FOR YOUR INFORMATION...............December 13, 1988





     A federal district court has issued preliminary injunctions
against Pannos Mining Co. of Costa Mesa, California, and Las
Vegas, Nevada and three other companies (PMC) as part of a
Federal Trade Commission case that charged the company with a
bogus investment scheme in which consumers were likely to lose
their entire investment.  

     In October 1988, the FTC charged that PMC, which sold
contracts for delivery of gold and silver from an Arizona mine,
made false representations about the presence of proven gold and
silver reserves at the mine site, the amount of ore currently
being processed, the installation of a 1,000 ton per day
processing facility, and the potential return on consumers'
investments.  The FTC also alleged PMC falsely represented that
its project was a low-risk investment.  

     The preliminary injunctions issued November 22, 1988,
prohibit PMC and four individuals, Christopher and James Pannos
of Las Vegas, Nev.; Virgil L. Barker, Jr. of Searchlight, Nev.;
and Philip S. Brandon of Los Angeles, Calif.; and Jacquelin
Sirota doing business as Global Consultants of San Diego, Calif.;
Leonard Grassi Associates of Costa Mesa, Calif., and Investment
Research Corp. of Costa Mesa, Calif., from making any
misrepresentations concerning the amount of proven reserves of
gold and silver in PMC's mining claims; their current production
or processing rate of ore; the degree of risk in the purchase of
their contracts or other investment offers; or the profit return
to be realized by purchasing their deferred delivery contracts. 

     The preliminary injunction also prohibits defendants from
falsely representing that they are installing a processing
facility at the mine site; the desirability or potential
profitability of their deferred delivery contracts; the past or
future earnings of their customers; the nature or quality of
their service in connection with the sale or offering of
deferred delivery contracts; or any other fact that is likely to
affect an investor's decision to purchase PMC's deferred
delivery contracts or other investment offerings.

                             (More)

     The injunction continues the asset freeze ordered on
October 31, 1988, when the FTC obtained a temporary restraining
order against these defendants.  The preliminary injunctions
provide for the appointment of a permanent receiver for PMC,
Global Consultants, Investment Research Corp., and Leonard Grassi
Associates.

     Copies of the preliminary injunctions are available from the
FTC's Public Reference Branch, Room 130, 6th St. and Pennsylvania
Ave., N.W., Washington, D.C.  20580; 202-326-2222; TTY 202-326-
2502.

                              # # #

MEDIA CONTACT:      Brenda A. Mack, Office of Public Affairs,
                    202-326-2182

STAFF CONTACT:      Michael McCarey, Bureau of Consumer
                    Protection, 202-326-3303

                    Stephen Gurwitz, Bureau of Consumer     
                    Protection, 202-326-3272

                    Marcy Tiffany, Los Angeles Regional Office
                    213-209-7890



(FTC File No. 882-3227)

(Civil Action No. 88 06453R)



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