ASC Sanctions Calgary-based Flag Resources, Golden Briar Mines and Murdo
McLeod

CALGARY, June 29 /CNW/ - The Alberta Securities Commission (ASC) has sanctioned Calgary-based Flag Resources (1985) Limited, Golden Briar Mines Limited and Murdo Campbell McLeod for the companies' failures to comply with continuous disclosure obligations under Alberta securities laws. An ASC panel found that Flag Resources and Golden Briar Mines filed financial statements that were not prepared in accordance with generally accepted accounting principles and filed deficient Management's Discussion and Analysis, and that Flag Resources failed to file or filed deficient certifications. The ASC panel also found that McLeod, as a director and senior officer of these companies, was responsible for these breaches of Alberta securities laws.

In its sanction decision, the ASC panel ordered that:

    
    -   McLeod is permanently prohibited from acting as a director or officer
        of any reporting issuer; and
    -   all trading in Flag Resources and Golden Briar Mines securities must
        cease and each company is denied the use of Alberta securities laws
        exemptions until the ASC's executive director issues a receipt for a
        prospectus in respect of the company's securities.
    

A copy of the decision is posted on the ASC website at www.albertasecurities.

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 further information: For Media Inquiries: Mark Dickey, Senior Communications Advisor, 403.297.4481; For Investor Inquiries: ASC Public Inquiries, Toll Free 1.877.355.4488