Excerpts from Gedicks’ letter to the Toronto Stock Exchange:
“I am writing regarding a possible case of fraud or misleading information by a company listed on the Toronto Stock Exchange. The case concerns the recent announcement by Ascendant Holdings Ltd. of the acquisition of the Junin copper-molybdenum deposit in Ecuador. The company describes this as “one of the largest undeveloped copper-molybdenum deposits in the world” (July 1, 2004, PR Newswire, Hamilton, Bermuda). Based upon an in-house re-evaluation of the 1997 exploration data by the Metal Mining Agency Japan (MMAJ), a subsidiary of the Mitsubishi Metals Corporation, Ascendant has calculated a Canadian NI 43-01 compliant inferred resource of 1.36 billion tons.
This revised tonnage estimate exceeds Mitsubishi’s earlier estimate of 318 million tons by such a large margin as to raise serious questions of misleading and inaccurate information provided to shareholders.”
Please read the full text of Gedicks’ letter. More…
