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China Diamond Corp clarifies former Director issue

Dec '05
China Diamond Corp wishes to clarify a recent ruling by the B.C. Securities Commission concerning Paula Marie Poe, a former Director, officer and insider of China Diamond Corp (at the time the Company was Pan Asia Mining Corp) and assure shareholders that Poe acted independently from the Company.

The Company learnt through a news release issued by the British Columbia Securities Commission (“BCSC”) on December 16, 2005 that Poe has agreed to pay a fine of $25,000 and serve a five-year securities market ban after she admitted to breaching a BCSC cease trade order.

In a settlement reached with the BCSC, Poe cannot be a Director or officer of any issuer and she cannot trade securities except in limited circumstances for five years.

Poe admitted in the settlement that she traded securities of China Diamond through a nominee account at First Associates Investments Inc while she was under a cease trade order.

Over 1.6 million shares of China Diamond were sold through the nominee account, in breach of the cease trade order.

Poe also breached securities laws when she failed to file insider reports as required for her trading of China Diamond shares.

“He wants to assure shareholders that Poe has not been involved with the Company for over three years, and her independent actions do not reflect on the current management of the Company” said Michael Michaud, President and Chief Executive Officer.

Headquartered in London, Ontario, China Diamond Corp is a junior resource company engaged in mining for diamonds and the exploration and advancement of diamond and gold prospects in China.

China Diamond Corp

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