PCI-1 Capital Corp.

Headnote

National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions -- National Instrument 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency, s. 9.1 -- An issuer wants relief from the requirement to prepare its financial statement in accordance with Canadian GAAP in order to use IFRS before the January 1, 2011 changeover date -- The issuer has assessed the readiness of its staff, board, audit committee, auditors and investors; the issuer will provide detailed disclosure regarding its early adoption of IFRS in its MD&A as set out in CSA Staff Notice 52-320; the issuer will restate any financial statements prepared in accordance with Canadian GAAP for interim periods for the fiscal year in which they intend to adopt IFRS together with related interim MD&A and certificates required by NI 52-109.

Applicable Legislative Provisions

National Instrument 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency, s. 9.1.

November 29, 2010

IN THE MATTER OF

THE SECURITIES LEGISLATION OF

BRITISH COLUMBIA AND ONTARIO

(the Jurisdictions)

AND

IN THE MATTER OF

THE PROCESS FOR EXEMPTIVE RELIEF

APPLICATIONS IN MULTIPLE JURISDICTIONS

AND

IN THE MATTER OF

PCI-1 CAPITAL CORP.

(the Filer)

DECISION

Background

1 The securities regulatory authority or regulator in each of the Jurisdictions (Decision Maker) has received an application from the Filer for a decision under the securities legislation of the Jurisdictions (the Legislation) exempting the Filer from the requirement in section 3.1 of National Instrument 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency (NI 52-107) that financial statements be prepared in accordance with Canadian GAAP (the Exemption Sought), in order that the Filer may prepare its financial statements for financial years beginning on or after January 1, 2010 and interim periods ending on or after September 30, 2010 in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IFRS-IASB).

Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a dual application):

(a) the British Columbia Securities Commission is the principal regulator for this application; and

(b) the Filer has provided notice that section 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon in Alberta (the Passport Jurisdiction); and

(c) the decision is the decision of the principal regulator and evidences the decision of the securities regulatory authority or regulator in Ontario.

Interpretation

2 Terms defined in National Instrument 14-101 Definitions and MI 11-102 have the same meaning if used in this decision, unless otherwise defined.

Representations

3 This decision is based on the following facts represented by the Filer:

1. the Filer is a corporation incorporated under the laws of Ontario;

2. the head office of the Filer is located at Suite 1020, 800 West Pender Street, Vancouver, British Columbia, V6C 2V6 and its registered office is located at Suite 2500, 181 Bay Street, Toronto, Ontario, M5J 2T7;

3. the Filer is a reporting issuer in the Jurisdictions and the Passport Jurisdiction;

4. the Filer is not in default of its reporting issuer obligations under the securities legislation of any jurisdiction;

5. the Filer's securities are listed on the TSX Venture Exchange (TSXV);

6. the Filer was a capital pool company listed on the TSXV until November 26, 2010 when it completed its qualifying transaction under TSXV Policy 2.4 Capital Pool Companies (the Qualifying Transaction) with the target Curis Resources Ltd. (the Target);

7. upon the completion of the Qualifying Transaction, the Target became a subsidiary of the Filer and the Filer continued to carry on its business through the Target (the Resulting Issuer);

8. the Filer holds an 100% interest in the Florence Copper Project consisting of approximately 1,342 acres located approximately 2.5 miles northwest of the town of Florence, Pinal County, Arizona, U.S.A.;

9. the filing statement of the Filer describing the Qualifying Transaction dated November 12, 2010 contains financial statements for the Target prepared in accordance with IFRS for the year ended March 31, 2010 and the interim period ended June 30, 2010 (Filing Statement Financial Statements); the Filer analyzed the Filing Statement Financial Statements and determined there would have been no material differences, in recognition or measurement, had those Filing Statement Financial Statements been prepared in accordance with Canadian GAAP;

10. the Target has been preparing its financial statements in accordance with IFRS since its incorporation; the financial statements of the Target for its 2010 and 2009 financial years were prepared in accordance with IFRS and were audited in such form; all interim financial reports prepared by the Target have been prepared in accordance with IAS 34 Interim Financial Reporting as issued under IFRS-IASB;

11. the Qualifying Transaction is a reverse acquisition; although for legal purposes the Filer was the acquiror, for accounting purposes the Target was the acquiror; accordingly, the financial statements of the Resulting Issuer are those of the accounting acquiror, namely the Target;

12. the fiscal year end of the Resulting Issuer was changed to March 31 upon completion of the Qualifying Transaction;

13. the Filer will not file a management's discussion and analysis (MD&A) for the Target's interim period ended September 30, 2010 as permitted under part 5.1(1.1) of National Instrument 51-102 Continuous Disclosure Obligations; the Filer will file the Target's financial statements for the interim period ended September 30, 2010;

14. the Filer has not previously prepared financial statements that contain an explicit and unreserved statement of compliance with IFRS;

15. the Canadian Accounting Standards Board adopted IFRS-IASB as Canadian GAAP for publicly accountable enterprises for fiscal years beginning on or after January 1, 2011;

16. NI 52-107 sets out acceptable accounting principles for financial reporting under the Legislation by domestic issuers, foreign issuers, registrants and other market participants; under NI 52-107, a domestic issuer must use Canadian GAAP with the exception that an SEC registrant may use US GAAP; under NI 52-107, only foreign issuers may use IFRS-IASB;

17. in CSA Staff Notice 52-321 Early Adoption of International Financial Reporting Standards, Use of US GAAP and Reference to IFRS-IASB, staff of the Canadian Securities Administrators recognized that some issuers may wish to prepare their financial statements in accordance with IFRS-IASB for periods beginning prior to January 1, 2011 and indicated that staff were prepared to recommend exemptive relief on a case by case basis to permit a domestic issuer to do so, despite section 3.1 of NI 52-107;

18. subject to obtaining the Exemption Sought, the Filer will adopt IFRS-IASB concurrent with the completion of the Qualifying Transaction;

19. the Filer believes that the use of a single accounting standard would eliminate complexity and cost from the Filer's financial statement preparation process;

20. the Target has historically prepared its financial statements in accordance with IFRS, and since the Target is now the Resulting Issuer, there is no conversion plan necessary;

21. the Filer has carefully assessed the readiness of its staff, board of directors, audit committee, auditors, investors and other market participants for the adoption by the Filer of IFRS-IASB concurrent with the completion of the Qualifying Transaction and has concluded that they will be adequately prepared for the Filer's adoption of IFRS-IASB concurrent with the completion of the Qualifying Transaction;

22. the Filer has considered the implications of using IFRS-IASB concurrent with the completion of the Qualifying Transaction and on its obligations under securities legislation including, but not limited to, those relating to CEO and CFO certifications, business acquisition reports, offering documents, and previously released material forward looking information; and

23. the Filer will amend and restate its MD&A for the interim period ended June 30, 2010 with relevant information about its transition to IFRS-IASB, including:

(a) the key elements and timing of the Filer's changeover plan;

(b) an explanation that the Qualifying Transaction is a reverse acquisition;

(c) the Filer's accounting will be a continuation of the Target's accounting which has been IFRS since inception; and

(d) the Target will account for the Filer as a reverse asset acquisition and present consolidated financial statements.

Decision

4 Each of the Decision Makers is satisfied that the decision meets the test set out in the Legislation for the Decision Maker to make the decision.

The decision of the Decision Makers under the Legislation is that the Exemption Sought is granted provided that:

(a) the Filer prepares its annual financial statements for years beginning on or after January 1, 2010 in accordance with IFRS-IASB;

(b) the Filer prepares its interim financial statements for interim periods ending on or after September 30, 2010 in accordance with IFRS-IASB; and

(c) the Filer provides the communication set out in paragraph 23.