MONTREAL The national council of the CANADIAN INSTITUTE OF MINING, METALLURGY AND PETROLEUM (CIM) has approved the final version of the association's "Standards and Guidelines for Valuation of Mineral Properties".
The report is divided into two sections: Standards and Guidelines. Standards (which are mandatory) cover definitions; the scope and limitations of the standards; the standard of value; valuation tenets; and the qualifications and responsibilities of valuators. Guidelines (which elaborate on the Standards) include a list of professional associations for qualified valuators; the principles, approach, methods and reporting by valuators; and the proper use of the terms "mineral reserves" and "mineral resources".
The CIM created its Valuation of Mineral Properties Committee in May 1999 based on recommendations of the TSX's Mining Standards Task Force and the Ontario Securities Commission. Its mandate was to create uniform and unambiguous rules for the Canadian mining industry, securities regulators and stock exchanges. The new Standards and Guidelines are the result.
The document will soon be available at www.cim.org/committees/CIMVal_Final_Standards. Readers may contact CIM president-elect Howard Stockford at 416-367-0427 or howard_stockford@aurressources.com and CIM executive director Yvan Jacques at 514-939-2710 ext. 1301 or yjacques@cim.org.
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