News Release

Vancouver – The Canadian Securities Administrators (CSA) has improved the rules for mining disclosure by making them more practical and user-friendly to help mining issuers cut compliance costs while maintaining investor confidence in the disclosure across Canada.

Today, the CSA published new versions of National Instrument 43-101 Standards of Disclosure for Mineral Projects and Form 43-101F1 Technical Report that will replace the rules for mining disclosure that have been in effect since Feb. 1, 2001.

The Companion Policy 43-101CP, which includes explanations, discussion and examples on how the CSA will interpret and apply the instrument, will also be replaced.

The CSA monitored and evaluated the mining disclosure rules that were put in place in 2001 and the amendments reflect changes that have occurred since then in the mining industry, simplify the drafting, provide exemptions in specified circumstances and generally make the current NI 43-101 more user-friendly and practical. The changes come after the proposed amendments were published publicly in late-2004 with more than 60 submissions received from 58 commenters during the comment period.

The changed rules are expected to come in force in every province and territory across Canada on Dec. 30, 2005, subject to ministerial approvals where required. The notice, details of the amendments, and the CSA’s response to the comments are available on the websites of several provincial securities commissions.

The CSA, the council of the securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.