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                SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.

LITIGATION RELEASE No. 15198 / December 26, 1996

SECURITIES AND EXCHANGE COMMISSION v. WYE RESOURCES, INC. AND
REHAN MALIK, Civil Action No. 96CV02223 (D.D.C., filed September
26, 1996).

     The Securities and Exchange Commission today announced that
on December 18, 1996, the Honorable Paul L. Friedman of the
United States District Court for the District of Columbia entered
a Final Judgment of Permanent Injunction as to Defendant Rehan
Malik.  The Final Judgment permanently enjoins Malik from
violating the antifraud and registration provisions of the
federal securities laws.  The Final Judgment also orders Malik to
pay a civil penalty in the amount of $25,000.  

     Malik, a resident of Labrador City, Newfoundland, served as
the President of Wye Resources, Inc. from June 24, 1993 through
March 25, 1994.  Wye is a Canadian corporation headquartered in
Toronto, Ontario and claims to own interests in various gold and
diamond mining properties.  Malik consented to the entry of the
Final Judgment without admitting or denying the allegations of
the Commission's complaint.  The complaint, filed on September
26, 1996 against Wye and Malik, alleges that Malik participated
in a fraudulent promotional campaign targeted towards U.S.
investors and improperly distributed Wye stock to those
investors.  See SEC v. Wye Resources, Inc. and Rehan Malik, Lit.
Release No. 15073 (September 26, 1996).  Also on September 26,
1996, the Commission instituted public administrative proceedings
against a New York corporation and its President in connection
with their roles in the distribution of Wye stock.  See In the
Matter of Broad Capital Associates, Inc. and Murray Aaron
Huberfeld, Administrative Proceeding File No. 3-9101 (September
26, 1996).    

     With respect to Malik, the complaint specifically alleges
that he issued press releases, placed advertisements in U.S.
publications and placed messages over the Internet through a New
Orleans-based computer bulletin board service ("BBS") called the
"Emerging Growth Stock" BBS.  The complaint alleges that Malik 
knew, or was reckless in not knowing, that certain of these
releases, advertisements and messages were false and misleading
in that they misrepresented, among other things, the status of
Wye's ongoing exploitation of certain Zairian mining properties. 
The complaint alleges that Malik thereby violated Section 10(b)
of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.

     The complaint also alleges that Malik violated Section 5 of
the Securities Act of 1933 by engaging in a scheme to distribute
approximately 5.3 million shares of Wye stock that were not
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properly issued under Canadian law nor properly registered with
the Commission.  According to the complaint, approximately 2.5
million of these improperly issued shares were distributed to
U.S. investors.  As of February 1, 1994, approximately 4 million
shares, or 28.9 percent of the Wye stock then outstanding, was
held by U.S. investors.        

     The Commission wishes to acknowledge the assistance of the
Ontario Securities Commission.