POLICY 3.3

TIMELY DISCLOSURE

Public confidence in the integrity of the Exchange as a securities market requires timely disclosure of Material Information concerning the business and affairs of Issuers, thereby placing all participants in the market on an equal footing.

National Policy 51-201 clearly states that listed issuers must comply with the requirements of the exchange on which they are listed.

In addition to the foregoing, Issuers who engage in mineral exploration, development and/or production must follow the Mining Standard Guidelines as outlined in Appendix 3F of this Manual for both their timely and continuous disclosure obligations.

Unless an original announcement of Material Information indicates that an update will be disclosed on another indicated date, the Exchange generally requires that the Issuer issue a further news release dealing with the status of a previously announced transactionif the update has not been made or if the Exchange has not received the required documentation from the Issuer within 30 days after the announcement, or if the transaction has not closed within 90 days after the announcement. In addition, immediate disclosure is required to be made by the Issuer of any new Material Information related to the proposed transaction or to the previously disclosed information.

3.8 Without limiting the concept of Material Information, the following events are deemed to be material in nature and require immediate disclosure in accordance with this Policy:

(a) any issuance of securities by way of statutory exemption or Prospectus;

(b) any change in the beneficial ownership of the Issuer’s securities that affects or is likely to affect the control of the Issuer;

(c) any change of name;

(d) a take-over bid, issuer bid or insider bid;

(e) any significant acquisition or disposition including a disposition of assets, property or joint venture interests;

(f) any stock split, stock consolidation, stock dividend, exchange, call of securities for redemption, redemption, capital reorganization or other change in capital structure;

(g) the borrowing or lending of a significant amount of funds or any mortgaging, hypothecating or encumbering in any way of any of the Issuer’s assets, or an event of default under a financing or other agreement;

(h) any acquisition or disposition of the Issuer’s own securities;

(i) the development of a new product or any development which affects the Issuer’s resources, technology, products or markets;

(j) the entering into or loss of a material contract;

(k) firm evidence of a material increase or decrease in near-term earnings prospects;

(l) a significant change in capital investment plans or corporate objectives;

(m) any change in the board of directors or senior officers;

(n) significant litigation;

(o) a material labour dispute or a dispute with a major contractor or supplier;

12. Breach of Policy

12.2 The directors of any Issuer which fails to comply with any provision of this Policy, together with any officer, employee, agent and consultant of the Issuer who is responsible for the Issuer’s failure to comply with any provision of this Policy, may be prohibited by the Exchange from serving as a director or officer of an Issuer, or be prohibited from being an employee, agent or consultant of an Issuer.