The BC Securities Commission (BCSC) is asking B.C. investors to be cautious about a Nevada-based company that claims to have a large reserve of gold.
Last month, Yellow Jacket Placer Project Partners & Associates filed a technical report on SEDAR – Canada’s official site for filing most public securities documents and information – claiming that its mineral reserve had a very large “proven value.”
“However, investors should not rely on the report, which does not comply with national requirements,” said the BCSC in a press release.
“It does not contain supporting evidence for valid mineral resources, there is no basis for the dollar values assigned to the project and it is not authored by a qualified person.”
The company did not file the technical report with any Canadian securities regulator as required, according to the BCSC, and has no apparent connection to any jurisdiction in Canada.
The provincial securities regulator has asked B.C. investors to contact if they have been approached about investing in Yellow Jacket Placer Project Partners, and to exercise “extreme caution” with any company that releases a technical report that does not follow national requirements.
In a statement provided to the BIV, Carl Hartman, managing partner of Mine Acquisition Group, a U.S.-based company that claims to be in the process of a private purchase of Yellow Jacket Placer Project Partners & Associates, said the company is “extremely well qualified” within the guidelines of the regulations.
He said Yellow Jacket Placer Project Partners & Associates filed a technical report on SEDAR as part of the qualification process for the purchase required by Mine Acquisition Group. As a privately held company, Mine Acquisition Group does not fund their projects with securities, nor does it take investments of any kind.
“Our very well qualified staff evaluate each project in extreme detail.... We have independently verified the value of Yellow Jacket and can assure you that the value provided in the [report] is accurate,” wrote Hartman in the statement.
“We are a privately held business and we make our own strategic evaluation of any project prior to purchase and do not depend on any government agency for advice on the assets [of] our company’s private purchases.”
