ASC alleges market manipulation by Calgary man

CALGARY, March 13, 2012 /CNW/ - The Alberta Securities Commission (ASC) has issued a Notice of Hearing alleging that David De Gouveia breached Alberta securities laws and acted contrary to the public interest by creating a false or misleading appearance of trading activity in, and an artificial price for, Magellan Minerals securities.

From November 3, 2008 to April 30, 2009, De Gouveia actively traded in the shares of Magellan Minerals, a TSX Venture Exchange listed company.  ASC staff allege De Gouveia engaged in a pattern of trading that involved market manipulation hallmarks such as: upticks (trading at a higher price than the immediately preceding trade); high closes (trading at the highest price for that day); wash trades (acting as both seller and purchaser in the same transaction); and uneconomic trades (selling shares and then immediately buying shares at a higher price).

An appearance to set a date for a hearing in will be held on April 11, 2012, at 2:30 p.m. in the ASC Hearing Room on the 5th floor, 250 - 5^th Street S.W., Calgary, Alberta.

A copy of the Notice of Hearing can be found on the ASC website at www.albertasecurities.com.

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors.  As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

For Media Inquiries: 
Mark Dickey
Senior Communications Advisor
403.297.4481

For Investor Inquiries: 
ASC Public Inquiries
Toll Free 1.877.355.4488