Securities Law & Instruments

Headnote

Mutual Reliance Review Systemfor Exemptive Relief Applications - relief from the requirementthat the author of a technical report be a member of a "professionalassociation" in order to be considered a "qualifiedperson" - decision previously published with error in signatureline - corrected version now being published.

National Instruments Cited

National Instrument 43-101 -Standards of Disclosure for Mineral Projects, 2001 24 OSCB 303,ss. 1.2, 2.1 and 5.1.

IN THE MATTER OF

THE SECURITIES LEGISLATIONOF

THE PROVINCES OF ALBERTA,MANITOBA,

NEWFOUNDLAND AND LABRADOR,NOVA SCOTIA,

ONTARIO, PRINCE EDWARD ISLAND,AND

QUÉBEC

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEWSYSTEM

FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

NORTH AMERICAN PALLADIUM LTD.

 

MRRS DECISION DOCUMENT

WHEREAS the local securitiesregulatory authority or regulator (collectively, the "DecisionMakers") in each of Alberta, Manitoba, Newfoundland andLabrador, Nova Scotia, Ontario, Prince Edward Island, Québecand Saskatchewan (the "Jurisdictions") has receivedan application (the "Application") from North AmericanPalladium Ltd. (the "Corporation") for: (1) an exemptionfrom the requirement contained in National Instrument 43-101("NI 43-101") that the author of a technical reportor other information upon which disclosure of a scientific ortechnical nature is based be a member in good standing of aprofessional association in order for the author to be considereda "qualified person" as defined in NI 43-101 (the"Membership Qualification Requirement"); and (2) anexemption from the requirement contained under the legislationof the Jurisdictions (the "Legislation') to pay a fee inconnection with the Application (the "Application Fee Requirement").

AND WHEREAS under theMutual Reliance Review System for Exemptive Relief Applications(the "System"), the Ontario Securities Commissionis the principal regulator for this application;

AND WHEREAS the Corporationhas represented to the Decision Makers that:

1. The Corporation's headoffice is located at Suite 2116, 130 Adelaide Street West,Toronto, Ontario, Canada.

2. The Corporation is a reportingissuer or the equivalent in each of the Jurisdictions andis not in default of any requirement of the Legislation.

3. The Corporation's securitiesare listed for trading on The Toronto Stock Exchange and TheAmerican Stock Exchange.

4. The Corporation is in thebusiness of exploring for and mining platinum group metals.Its principal asset is the Lac des Iles mine located in theThunder Bay District in Ontario.

5. The Corporation employsthree geoscientists, Doug Kim, Maurice Lavigne and Dan Redmondto author technical reports required to be filed by the Corporationpursuant to NI 43-101 and to prepare information upon whichthe Corporation's disclosure of a scientific or technicalnature may be based.

6. Each of Messrs. Kim, Lavigneand Redmond is a member in good standing of the Associationof Geoscientists of Ontario ("AGO"). AGO was a "professionalassociation" as defined in NI 43-101 until February 1,2002.

7. AGO is being replaced inOntario by the Association of Professional Geoscientists ofOntario ("APGO"). APGO is a "professional association"as defined in NI 43-101.

8. Each of Messrs. Kim, Lavigneand Redmond have filed an application to become a member ofAPGO and each 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 theSystem, this MRRS Decision Document evidences the decision ofeach of the Decision Makers (collectively, the "Decision");

AND WHEREAS each of theDecision Makers is satisfied that the test contained in theLegislation that provides the Decision Makers with the jurisdictionto make the Decision has been met;

The Decision of the DecisionMakers under the Legislation is that:

1. except in the provinceof Québec, the Corporation is exempt from the ApplicationFee Requirement; and

2. the Corporation is exemptfrom the Membership Qualification Requirement in connectionwith technical reports or other information prepared byany of Messrs. Kim, Lavigne or Redmond provided that:

a. each of Messrs. Kim,Lavigne and Redmond complies with all other elements ofthe definition of "qualified person" in NI 43-101;and

b. (1) the relief grantedin this Decision with respect to Mr. Kim shall terminateon the earlier of: (a) the date Mr. Kim becomes a memberof APGO or is advised that his application for membershipto APGO has been denied; and (b) February 1, 2003; (2)the relief granted in this Decision with respect to Mr.Lavigne shall terminate on the earlier of: (a) the dateMr. Lavigne becomes a member of APGO or is advised thathis application for membership to APGO has been denied;and (b) February 1, 2003; and (3) the relief granted inthis Decision with respect to Mr. Redmond shall terminateon the earlier of: (a) the date Mr. Redmond becomes amember of APGO or is advised that his application formembership to APGO has been denied; and (b) February 1,2003.

June 11, 2002.

"Margo Paul"