The Contrarian Resource Fund 2002 Limited Partnership says that the limited partners of the L.P. have approved the transfer of all of the assets of the L.P., other than cash, to a newly formed Ontario mutual fund corporation in exchange for shares of the mutual fund, on a tax-deferred basis.

The transaction was approved at a meeting held on November 19.

On or about March 31, 2004, all of the assets of the L.P. other than cash will be transferred to an open-end mutual fund corporation (to be formed under the laws of Ontario, in exchange for shares of the mutual fund having an aggregate net asset value equal to the aggregate net asset value of the L.P.

The L.P. says appropriate elections under the Income Tax Act will be made to effect the transfer on a tax-deferred “rollover” basis. Within 60 days following the transfer of assets, the L.P. will distribute the mutual fund shares to the limited partners together with any cash remaining in the L.P. on a pro rata basis, and the affairs of the partnership will be wound up.

As a result, the limited partners of the L.P. will become shareholders of the mutual fund and as such will be entitled to redeem their mutual fund shares at their net asset value.

Mavrix Fund Management Inc., the investment advisor to the L.P., will be the manager of the new mutual fund. It is intended that the fundamental investment objective of the fund will be to seek long-term capital growth by investing primarily in a diversified portfolio of equity securities of Canadian resource companies.