Barkerville facing renewed court action from Harbour

2013-04-10 13:52 ET - Street Wire

by Mike Caswell

Barkerville Gold Mines Ltd. shareholder Rex Harbour says he is concerned the company will not allow one of his director nominees, Andrew Gustajtis, to be a candidate at its upcoming annual general meeting. Mr. Harbour, who controls 7.1 per cent of the company's shares, has filed an application in the Supreme Court of British Columbia asking that the courts instruct Barkerville to allow Mr. Gustajtis to be a candidate. He claims there is no clear reason to disallow him.

BARKERVILLE GOLD MINES

Frank Callaghan

Mr. Harbour's request is contained in a court application he filed on April 5, less than two weeks before Barkerville's April 16 annual general meeting. He says that on March 13 he proposed Mr. Gustajtis and another man, Michael Steele, for election at the meeting. The company, however, only included Mr. Steele's name in its proxy materials, and not that of Mr. Gustajtis.

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The stock was suspended EIGHT months ago, and once in a while we get a press release from Frank that he is still working on resubmitting an acceptable report to the BCSC. How long does it take to drill two or so more holes to verify the claims? Most other companies accomplish that in a couple of weeks. Obviously something is very fishy and reminds of the BREX calamity. If you ask me, Frank should be more investigated than simply asking for a comfirmatory report, which hasn't materialized in over eight month. Just stalling for time and hope shareholders will forget. My hope is that he will be run "out of the company" at the upcoming general meeting.