Guyana Goldfields Inc. (TSX:GUY) states that there is no connection with Guyana Gold Corp. (OTCBB:GUYGC) and Mr. Zanic
Thursday October 9, 11:14 am ET
TORONTO, Oct. 9 /CNW/ - Guyana Goldfields Inc. (TSX:GUY - News)
Guyana Goldfields Inc. (the "Company") states that there is no relationship, nor has there ever been a relationship between the Company and Guyana Gold Corp. (OTBB:GUYGC) of Las Vegas. Recent news articles pertaining to Guyana Gold Corp. (OTCBB:GUYGC - News) of Las Vegas have necessitated the Company to provide this clarification.
Guyana Goldfields is currently exploring and developing the world class Aurora Gold Project in Guyana, South America. The current gold resources at the Aurora Gold Project stand at 1.97 million ounces indicated and 2.68 million ounces inferred. The Company expects to release an updated gold resource in the very near future.
Guyana Goldfields Inc. is primarily focused on the exploration and development of gold deposits in the Guiana Shield of South America. The Guiana Shield is in the northern part of the Amazon Craton and covers parts of Guyana, Venezuela, Suriname, French Guyana, and northern Brazil. Guyana holds advanced exploration projects in various stages of development and has been operating in Guyana continuously since 1996.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
For further information
John Patrick Sheridan, President and Chief Executive Officer, Guyana Goldfields Inc., Suite 1205-141 Adelaide Street West, Toronto, Ontario, Canada, Telephone: (416) 628-5936, Fax: (416) 628-5935, Email: psheridan@guygold.com
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Guyana Gold's Zanic arrested in Las Vegas
2008-10-08 20:33 ET - Street Wire
Also Street Wire (U-*SEC) U.S. Securities and Exchange Commission
by Mike Caswell
Vancouver promoter John Zanic has been arrested in Las Vegas after he allegedly bribed an undercover FBI agent to buy shares of Guyana Gold Corp. He was detained on Sept. 16 and sent to New York to face charges of conspiracy to commit securities fraud.
Prosecutors say Mr. Zanic met with an undercover FBI agent in April, 2008, to set up the bribery scheme. The agent claimed to represent several discretionary accounts, and he agreed to buy $3-million in shares of Guyana Gold at Mr. Zanic's direction. Mr. Zanic allegedly agreed to pay a 30-per-cent kickback in return.
The FBI conducted a test transaction in May, and Mr. Zanic was arrested four months later.
Mr. Zanic made his initial appearance before New York Judge Douglas Eaton on Oct. 2. His bail was set at $500,000 and his travel was restricted to Las Vegas and New York.
The judge ordered him to surrender his travel documents and placed him under strict pretrial supervision. He is to live with his girlfriend in Las Vegas.
The criminal charge carries a maximum penalty of five years in jail.
SEC charges
In addition to the criminal charges, Mr. Zanic faces a civil action filed by the U.S. Securities and Exchange Commission. On Oct. 8, the SEC announced charges against Mr. Zanic and three New York promoters, Glenn Grossman, Lawrence Cohen and David Schmidt.
The SEC claims the men were promoting Guyana Gold, a mining exploration company with no operations and 164.5 million shares outstanding. In April, 2008, an undercover FBI agent told the men he could arrange stock purchases by a group of registered representatives. The representatives had discretion over the accounts of wealthy customers, the SEC says.
Mr. Zanic met the agent on April 25, according to the complaint. He allegedly told him he would pay a 30-per-cent kickback, in return for the purchase of $3-million of Guyana Gold shares.
Mr. Zanic also agreed to complete a $75,000 test transaction, the SEC says.
According to the complaint, the test transaction took place between May 1 and May 5, 2008. Mr. Zanic instructed the FBI agent to submit buy orders for 115,000 shares. He allegedly gave the agent precise instructions about the size, price and timing, and he specified which market-makers to contact.
As a result of the instructions, almost all of the purchase orders were matched against sell orders placed by Mr. Zanic, the SEC says.
Mr. Zanic eventually paid the undercover agent most of the kickback, the complaint alleges. On May 6, 2008, he wired an initial $7,480.
On July 17, the agent complained to Mr. Zanic that he had had not received the entire amount. Mr. Zanic allegedly sent a further $6,300 and promised to wire the remaining portion separately.
On Aug. 11, Mr. Zanic allegedly asked the agent to buy additional shares in return for a 30-per-cent kickback. The agent did not purchase any more shares though.
The SEC is seeking appropriate civil penalties and disgorgement of profits, plus a permanent penny stock ban.
Mr. Zanic has not yet responded to the allegations. His New York lawyer, Michael Bachmer, was not available for comment Wednesday.
According to Stockwatch records, Mr. Zanic was an employee of Stockscape.com Technologies Inc. in 2001. He bought the company's operating subsidiary in November, 2001, for an undisclosed amount.
