Richard Quesnel Acquitted on Past Insider Trading Matter Involving Consolidated Thompson

MONTREAL February 26, 2014

Richard Quesnel, a prominent global senior mining industry executive based in Montreal, Quebec has made this information distribution today in order to correct and update any information outstanding regarding an insider trading stock matter for which Mr. Quesnel received full court acquittal in June of 2012.

Please find below an extract of the summary of Mr. Richard Quesnel’s case prepared by external legal counsel. This was prepared in support of the submission of his Personal Information Form to the TSX Venture Exchange. His Personal Information Form was successfully accepted by the TSX Venture Exchange. As such, Mr. Quesnel is a member of the Board of Directors of Colt resources Inc., and Sama Resources Inc., both public companies trading on the TSX Venture Exchange.

“On October 8, 2010, Richard Quesnel was charged in the Court of Quebec with two counts of “insider trading” and two charges of late filing of an “insider report” in contravention of the Quebec Securities Act. The Charges related to purchases of shares in Consolidated Thompson Iron Mines (“CLM”) on March 1 and 2, 2006.


Mr. Quesnel pleaded not guilty to the insider trading charges but did not contest the two counts of late filing.


On November 7, 2010, the Hon. Juanita Westmoreland-Traoré rendered judgment, entering guilty judgments on all four counts. On May 5, 2011, the trail judge sentenced Mr. Quesnel to the minimum fine (totaling $130,974) on the first two counts and to the minimum fine of 1,000 dollars on each of the two counts of late filing.


Mr. Quesnel appealed his conviction on his insider trading charges to the Quebec Superior Court. On June 12, 2012, the Hon. Rejean F. Paul rendered judgment, granting Mr. Quesnel’s appeal and acquitting him of those charges.


The Autorité des Marches Financiers applied to the Quebec Court of Appeal seeking leave to appeal Mr. Quesnel’s acquittal. On August 15, 2012, the Honorable Jacques Dufrense of the Quebec Court of Appeal rendered judgment denying the Application for Leave.”


The judgment rendered acquitted Mr. Quesnel fully of all charges. The translation of the conclusion of the judgment (rendered in French) reads as follows:



THE APPEAL is allowed;


The appellant is acquitted of the two criminal charges against him;


The respondent is ordered to pay costs as fixed by the Regulations.


Mr. Quesnel has served for over 5 years as President and Chief Executive Officer of Consolidated Thompson Iron Mines of Montreal. He has over 35 years of senior mine management and engineering experience at large gold, copper, nickel and iron ore mining properties in Canada and Western U.S.A. He has successfully developed, commissioned, operated and expanded several open pit and underground mining operations. Since 1979, he has worked as a mine manager or mining engineer with several mining companies including Ledcor CMI Limited, JS Redpath Limited, Les Mines McWatters, Barrick Goldstrike, Quebec Cartier Mining and Placer-Dome. Mr. Quesnel serves as the Executive Chairman of Colt Resources Inc. (“Colt”) and also serves as CEO of Colt Resources Middle East (Caymans).   He is currently also a board member of Sama Resources Inc.

A resident of Quebec, Mr. Quesnel has taken a deep educational interest in the mining field. He has served as a guest lecturer in Mining Law and Environmental Issues at the University of Montreal’s Master of Law Program. Mr. Quesnel is the author of various articles discussing legal and other business aspects of the mining industry.

Please refer to the original court documents and newspaper publications for further information:

June 12, 2012 judgment by Hon. Rejean F. Paul

August 15, 2012 judgment by Honorable Jacques Dufrense

Report published by ‘Le Nord-Est’ newspaper (a division of Quebecor Media) regarding acquittal:

For Further Information:

Cooper Global Communications,    646-559-4828

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