Securities Law & Instruments

Headnote

Mutual Reliance Review System for ExemptiveRelief Applications B Issuer granted relief under National Instrument43-101 from the requirement that the author of a technical reportbe a member in good standing of a professional association.

Applicable Ontario Statutory Provision

National Instrument 43-101 Standards of Disclosurefor Mineral Projects.

IN THE MATTER OF

THE SECURITIES LEGISLATIONOF

THE PROVINCES OF ALBERTA ANDONTARIO

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEWSYSTEM

FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

EMERGING VENTURES CORP.

 

MRRS DECISION DOCUMENT

WHEREAS the local securities regulatoryauthority or regulator (the "Decision Maker" and collectivelythe "Decision Makers") in each of the Provinces ofAlberta and Ontario (the "Jurisdictions") has receivedan application (the "Application") from Emerging VenturesCorp. (the "Corporation") for: (1) an exemption fromthe requirement contained in National Instrument 43-101 ("NI43-101") that the author of a technical report or otherinformation upon which disclosure of a scientific or technicalnature is based be a member in good standing of a professionalassociation in order for the author to be considered a "qualifiedperson" as defined in NI 43-101 (the "Membership QualificationRequirement"); and (2) an exemption from the requirementcontained in the Legislation to pay a fee in connection withthe Application (the "Application Fee Requirement").

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

AND WHEREAS the Corporation representedto the Decision Makers that:

1. The Corporation's head office is locatedat 1717 Coleman Street, North Vancouver, British Columbia,V7K 2V7;

2. The Corporation is a reporting issuer ineach of Alberta and British Columbia and is not in defaultof any requirement of the legislation;

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

4. The Corporation is a capital pool corporationand is currently in the process of completing its qualifyingtransaction as defined in the Corporate Finance Manual ofthe TSX Corporate Venture Exchange (the "Qualifying Transaction");

5. The Corporation proposes to complete itsQualifying Transaction by amalgamating with QGX, a corporationincorporated under the laws of Ontario, and operating as agold mining exploration corporation, primarily focussed onprospective properties in Mongolia;

6. QGX has retained Tom Setterfield to authortechnical reports required to be filed by the Corporationpursuant to NI 43-101 and to prepare information upon whichdisclosure of a scientific or technical nature may be based;

7. Tom Setterfield is a member of the Associationof Geoscientists of Ontario ("AGO"). AGO was a "ProfessionalAssociation" as defined in NI 43-101 until February 1,2002; and

8. 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.

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 Tom Setterfield provided that

1. Tom Setterfield complies with all otherelements of the definition of "qualified person"in NI 43-101; and

2. the relief granted in this Decision shallterminate on the earlier of: (1) the date Tom Setterfieldbecomes a member of APGO or is advised that his applicationfor membership to APGO has been denied; and (2) February 1,2003.

May 29, 2002.

"Agnes Lau"