OSC Initiates Proceedings Against Abel Da Silva

For Immediate Release Before the Court OSC

News Release

Ontario Securities
Commission


20 Queen St. W.
Box 55, Suite 1900
Toronto, ON M5H 3S8
Commission des valeurs mobilières de l'Ontario
FOR IMMEDIATE RELEASE

November 7, 2008


OSC Initiates Proceedings Against Abel Da Silva


TORONTO - The Ontario Securities Commission (OSC) today announced that it has initiated proceedings against Abel Da Silva before the Commission and in the Ontario Court of Justice.

The OSC will commence a hearing on November 27, 2008 related to a statement of allegations issued by Staff of the Commission. In their allegations, Staff allege that Mr. Da Silva misled the Commission during the course of a sanctions hearing that took place on January 9, 2006, and that he breached the terms of a May 10, 2006 cease trade Order issued by the OSC.

There will be an appearance in the Ontario Court of Justice at 3:00 p.m. on December 1, 2008 at the Old City Hall Courthouse related to a charge laid by the OSC under section 122 of the Securities Act against Mr. Da Silva. On October 23, 2008, Mr. Da Silva was charged with contravening Ontario securities law by trading in securities when he was prohibited from doing so in accordance with an OSC Order that was issued on May 10, 2006.

Mr. Da Silva also faces two charges of perjury under the Criminal Code arising from affidavit evidence and testimony given to the OSC.

The mandate of the Commission is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets. Investors are urged to check the registration of any person or company offering an investment opportunity and to review the investor education materials available at www.checkbeforeyouinvest.ca.

- 30 -



For Media Inquiries: Wendy Dey
Director, Communications & Public Affairs
416-593-8120

Laurie Gillett
Manager, Public Affairs
416-595-8913

Carolyn Shaw-Rimmington
Assistant Manager, Public Affairs
416-593-2361
For Investor Inquiries: OSC Contact Centre
416-593-8314
1-877-785-1555 (Toll Free)