News Release

Toronto – As of June 9, 2003, insiders are required to file insider reports using the System for Electronic Disclosure by Insiders (SEDI). Insiders who do not have an immediate need to file insider reports are encouraged to register a few days in advance of their first anticipated filing. Insiders should no longer file paper reports that do not meet legal reporting obligations and could subject filers to regulatory action.

As well, as of June 9, SEDI issuers are required to file issuer event reports on SEDI within one business day of events such as mergers, amalgamations, stock splits and consolidations, among other events. Issuers who do not file issuer event reports, or who have not registered on SEDI and have not filed issuer profile supplements, have not met their legal obligations and may be subject to regulatory action. SEDI issuers are reporting issuers, other than mutual funds, that are required to file disclosure documents in electronic format through the System for Electronic Document Analysis and Retrieval (SEDAR) - essentially all Canadian public companies.

For information about creating accounts and profiles, and filing issuer event and insider reports, SEDI users should go to www.csa-acvm.ca to download a PDF file of the SEDI User Guide, or see the SEDI online Help.

SEDI is an initiative of the CSA, an umbrella organization of the 13 provincial and territorial securities regulators, that will bring faster and better public access to data on insider trades by making the information available electronically, within moments of it being filed. Following the launch of SEDI on May 5, 2003, issuers were required to register and to file an issuer profile supplement by May 30, 2003. As of June 9, 2003, insiders are required to register and file their reports to regulators on SEDI.

The SEDI system was developed for the CSA by CDS INC., a subsidiary of the Canadian Depository for Securities Limited, which also operates SEDAR and the National Registration Database (NRD).

Joni Delaurier Alberta Securities Commission 403-297-4481 www.albertasecurities.com	Andy Poon B.C. Securities Commission 604- 899-6880 1-800-373-6393 (B.C. & Alberta only) www.bcsc.bc.ca
Ainsley Cunningham Manitoba Securities Commission 204-945-4733 1-800-655-5244 (Manitoba only) www.msc.gov.mb.ca	Éric Pelletier Ontario Securities Commission 416-595-8913 www.osc.gov.on.ca
Barbara Timmins Commission des valeurs mobilières du Québec 514-940-2176 1-800-361-5072 (Quebec only) www.cvmq.com