June 22, 2000 - 193

Professional Geoscientists Act given Third Reading in Ontario Legislature

Today's third reading in the Ontario Legislature of the proposed Professional Geoscientists Act, 2000 will soon pave the way for Ontario's geoscientists to achieve recognition as professionals and enhance safeguards that will ensure appropriate checks and balances in the manipulation of geoscientific data, Northern Development and Mines Minister Tim Hudak said.

"This bill enhances Ontario's international competitiveness by ensuring the province's continued excellence in geoscience, and by supporting the development and professionalism of the geoscience community," said Hudak. "Through this proposed legislation, our government is acting to reinforce Ontario's position as one of the safest, most attractive places in the world for mining investment."

The bill addresses recommendations made by a joint committee of the Ontario Securities Commission (OSC) and the Toronto Stock Exchange (TSE) in February 1999, which was established in the wake of the Bre-X stock scandal. The proposed legislation was drafted after province-wide public consultations and input from key stakeholders.

"The standards of accountability we are proposing are fundamental to protecting the public interest and may serve as a model for other jurisdictions," Hudak said.

The Professional Geoscientists Act will establish the Association of Professional Geoscientists of Ontario as the governing body for geoscientists, and empower the association to establish standards of professional practice for persons who wish to be recognized as geoscientists. It will regulate geoscientists and allow them the opportunity to be deemed "qualified persons" for the purpose of reviewing and approving all mineral exploration results intended for public release. In addition, this legislation will protect the public against unskilled and unethical actions.

The executive of the Association of Geoscientists of Ontario, acting as the transition council for the new Association of Professional Geoscientists of Ontario, has committed to consult with AGO's members in the development of regulations. The ministry will work with the transition council to develop a strategy for finalizing those regulations. The regulations will be brought back to the Minister of Northern Development and Mines for final approvals.

"This bill will benefit investors by strengthening the quality and integrity of public disclosure," said Maureen Jensen, Director of Mining for the Toronto Stock Exchange. "It will put Ontario in a position to meet national standards that are now being considered by securities regulators across Canada.

"The legislation will protect the public interest by ensuring that geoscientists working in the mineral sector and environmental fields possess a high level of professionalism," said John Bowlby, vice-president of the Association of Geoscientists of Ontario. "All sectors of the province are affected by the actions of geoscientists, through their contributions to mining exploration and development, as well as mapping groundwater, siting landfills or mapping hazardous land," he said.

"This proposed legislation supports economic growth and job creation. It tells the world that Ontario is open for business, that Ontario is ready and able to compete successfully in the global market and that Ontario will continue to be regarded as the mine financing capital of the world," said Hudak.

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Contact:

Leonard Sharman
MNDM - Minister’s Office
416 327-0656

Visit our website at www.gov.on.ca/MNDM

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