Welcome OSC Regulators!

Your Department will be receiving fresh complaints from Campbell’s Activist Shareholders (CRSA) in the near future.   The news that the OSC has a new Departmental Head is very welcome news to Campbell’s shareholders.  


'Bulldog' gets enforcement post
JANET MCFARLAND
Saturday, January 24, 2009
http://www.globeinvestor.com/servlet/story/GAM.20090124.ROSC24/GIStory/


You have just ruled in the HudBay / Lundin takeover plan, and small shareholders across Canada and the western world are cheering!   

If you have no plans to help us, we have our backup plans.  We are laying the ground work for a massive class action lawsuit in New York District Court.  (We have no immediate plans to file – a lot depends on what happens next.)  

A more desirable outcome is for Campbell to start acting like a GOLD and copper mining company that is producing real profits with realistic operating levels. And many of us will quietly go away if that happens.  So there is a way out here for everyone.  Andre Fortier needs to play a little more golf and enjoy his peaceful and happy retirement.

In the event of a takeover of merger, we also know that all 13 Canadian province Securities Commissions will need to approve the deal.  We (the Activist Shareholders) will have our members camping out in front of these other Commissions (for example, the New Brunswick and Alberta offices).

Activist shareholders have been in contact with Campbell’s Institutional shareholders, and we think several of them will back us.  It was one prominent Institution (Jaguar Financial) that made the difference in the HudBay / Lundin case.

And in honest defense of the Executives that we name, please note that the suggestions on this website that Campbell and Nuinsco Executives acted inappropriately or unethically are unproven allegations – they are just shareholder opinion.  But this opinion is backed by actual commonly documents.  We , so we are not acting out of malice.  In most cases we directly quote the CEO and pull excerpts from company filings.
 
Here are some alleged improprieties to get your Enforcement squad started on:

1) We have now found a press release that documents that there was a Feasibility study performed on the Copper Rand mine in 1997.  The study proved RESERVES of almost 300,000 ounces of GOLD, and proved that the Reserves could be profitably mined over a 5 year period.   The production cost was demonstrated to be so low that it would provide a 17% investment return even at the gold and copper prices seen in 1997.

The Copper Rand Feasibility study (the first one, not the second one) has been “locked up” by Management, and Management refuses to share the study results with current shareholders in a public (press release) manner.  We have made written requests, and Management has refused.  

This is a massive impropriety because a large group of shareholder was granted access to this information in the late 90’s.  See links on the homepage of this website.


2) The proven fact that the Copper Rand mine can be operated profitably, even with much lower gold and copper prices.  Campbell accomplished this in late 2005 (for 2 full quarters).  As soon as Sprott and Nuinsco arrived on the scene, the “downplay games” started.

What we have seen since 2006 is that the Nuinsco Operations Consulting team may “somehow accidentally” targeted only the lowest grade (most unprofitable) areas of the Copper Rand mine for production , in order to create losses for the company.   Quarterly results were never in line with operating plan, and the excuses would “sicken the stomach” of an educated observer.


3) The clear signs that Reserves and Resources numbers have been manipulated (data omitted) at both Copper Rand and Joe Mann.  Geologist reports have been called into question.  See links on the homepage of this website.


4) We dispute and challenge Nuinsco's claim that they own 50% of the Corner Bay mine (or 50% of the cash flow).  We have presented legal options and precedent that Nuinsco’s claim that they own 50% of Corner Bay is invalid, and that Campbell still owns 100% of the Corner Bay mine and all cash flow (forever).  




5) Improper Market Making activity?  

In the last few weeks before Campbell stopped trading under the symbol CCH.TO (December 2008), we saw unusually large blocks of shares offered at the ASK price of $0.005 and 0.01.  The size of the ASK at both of these prices was around 9 million shares.

Activist shareholders believe that this was improper and illegal.  We have a strong suspicion that no holder of CCH share was actually interested in selling 18 million shares at that price, and that the ASK blocks where “phantom”.   We think the goal was to scare away small buyers, and to try to induce tax selling.  Do those guys who were trying to sell 18 million shares change their mind?  

As backing for these suspicions, please note that now in January, buyers of CBLRF share are having trouble getting their buy orders filled.  Right now (late January 2009) we are seeing blocks of CBLRF shares on the Ask, and then when small investors try to buy those shares (at the ASK price) they have difficulty getting their buy orders filled).  Canadian Market makers (with seats on the New York OTC) may be behind these games.

We hope you will investigate this alleged market maker impropriety.  We think it is illegal to put shares out on the ASK, if there is no intention of actually selling those shares (or the shares don’t even exist).