular, it failed to disclose:
1. the effective date of each estimate,
2. the quantity and grade of each category,
3. details of key assumptions, parameters and methods used, and
4. a general discussion of any known environmental, permitting, legal, sociopolitical,
or other relevant issues.
¶ 9 Grand Pacaraima did not include in all its written disclosure the name and
relationship to Grand Pacaraima of the qualified person who prepared or supervised
the preparation of the mineral reserves, contrary to s. 3.1 of NI 43-101.
Order
¶ 10 Under section 164(1) of the Act, the Executive Director orders that all trading in the
securities of Grand Pacaraima cease until:
1. it files the required technical report, completed in accordance with the Act and
the regulations, and
2. the Executive Director makes an order under section 171 of the Act revoking
this order.
¶ 11 November 7, 2006
John Porges
Manager, Corporate Finance
Corporate Finance

http://cto-iov.csa-acvm.ca/ArticleFile.asp?Instance=101&ID=0E70EDBF9CA94C279D299ED30FFBAB3A