ASC alleges Richard Schmidt, Gordon Mak, and Goldenrod Resources Inc. illegally distributed securities

CALGARY, May 31, 2012 /CNW/ - Alberta Securities Commission (ASC) staff have issued a Notice of Hearing alleging that Richard Schmidt, Gordon Mak and Goldenrod Resources Inc. breached Alberta securities laws by illegally trading and distributing Goldenrod securities in contravention of registration and prospectus requirements.

ASC staff also allege that Schmidt made false or misleading statements to investors with respect to Goldenrod's forecast profits, reserves, and drilling results, and that he perpetrated a fraud on investors.

An appearance to set a date for hearing in Calgary will be held on July 13, 2012 at 4 p.m. in the ASC Hearing Room, 5th floor, 250 - 5th Street SW, Calgary, Alberta.

A copy of the Notice of Hearing is available 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