The beaten-down, about to bounce list for 2005

2005-12-15 09:28 ET - News Release

Mr. Michael Michaud reports

SAM HALBOUNI RESIGNS AS CHIEF EXECUTIVE OFFICER OF CHINA DIAMOND CORP.

Sam Halbouni has stepped down as chief executive officer of China Diamond Corp. with immediate effect. In conjunction, the board of directors has initiated a corporate governance initiative whereby an independent committee of the board will be set up and chaired by a qualified person independent from the company's board and management, as soon as possible to review the adequacy of the company's corporate governance policies and practices.

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A former director of a Vancouver-based mining company has agreed to pay the B.C. Securities Commission $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, Paula Marie Poe cannot be a director or officer of any issuer and she cannot trade securities except in limited circumstances for five years.

Ms. Poe, a former director, senior officer and insider of China Diamond Corp. (formerly Pan Asia Mining Corp.), a company listed on the TSX Venture Exchange, 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 one 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.
[17:10:13] michael hampton says: China Diamond comments on BCSC ruling re Poe


"I want to assure shareholders that Mrs. 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.