Proceedings

IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c. S.5, AS AMENDED

AND

IN THE MATTER OF
ALBERTO COPPO, DOUGLAS EACRETT,
HANS-JÖRG HUNGERLAND, LINK MURRAY, MARCUS NEW,
MICHAEL P.W. SPENGEMANN, LIGHTHOUSE HOLDINGS INC. AND
PKM PORTFOLIO SERVICES LTD.

STATEMENT OF ALLEGATIONS OF STAFF
OF THE ONTARIO SECURITIES COMMISSION

Staff of the Ontario Securities Commission ("Staff") make the following allegations:

1. Golden Maritime Resources Ltd. ("Golden") is incorporated under the laws ofCanada. Golden is a reporting issuer in Ontario.

2. Each of Alberto Coppo, Douglas Eacrett, Hans-Jörg Hungerland, Link Murray,Marcus New, Michael P.W. Spengemann, Lighthouse Holdings Inc. and PKMPortfolio Services Ltd. (individually, a "Respondent" and collectively, the"Respondents") is, or was during the financial year of Golden ended December 31,1999 a director, officer, significant shareholder (beneficial ownership of 10% ormore of the voting rights of Golden) or individual that has, or may have, access tomaterial undisclosed information.

3. Golden failed to file annual financial statements for its financial year endedDecember 31, 1999 (the "Financial Statements") on or before May 19, 2000,contrary to subsection 78(1) of the Securities Act (Ontario).

4. By virtue of his/her/its relationship, each Respondent has, or may have access to,information regarding the affairs of Golden that has not been generally disclosed.

5. It would be prejudicial to the public interest to allow the Respondents to trade in thesecurities of Golden until such time as all disclosure required by Ontario securitieslaw has been made by Golden.

6. It is therefore in the public interest for the Commission to order that all trading,whether direct or indirect, in the securities of Golden by the Respondents ceaseuntil such time as Golden has made all filings it is required to make under Ontariosecurities law.