TSX Venture Exchange Corporate Finance Manual – Appendix 3E - News Release Guidelines

"These guidelines set out information on timely disclosure of news releases which are intended to provide, existing shareholders and potential investors, factual information on which a reasoned investment decision can be made.Consider the problems and concerns raised by the following hypothetical news releases:Natural Resource Company""The Company has recently optioned a large and exciting gold property near the ""XXX"" gold discovery area. In describing the property, the Company's independent consultant has said: ""The favourable location of, and some of the results of prior work done on the property give the Company a worthwhile mineral exploration opportunity .... "". The Company proposes to expeditiously conduct a sizeable exploration program on the property as soon as the appropriate financing has been arranged.""Non-Resource Company""Based on discussions with several European countries, the Company anticipates that it will have orders to ship over 200,000 crates of widgets to those European countries over the next two years. These orders, which considerably exceed the Company's forecasts for the first year, represent a projected profit to the Company in excess of $1,000,000 over the next five year period.""GuidelinesTimely disclosure news releases are intended to provide, to both existing shareholders and potential investors, factual information on which a reasoned investment decision can be made. National Instrument 43-101 Standards of Disclosure for Mineral Projects provides requirements for disclosure of a scientific or technical nature for a mineral resource company.The examples do not provide sufficient detail and are misleading because material information is omitted. The following guidelines should be observed when preparing a news release:"