Mustang Minerals Corp. - MRRS Decision

Headnote

Mutual Reliance Review System for ExemptiveRelief Applications - relief from the requirement that the authorof a technical report be a member of a "professional association"in order to be considered a "qualified person".

National Instruments Cited

National Instrument 43-101 - Standards of Disclosurefor Mineral Projects, ss. 1.2, 2.1, 5.1 and 9.1.

IN THE MATTER OF

THE SECURITIES LEGISLATIONOF

ONTARIO AND ALBERTA

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEWSYSTEM

FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

MUSTANG MINERALS CORP.

MRRS DECISION DOCUMENT

WHEREAS the local securities regulatoryauthority or regulator (the Decision Maker and collectivelythe Decision Makers) in each of Ontario and Alberta (the Jurisdictions)has received an application (the Application) from Mustang MineralsCorp. (the Corporation) for a decision under the securitieslegislation of the Jurisdictions (the Legislation) that:

(i) the Corporation is exempt from the requirementcontained in National Instrument 43-101 - Standards ofDisclosure for Mineral Projects (NI 43-101) that theauthor of a technical report or other information upon whichdisclosure of a scientific or technical nature is basedbe a member in good standing of a professional associationin order for the author to be considered a qualified personas defined in NI 43-101 (the Membership Qualification Requirement);and

(ii) the Corporation is exempt from therequirement contained in the Legislation to pay a fee inconnection with the Application (the Application Fee Requirement);

AND WHEREAS, unless otherwise defined,the terms herein have the meaning set out in National Instrument14-101 - Definitions, or in Québec, CommissionNotice 14-101;

AND WHEREAS under the Mutual RelianceReview System for Exemptive Relief Applications (the System),the Ontario Securities Commission is the principal regulatorfor this application;

AND WHEREAS the Corporation has representedto the Decision Makers that:

1. The Corporation's head office is locatedat Toronto, Ontario, Canada;

2. The Corporation is a reporting issuer orthe equivalent in each of the Jurisdictions and is not indefault of any requirement of the Legislation;

3. The Corporation's securities are listedfor trading on the TSX Venture Exchange;

4. The Corporation is a mineral explorationcompany with its exploration projects located near Sudbury,Ontario;

5. The Corporation has retained Kenneth J.Lapierre to author technical reports required to be filedby the Corporation pursuant to NI 43-101 and to prepare informationupon which the Corporation's disclosure of a scientific ortechnical nature may be based;

6. Kenneth J. Lapierre is a member of theAssociation of Geoscientists of Ontario (AGO). AGO was a professionalassociation as defined in NI 43-101 until February 1, 2002;

7. AGO is being replaced in Ontario by theAssociation of Professional Geoscientists of Ontario (APGO).APGO is a professional association as defined in NI 43-101;

8. Kenneth J. Lapierre has applied to becomea member of APGO and would be a qualified person as definedin NI 43-101 except only for not yet being a member in goodstanding of a professional association;

AND WHEREAS under the System, this MRRSDecision Document evidences the decision of each Decision Maker(collectively, the Decision);

AND WHEREAS each of the Decision Makersis satisfied that the test contained in the Legislation thatprovides the Decision Makers with the jurisdiction to make theDecision has been met;

THE DECISION of the Decision Makers underthe Legislation is that the Corporation is exempt from the MembershipQualification Requirement and the Application Fee Requirementin connection with technical reports or other information preparedby Kenneth J. Lapierre provided that:

(a) Kenneth J. Lapierre complies with allother elements of the definition of qualified person inNI 43-101; and

(b) the relief granted in this Decisionshall terminate on the earlier of: (1) the date KennethJ. Lapierre becomes a member of APGO or is advised thathis application for membership to APGO has been denied;and (2) February 1, 2003.

December 24, 2002.

"Margo Paul"