Temex Resources Corp. - MRRS Decision
Headnote
Mutual Reliance Review Systemfor Exemptive Relief Applications - Relief granted from therequirement in National Instrument 43-101 to have a qualifiedperson inspect a property that is the subject of a technicalreport - property inspection is not possible due to winter conditions.
Applicable Ontario Provisions
National Instrument 43-101 Standardsof Disclosure for Mineral Projects, ss. 6.2 and 9.1.
IN THE MATTER OF
THE SECURITIES LEGISLATIONOF
BRITISH COLUMBIA, ALBERTAAND ONTARIO
AND
IN THE MATTER OF
THE MUTUAL RELIANCE REVIEWSYSTEM
FOR EXEMPTIVE RELIEF APPLICATIONS
AND
IN THE MATTER OF
TEMEX RESOURCES CORP.
MRRS DECISION DOCUMENT
WHEREAS the local securitiesregulatory authority or regulator (the "Decision Maker")in each of British Columbia, Alberta and Ontario (the "Jurisdictions")has received an application from Temex Resources Corp. (the"Filer") for a decision under the securities legislationof the Jurisdictions (the "Legislation") that therequirement contained in the Legislation that at least one qualifiedperson preparing or supervising the preparation of a technicalreport inspect the property that is the subject of the technicalreport (the "Personal Inspection Requirement") willnot apply to the Filer in respect of a technical report to beprepared in connection with the filing of the Filer's annualinformation form and TSX Venture Exchange Tier 2 listing application.
AND WHEREAS under theMutual Reliance Review System for Exemptive Relief Applications(the "System") the Ontario Securities Commission isthe principal regulator for this application;
AND WHEREAS the Filerhas represented to the Decisions Makers that:
1. the Filer is a corporationgoverned by the Business Corporations Act (Ontario)with its head office located in Ontario;
2. the Filer is a reportingissuer under the Legislation of each Jurisdiction and is notin default of any requirements of the Legislation;
3. the authorized capitalof the Filer consists of an unlimited number of common shareswithout par value, of which 15,159,371 common shares wereoutstanding as at May 24, 2002;
4. the Filer's common sharesare listed on the TSX Venture Exchange (the "TSX VentureExchange");
5. the Filer has entered intoan option agreement dated February 5, 2002 (the "CoronationAgreement") with 4763 NWT Ltd. to acquire a 70% interestin the Coronation property (the "Coronation Property")located in the Bear Province of the Slave Craton region ofNunavut;
6. the Coronation Propertywill be a material property of the Filer;
7. the Coronation Propertyhas not had any exploration work performed on it and no resourcehas been defined to date;
8. the Filer has retainedWatts Griffis and McOuat Limited and Dr. J.A. (Hamish) McGregor,P. Eng., a qualified person as defined in National Instrument43-101 Standards of Disclosure for Mineral Projects ("NI43-101"), to prepare a technical report (the "CoronationReport") in respect of the Coronation Property;
9. the Filer intends to filean annual information form in respect of its financial yearended February 28, 2002 (the "AIF") in the Jurisdictions;
10. the AIF may describe certaintechnical information related to the Coronation Property basedon information derived from the Coronation Report;
11. the Filer is requiredto comply with the requirements of NI 43-101 with respectto the preparation and filing of the Coronation Report;
12. NI 43-101 requires thatat least one qualified person preparing or supervising thepreparation of the Coronation Report must inspect the CoronationProperty; and
13. the Filer has submittedan application to the TSX Venture Exchange in order to becomea Tier 2 listed issuer which application is pending receiptof the relief from the Personal Inspection Requirement; and
14. due to the winter conditionssince the Filer entered into the Coronation Agreement, accessfor a proper site inspection is not possible, accordingly,a qualified person is not able to complete a personal inspectionof the Coronation Property prior to the filing of the AIF;
AND WHEREAS under theSystem, this MRRS Decision Document evidences the decision ofeach Decision Maker (collectively, the "Decision");
AND WHEREAS each of theDecision Makers is satisfied that the test contained in theLegislation that provides the Decision Maker with the jurisdictionto make the Decision has been met;
THE DECISION of the DecisionMakers under the Legislation is that the Filer is exempt fromthe Personal Inspection Requirement in respect of the CoronationReport provided that:
(i) the Coronation Reportincludes a statement that a personal inspection has notbeen conducted by the qualified person, as defined in N143-101, and the reasons why a personal inspection was notconducted;
(ii) the AIF and CoronationReport disclose that the Filer has been exempted from thePersonal Inspection Requirement; and
(iii) the qualified personwill conduct a site visit and re-file the certificate assoon as practicable.
July 23, 2002.
"Iva Vranic"