News Release

Vancouver – The British Columbia Securities Commission disciplined a former director of a B.C.-based mining exploration company over false and misleading statements the company made in records filed with the BCSC and the company’s failure to meet disclosure standards for mining companies.

Under a settlement, Stewart Jackson cannot prepare or disseminate mining disclosure required under securities laws for three years without supervision. He must also pay $10,000 to the BCSC, part of which will cover some of the investigation’s costs. Jackson cannot act as a director of a public company until he successfully completes a course on the duties and responsibilities of directors and officers.

Jackson was a director of Hard Creek Nickel Corp. (formerly Canadian Metals Exploration Ltd.) during the period when the securities law breaches occurred and he also served as the company’s president from July 2002 to October 2003. He is no longer involved with the company.

Hard Creek, a TSX Venture Exchange-listed company, has an exploration-stage nickel property in northern B.C. called the Turnagain Nickel Project. During the year ending July 2003, Hard Creek breached securities requirements when it:

• made disclosure in its annual information form and on its website that did not comply with mining disclosure standards
• made false and misleading statements in records filed with the BCSC. 

Hard Creek did this despite warnings from BCSC staff and despite telling staff it would correct its disclosure during a previous disclosure review.

Jackson admits he was the key person responsible for drafting and reviewing the company’s mining technical disclosure from July 2002 to July 2003. As a director and officer of the company, Jackson was obliged to make sure that Hard Creek complied with securities laws and the required disclosure standards for mining companies. 

Late last year, the BCSC reached settlements with the company and two other individuals over this matter.

The B.C. Securities Commission is an independent provincial government agency responsible for regulating trading in securities within the province. You may view the settlement on our website www.bcsc.bc.ca by typing in the search box, Stewart Jackson or 2005 BCSECCOM 38. If you have questions, contact Andrew Poon, Media Relations, 604-899-6880.