On January 24, 2013, the BC Securities Commission issued a
report (the "2012 Mining Report") with
respect to disclosure and interpretive issues under National
Instrument 43 101, which is referenced as "the Mining
Rule" in the report. Any questions or comments on the
2012 Mining Report can be submitted to Robert Holland or Ian
McCartney of the B.C.S.C.
The report identifies a number of weaknesses in the disclosure
of mining companies and provides a useful checklist for compliance
measures in Appendix "A" which you can download by
clicking "Download PDF", and a summary of the mining
technical reviews disclosing the common compliance elves on the
different disclosures which is also attached to this memo.
The report identifies the following common deficiencies
encountered in reviewing technical reports including:
Missing or altered statements in certificates and consents of
the Qualified Persons;
Not dated, signed, or addressed to the company;
Non compliant disclaimers of responsibility or statements of
Does not provide a summary of all material technical and
scientific information for the entire property;
Non compliant disclosure of historical estimates, exploration
targets, or MRMR;
Does not provide adequate or sufficiently transparent
information on the key assumptions, parameters, and methodologies
used in mineral resource estimates.
In addition, the report also references the CIM December 15,
2009 publication "Additional Guidance – Reasonable
Prospects for Economic Extraction".
The CIM statement emphasizes that the use of the words
"reasonable prospects for economic extraction" in
addressing mineral resources are:
the responsibility of the Qualified Person;
judgment based on the Qualified Person's experience;
the methods used and assumptions made to determine if the
project has "reasonable prospects" which must be
presented explicitly in both public and technical reports.
Note that this clarification applies not only to measured and
indicated resources, but also inferred reso 2012 Mining Report
British Columbia Securities Commission urces and a copy is attached
to this memo for reference.
FMC is one of Canada's leading business and litigation law
firms with more than 500 lawyers in six full-service offices
located in the country's key business centres. We focus on
providing outstanding service and value to our clients, and we
strive to excel as a workplace of choice for our people. Regardless
of where you choose to do business in Canada, our strong team of
professionals possess knowledge and expertise on regional, national
and cross-border matters. FMC's well-earned reputation for
consistently delivering the highest quality legal services and
counsel to our clients is complemented by an ongoing commitment to
diversity and inclusion to broaden our insight and perspective on
our clients' needs. Visit:
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
On Thursday, September 22, 2016, Dentons hosted a panel discussion about the management of liabilities and risks associated with environmental crises, including potential liabilities for directors and officers and provided insight into risk and liability techniques associated with environmental crisis management.
Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
Under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan Act and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).