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07-13 ASIC takes action against directors of Melbourne mining company

Tuesday 23 January 2007


ASIC has commenced proceedings against Melbourne-based Mining Projects Group Limited and its Executive Chairman, Mr Bryan Frost, and Executive Director, Mr Richard Revelins, for allegedly making misleading or deceptive statements to the market.

Mining Projects Group Limited (formerly known as Yamarna Goldfields Limited) is a mineral resource, exploration and investment company listed on the Australian Stock Exchange (ASX).

ASIC has issued proceedings in the Federal Court in Melbourne seeking declarations that the company, Mr Frost and Mr Revelins engaged in misleading or deceptive conduct, and that Mr Frost and Mr Revelins breached their duties as directors in relation to an announcements the company made to the ASX on 15 August 2005 and 19 August 2005.

ASIC alleges that in making the announcement Mr Frost and Mr Revelins failed to exercise their duties as directors with a reasonable degree of care and diligence and failed to exercise their powers in good faith in the best interests of the company.

It is also alleged that Mr Frost and Mr Revelins traded in the shares of the company immediately following the release of the announcement. ASIC is seeking declarations that Mr Frost and Mr Revelins engaged in insider trading and misused information available to them by virtue of their positions as company directors.
In the announcement to the ASX on 15 August 2005 it was claimed: ASIC is alleging that the 15 August 2005 announcement was misleading or deceptive as: ASIC alleges that in authorising the announcement on 15 August 2005 and a subsequent announcement on 19 August 2005, Mr Frost and Mr Revelins failed to exercise their duties as directors with a reasonable degree of care and diligence and failed to exercise their powers in good faith in the best interests of the company.

It is also alleged that Mr Frost and Mr Revelins traded in the shares of the company immediately following the release of the announcement on 15 August 2005. ASIC is seeking declarations that Mr Frost and Mr Revelins engaged in insider trading and misused information available to them by virtue of their positions as company directors.

On 28 October 2005, the company issued another announcement to the ASX stating that, amongst other things:
ASIC is seeking the imposition of civil penalties against Mr Frost and Mr Revelins and their disqualification from managing corporations.

ASIC commenced its investigation following a referral from the ASX.

The matter is listed for hearing at the Federal Court in Melbourne on [date].20 February 2007.

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