LETTERS TO THE EDITOR — `Classic overkill’ of junior

As a promoter of several junior mining companies in Ontario, I have invested my capital and have succeeded in financing exploration programs through Ontario prospectus offerings.

The Ontario Securities Commission (OSC) implemented Policy 5.2 in 1988; it has become evident that junior resource companies were put at a distinct disadvantage to raise risk capital and such financing has been all but impossible.

In all its wisdom, the OSC now comes up with Policy 1.10 in what could be considered classic overkill. Is it the intention of the OSC to destroy a segment of the business it is intended to regulate? How is risk capital necessary to explore for resources to be raised? The mining industry in Ontario is in desperate straits which means Northern Ontario is in its death throes.

I am in disbelief that the only response to this mounting tragedy is for the OSC to financially strangle the junior resource sector which has contributed mightily to the province’s wealth.

J.H. Tremblay

Toronto