TORONTO, Jan. 13 /CNW/ - Tony Andrews, executive director of the
Prospectors and Developers Association of Canada, welcomed the Expert Panel on
Securities Regulation's release yesterday of the panel's final report,
recommendations and draft legislation.
"The PDAC represents the interests of Canada's mineral exploration
companies and we congratulate the panel on the timely fulfillment of its
mandate," Andrews said.
"Our members will be gratified to see that the panel has recognized the
urgent need for a common securities regulator and for proportionate-based
regulation," Andrews said. "Giant-sized rules for junior companies create poor
conditions for companies that help open up economic opportunities,
particularly for communities in Canada's northern and more remote regions. The
panel is to be commended for recognizing the unique nature of the Canadian
In a survey of its members undertaken last year by the Prospectors and
Developers Association of Canada, 80 per cent of respondents said they
favoured the need for a single regulator, instead of the current 13. Included
in those respondents were 71 per cent who said they strongly favoured it.
"We hope Finance Minister Flaherty will get support to move forward
quickly on the panel's recommendations," Andrews added.
The Prospectors and Developers Association of Canada represents the
interests of companies and individuals in the mineral exploration industry. An
estimated 1,400 companies are currently working on exploration projects in
For further information:
For further information: Tony Andrews, telephone (416) 362-1969, ext.