The Quebec Securities Commission is initiating penal proceedings before the Court of Quebec, Criminal and Penal Division, against Gilles Fiset for having failed to report, within 10 days, the change in his control over securities of Exploration Tom Inc., of which he is president.

Fiset is facing eight counts of having violated the Quebec Securities Act. The QSC is accusing him of having failed to report, in the required period, the sale of a total of 294,000 shares of Exploration Tom Inc. between August 1, 2003 and August 29, 2003. The minimum prescribed fine is $1,000 per count of which Fiset might be found guilty.

On July 26, 2002, the QSC published a notice in its bulletin to remind insiders of their obligation to report within ten days any change in their control over a reporting issuer’s securities. In February 2003, the QSC began to publish the list of insiders who were not in compliance with their obligation and reminded them that they were susceptible to facing action.

As of June 2003, insiders are required to report their control and any change in control that they exercise on a reporting issuer’s securities through the System for Electronic Disclosure by Insiders at www.sedi.ca.

The QSC considers it crucial that this information be transmitted within the delay prescribed by the Act so that all investors may have access to the information in a reasonable time frame.