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CanAlaska Ventures Ltd. - MRRS Decision
Headnote
MRRS - Relief granted from the requirement inNational Instrument 43-101 to have a qualified person inspectthe property that is the subject of a technical report - accessto property is not possible due to winter conditions.
National Instrument
National Instrument 43-101 Standards of DisclosureFor Mineral Projects, ss. 6.2 and 9.1.
IN THE MATTER OF
THE SECURITIES LEGISLATION OF
BRITISH COLUMBIA, ALBERTA, ONTARIO,
MANITOBA AND NEWFOUNDLAND
AND
IN THE MATTER OF
THE MUTUAL RELIANCE REVIEW SYSTEM
FOR EXEMPTIVE RELIEF APPLICATIONS
AND
IN THE MATTER OF
CANALASKA VENTURES LTD.
MRRS DECISION DOCUMENT
WHEREAS the local securities regulatoryauthority or regulator (the "Decision Maker") in eachof British Columbia, Alberta, Ontario, Manitoba and Newfoundland(the "Jurisdictions") has received an applicationfrom CanAlaska Ventures Ltd. (the "Filer") for a decisionunder the securities legislation of the Jurisdictions (the "Legislation")that the requirement contained in the Legislation to have atleast one qualified person preparing or supervising the preparationof a technical report inspect the property that is the subjectof the technical report (the "Personal Inspection Requirement")will not apply to the Filer in respect of a technical reportto be prepared in connection with the Filer's public offeringof securities;
AND WHEREAS under the Mutual RelianceReview System for Exemptive Relief Applications (the "System"),the British Columbia Securities Commission is the principalregulator for this application;
AND WHEREAS the Filer has representedto the Decision Makers that:
1. The Filer is incorporated under the CompanyAct (British Columbia) with its head office in British Columbia.
2. The Filer's authorized capital is 100,000,000common shares without par value, of which 12,915,783 commonshares were outstanding as at March 13, 2002.
3. The Filer's common shares are listed on theCanadian Venture Exchange Inc.
4. The Filer is a reporting issuer under theLegislation of each Jurisdiction and is not in default of anyrequirements of the Legislation.
5. The Filer entered into an option agreementdated December 6, 2001 with Artik Geosciences Ltd. to acquirea 100% interest in the newly staked Otish property (the "Property")located in the Otish Mountain area of northern Québec.
6. The Property has not had any explorationwork performed on it and no resource has been defined to date.
7. The Filer is having a technical report (the"Report") prepared relating to the Property and hasretained Peter Walcott, P.Eng., a qualified person as definedin National Instrument 43-101 Standards of Disclosure for MineralProjects ("NI 43-101"), to prepare the Report.
8. The Filer intends to make an offering (the"Offering") of its securities to the public in BritishColumbia and Alberta through the facilities of the CDNX undera short form offering document (the "Offering Document")and intends to file an annual information form in respect ofits financial year ended April 30, 2001 (the "AIF")in connection with the Offering.
9. The AIF and Offering Document will describethe Property based on the information in the Report.
10 NI 43-101 requires at least one qualifiedperson preparing or supervising the preparation of the Reportto inspect the Property; and
11. Due to the winter conditions since the Fileracquired the option on the Property, access for a proper siteinspection is not possible at this time; accordingly, a qualifiedperson is unable to complete a personal inspection of the Propertyprior to the Offering.
AND WHEREAS under the System, this MRRSDecision Document evidences the decision of each Decision Maker(collectively, the "Decision");
AND WHEREAS each of the Decision Maker is satisfied thatthe test contained in the Legislation that provides the DecisionMaker with the jurisdiction to make the Decision has been met;
THE DECISION of the Decision Maker underthe Legislation is that the Filer is exempt from the PersonalInspection Requirement in respect of the Report for use in connectionwith the AIF, provided that the Report and the AIF include astatement that a personal inspection has not been conductedby the qualified person, as defined in NI 43-101, and the reasonswhy a personal inspection was not conducted.
April 17, 2002.
"Brenda Leong"