04/30/2013 05:56 EDT | Updated 06/30/2013 05:12 EDT

B.C. mining execs accused of rules breach by disclosing company targets

VANCOUVER - The British Columbia Securities Commission accused two executives with Bralorne Gold Mines Ltd. of breaking Canadian mining rules when they released results from an economic analysis of the company's projects.

The commission says Bralorne chief executive Wilhelmus (William) Kocken and president and chief operating officer Matthew Ball disclosed the information in a news release on Oct. 17, 2012.

Later that day, the company retracted the analysis after it was contacted by the Investment Industry Regulatory Organization and told the information was "not based on a current resource estimate," the commission says.

However, the BCSC says the information was republished on the SEDAR regulatory filing system on Oct. 18 and on the Bralorne company website on or before Nov. 1.

The BCSC says the company broke the rules by disclosing its target for further exploration.

The allegations have not been proven.

A hearing has been set for May 28.