ASC Seeks Trading Ban Against Black Sand Equity Management Ltd

CALGARY , Feb. 5 /CNW/ - The Alberta Securities Commission is seeking to reciprocate an order imposed by the British Columbia Securities Commission (BCSC) against Black Sand Equity Management Ltd.

On December 30, 2009 , the BCSC ordered that Black Sand Equity Management cease trading until it files a technical report on its Tulameen property and the BCSC Executive Director revokes the order. The BCSC found that Black Sand Equity Management failed to file a technical report to support the scientific and technical disclosure made in its 2009 Tulameen property offering memorandum, as required under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

ASC staff allege that during 2009, Black Sand Equity Management distributed securities in contravention with Alberta securities laws to investors, including those residing in Alberta.

It is anticipated that the ASC panel will consider this application in April 2010 .

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 further information: For Media Inquiries: Mark Dickey, Senior Communications Advisor, [phone]; For Investor Inquiries: ASC Public Inquiries, Toll Free 1-877-355-4488