Sub-Sahara fined for failing to provide timely market info

Listed mineral exploration company, Sub-Sahara Resources NL, has paid a $33,000 fine following an Australian Securities and Investments Commission investigation.
It was alleged Sub-Sahara failed to properly inform the market about metallurgical test results obtained from the Zara Gold Project, a joint venture in Eritrea in which the company has an interest.
Sub-Sahara agreed to pay the fine following an infringement notice issued by ASIC on April 16 2008. The notice alleges that the company failed to comply with continuous disclosure obligations contained in the Corporations Act by not immediately notifying the Australian Securities Exchange (ASX) of positive gold recoveries from three ore samples taken from a deposit within the Zara Gold Project.
ASIC believes that by 4.13pm Western Standard Time on July 19 2007, Sub-Sahara was aware of the metallurgical results but did not announce that information to the ASX until 11.44am WST on July 24 2007.
Sub-Sahara elected to comply with the notice. As provided under the act, compliance with the notice is not an admission of guilt or liability, and Sub-Sahara is not regarded as having contravened section 674(2) of the act


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