SOUTHWESTERN RESOURCES CLASS ACTION

Case Name:	Martin v. Southwestern Resources Corp. and John Paterson
Court:	Supreme Court of British Columbia
Date Filed:	July 25, 2007
Class Members:	All persons resident in British Columbia who acquired securities of SWR during the Class Period, provided that if the person acquired SWR securities in the period from December 3, 2002 to June 19, 2007, the person held some or all of those securities at the close of trading on the Toronto Stock Exchange (“TSX”) on June 19, 2007, and if the person acquired SWR securities in the period from June 20, 2007 to July 18, 2007, the person held some or all of those securities at the close of trading on the TSX on July 18, 2007 and specifically excluding Ontario Class Members, Quebec Class Members, and Excluded Persons as those terms are described in the Settlement  Agreement.
Co-counsel:	Charles Wright Siskinds Harvey Strosberg Sutts, Strosberg LLP

Southwestern Resources Corp.

The law firms of Camp Fiorante Matthews, Sutts, Strosberg LLP, Siskinds LLP and Siskinds Desmeules s.e.n.c.r.l. are counsel in class actions seeking damages as a result of Southwestern Resources Corp.’s (“Southwestern”) July 19, 2007 announcement that there were deficiencies in its control procedures for its Boka Gold Project.  Southwestern also disclosed that it believes there were errors reported assay result announced in 2007 and that the integrity of drill core samples were compromised.  Upon this news, Southwestern’s share price fell sharply.

The parties have reached a settlement that provides for the creation of a fund of $15,527,500.  The Settlement Agreement may be reviewed here.

Notice of Certification may be reviewed here.

On November 17, 2008, Madam Justice Brown of the BC Supreme Court, certified the action as a class proceeding, approved the settlement and BC Class Counsel’s fees, disbursements and taxes. 

The settlement has been approved by the courts also in Ontario and Quebec.

 

Compensation

To receive compensation, each Class Member must submit a completed Claim Form and supporting documents, on or before 5:00 p.m. eastern time on June 1, 2009.  The Claim Form is available at www.southwesternclassaction.com or by calling the Administrator at 1.866.669.6615. 

The Claim Form should be submitted by using the secure Online Claims System at www.southwesternclassaction.com.  You should submit a paper Claim Form only if you do not have a computer with a connection to the internet.

The paper Claim Form may be sent by mail or courier to: 

Administrator
Southwestern Class Action Settlement
Deloitte & Touche LLP
Suite 1400, 181 Bay Street,
Toronto, Ontario  M5J 2V1

or by fax to:  1.866.405.3710 or by email to:  southwestern@deloitte.ca

If you fail to submit a Claim Form and the supporting documents, on or before 5:00 p.m. eastern time on June 1, 2009, you will not receive any part of the net settlement monies.

Opt-Out

All Class Members will be bound by the terms of the settlement, unless they opt out.  Any Class Member who does not wish to participate in the settlement must opt out of the class action by sending a completed Opt-Out Form on or before February 5, 2009 at 5:00 p.m. eastern time by mail or courier to: 

Administrator
Southwestern Class Action Settlement
Deloitte & Touche LLP
Suite 1400, 181 Bay Street,
Toronto, Ontario  M5J 2V1

or by fax to:  1.866.405.3710 or by email to: southwestern@deloitte.ca

 

For further information concerning this action, please contact Lise Carmichael at 1-800-689-2322 or 604-689-7555, or email lcarmichael@cfmlawyers.ca.