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ASIC charges for Eagle Bay chairman

Eagle Bay Resources NL chairman Anthony Rechner has appeared before the Perth Magistrates Court on 10 charges of making false or misleading statements, laid by the Australian Securities and Investments Commission. The charges relate to Eagle Bay?s Myall Creek Copper Project, situated north of Whyalla, South Australia. Eagle Bay is a West Perth-based exploration and mining company. Four of the charges against Mr Rechner relate to an announcement by Eagle Bay to the Australian Stock Exchange, and media release titled ?Whyalla Copper and Gold Find?, made by the company on September 10, 2003. The remaining charges relate to comments made by Mr Rechner to various media outlets on the same date, and in the week leading up to the market releases. ASIC is alleging the comments made by Mr Rechner to the ASX and various journalists regarding the presence of copper and gold at Myall Creek were not substantiated by results of a drilling program undertaken by the company in May 2003. The charges were laid following a referral from the ASX and an investigation by ASIC. Mr Rechner was not required to enter a plea and was bailed on a personal recognisance of $20,000 and $20,000 surety to reappear on March 24 2006. The Commonwealth Director of Public Prosecutions is prosecuting the matter.

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