News Release

Vancouver -- Three new commissioners -- chosen for their skill and experience in business, capital markets and regulation -- have been appointed to the B.C. Securities Commission effective immediately, announced the securities regulator today.

Neil Alexander, Marc Foreman and Bob Milbourne are the new commissioners appointed by the provincial government to the BCSC -- the independent provincial government agency responsible for regulating trading in securities and exchange contracts within the province.

The trio have been appointed to three-year terms effective immediately with their appointments bringing to 10 the BCSC's team of commissioners. Commissioners preside over hearings at the BCSC and they oversee the regulator's operations.

"The new commissioners bring a wide range of experience to securities regulation in British Columbia," said BCSC Vice Chair Joyce Maykut. "These appointments have been made by the provincial government in consultation with the business and financial community."

Alexander spent 21 years with the Bank of America in Vancouver, Toronto and London (U.K.), most recently as managing director in Vancouver. He demonstrated a sound understanding of capital markets and is very familiar with the corporate market in B.C. He brings to the BCSC a banking and debt market perspective the commission has not had for a few years.

Foreman spent 25 years with the Vancouver Stock Exchange and Canadian Venture Exchange and in 1988 led the implementation of the first fully automated trading system in North America. He has unparalleled knowledge of securities trading rules and technology which will be very useful to the BCSC in the coming world of automated trading systems.

Milbourne is a professional engineer and part-time business consultant in Vancouver, providing strategic, financial and operation advice. Prior to his retirement in 1997, Milbourne was president, chief operating officer and director of Stelco Inc. and has significant experience and understanding of the legal and financial obligations of a reporting issuer under the Securities Act and of the challenges of corporate governance. He also served as a commissioner with the Ontario Human Rights Commission with the latter part of his term as interim chief commissioner. This experience with an administrative tribunal will be invaluable to his term at the BCSC.