For Immediate Release
September 14, 2005

CSA Implements National Prospectus and Registration Exemption Rule

Calgary – The Canadian Securities Administrators (CSA) implemented a new rule today that will harmonize and consolidate prospectus and registration exemptions across Canada.

National Instrument 45-106 Prospectus and Registration Exemptions (NI 45-106) takes effect today and sets out most significant existing exemptions found in securities legislation across Canada. In addition to consolidating the various exemption regimes across Canada, NI 45-106 is more straight-forward and user-friendly.

A list of any remaining local exemptions to prospectus and registration requirements of securities laws can be found in CSA Staff Notice 45-304 Notice of Local Exemptions Related to National Instrument 45-106 Prospectus and Registration Exemptions which is available on the CSA website at www.csa-acvm.ca.

Canadian companies wanting to access the exempt market are encouraged to familiarize themselves with the new rule. NI 45-106 and all related materials can be found on websites of Canadian securities regulators.

The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

Media relations contacts:

Ontario Securities Commission
Eric Pelletier
416-595-8913
1-877-785-1555
(toll free in Canada)
www.osc.gov.on.ca

Alberta Securities Commission
Joni Delaurier
403-297-4481
www.albertasecurities.com

Manitoba Securities Commission
Ainsley Cunningham
204-945-4733
1-800-655-5244 (Manitoba only)
www.msc.gov.mb.ca

British Columbia Securities Commission
Andrew Poon
604-899-6880
1-800-373-6393
(B.C. & Alberta only)
www.bcsc.bc.ca

Autorité des marchés financiers (AMF)
Philippe Roy
514-940-2176
1-800-361-5072 (Québec only)
www.lautorite.qc.ca