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".

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

ALBERTA, MANITOBA, ONTARIO,QUÉBEC, NOVA SCOTIA,

PRINCE EDWARD ISLAND, NEWFOUNDLANDAND LABRADOR,

YUKON, NORTHWEST TERRITORIESAND NUNAVUT

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEWSYSTEM

FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

IAMGOLD CORPORATION

 

MRRS DECISION DOCUMENT

WHEREAS the local securitiesregulatory authority or regulator (the "Decision Maker"and collectively the "Decision Makers") in each ofAlberta, Manitoba, Ontario, Québec, Nova Scotia, PrinceEdward Island, Newfoundland and Labrador, Yukon, Northwest Territoriesand Nunavut (the "Jurisdictions") has received anapplication (the "Application") from IAMGOLD Corporation(the "Corporation") for a decision under the securitieslegislation of the Jurisdictions (the "Legislation")that (i) the Corporation be exempt from the requirement containedin National Instrument 43-101 ("NI 43-101") that theauthor of a technical report or other information upon whichdisclosure of a scientific or technical nature is based be amember in good standing of a professional association in orderfor the author to be considered a "qualified person"as defined in NI 43-101 (the "Membership QualificationRequirement"), and (ii) the Corporation be exempt fromthe requirement contained in 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 the Application;

AND WHEREAS the Corporationrepresented to the Decision Makers that:

1. The head office of theCorporation is located in Markham, Ontario.

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

3. The common shares of theCorporation are listed for trading on The Toronto Stock Exchange.

4. The Corporation is engagedin the acquisition, exploration and development of preciousmetals properties primarily in West Africa and South America.

5. Bruce Fletcher and DennisJones are the Manager of Exploration, South America and theVice President of Exploration, respectively, of the Corporation.In performing their roles as the Manager of Exploration, SouthAmerica and the Vice President of Exploration of the Corporation,respectively, Bruce Fletcher and Dennis Jones from time totime have and/or may prepare technical reports required tobe filed by the Corporation pursuant to NI 43-101 and prepareand/or review information upon which the Corporation's disclosureof a scientific or technical nature may be based.

6. Each of Bruce Fletcherand Dennis Jones is a member of the Association of Geoscientistsof 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 Bruce Fletcherand Dennis Jones has applied to become a member of APGO andwould be a "qualified person" as defined in NI 43-101except only for not yet being a member in good standing ofa "professional association".

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 Makers with the jurisdictionto make the Decision has been met;

THE DECISION of the DecisionMakers under the Legislation is that the Corporation is exemptfrom the Membership Qualification Requirement and, except inQuébec and the Northwest Territories, the ApplicationFee Requirement in connection with technical reports and otherinformation prepared and/or reviewed by either Bruce Fletcheror Dennis Jones provided that:

1. Bruce Fletcher and DennisJones comply with all other elements of the definition of"qualified person" in NI 43-101; and

2. the relief granted in thisDecision shall terminate on the earlier of (i) the date BruceFletcher and Dennis Jones become members of APGO or are advisedthat their applications for membership to APGO have been denied,and (ii) February 1, 2003.

July 23, 2002.

"Margo Paul"