TORONTO - The latest Natural Resources Bulletin from the law firm of McMILLAN BINCH MENDELSON calls attention to changes made to Natural Instrument 43-101, regarding dissemination of mineral resources information. The changes amount to fine-tuning and are intended to address practical problems that have arisen since NI 43-101 was adopted in 2001.
Quickly, the changes involve the following:
*A definition for "historical estimate" has been included along with information on using such an estimate.
* The definition of "mineral project" has been revised to include an explicit reference to "royalty interest or similar interest", bringing holders of such interests under the requirements of NI 43-101.
* The exemption from reporting rules for foreign issuers has been dropped.
* The definition of "independence" as it relates to a qualified person has been tightened up, as have the rules requiring a personal inspection of the property under study.
* The South African Code for Reporting of Mineral Resources and Mineral Reserves (SAMREC Code) has been added, and the USGS Circular 831 has been replaced with SEC Industry Guide 7 as acceptable methods of reporting on foreign properties.
* Blanket disclaimers by qualified persons are now prohibited.
Readers who have questions about the new rules or would like more details should contact Barbara Hendrickson at 416-865-7903 or barbara.hendrickson@mcmbm.com.
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