On January 24, 2013, the British Columbia Securities Commission
("BCSC") released its 2012 Mining Report (the
"Report"). The Report is the first of its kind for the
BCSC and serves to strengthen the BCSC's efforts to be
Canada's leading junior mining regulator. The Report provides
an overview of the common pitfalls in mining disclosure and
outlines areas where market participants could improve their
The Report identifies and discusses the following common areas
of deficiencies in mining issuers' disclosure:
1. Technical Disclosure – The common downfalls in
technical disclosure are (i) the failure to file current or fully
compliant reports; (ii) the failure to include the required
cautionary statements for preliminary economic assessments,
historical estimates and exploration targets; (iii) disclosure of
mineral resources and mineral reserves that do not fully comply
with NI 43-101; (iv) misleading references to mining studies; and
(v) the failure to name the qualified person.
2. Company Disclosure – In general, voluntary disclosure
is less likely to comply with regulations when compared to required
filings. For instance, an issuer's website, investor relations
materials and corporate presentations is less likely to comply with
the BCSC's rules and regulations when compared with required
filings, such as technical reports and annual information form.
3. Technical Reports – The common problems in technical
reports are (i) missing or altered statements in certificate or
consents of qualified persons; (ii) prohibited disclaimers or
statements of reliance on other experts; and (iii) non-compliant
disclosure or mineral resources and mineral reserves, historical
estimates, and exploration targets.
The BCSC is hoping that the Report will help issuers address the
foregoing problems and in turn, avoid costly and time-consuming
mining disclosure reviews. A copy of the Report can be found here.
Natasha Singh, articling student, assisted in the preparation of
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