Canadian regulators seek comment on proposed changes to national mining rule

CSA Securities

Vancouver – The Canadian Securities Administrators (CSA) today published proposals to update the rules that govern disclosure by mining companies.

The CSA is seeking comment by July 23, 2010 on its proposal to repeal and replace National Instrument 43-101 Standards of Disclosure for Mineral Projects, Form 43-101F1 Technical Report, and Companion Policy 43-101CP. The CSA is specifically seeking comment on whether to keep, modify or eliminate the short form prospectus trigger for technical reports. Anyone interested in providing feedback will find full information about the proposed amendments, the discussion issues, and how to submit comments in the Notice and Request for Comment released today.

We have received a great deal of feedback from market participants on the challenges the current mining disclosure rules pose to their operations,” said Jean St-Gelais, Chair of the CSA and President & Chief Executive Officer of the Autorité des marchés financiers (Québec). “The proposed changes reflect our analysis of the results of these consultations and the experience of our mining professionals with the existing rule. We believe the proposed changes will provide cost savings and efficiencies to mining companies without compromising investor protection.”

These are the first proposed major changes to NI 43-101 since it went into effect in 2001. The proposed amendments to NI 43-101 aim, among other things, to increase flexibility in some areas and eliminate or reduce the scope of certain requirements while maintaining investor protection.

Copies of the proposed rule amendments and additional background information are available on the websites of CSA members.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

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For more information:

CSA member name

Point of contact

Phone number

Autorité des marchés financiers

Sylvain Théberge

514 940-2176

Alberta Securities Commission

Mark Dickey

403 297-4481

British Columbia Securities Commission

Brenda Lea Brown

604 899-6554

Financial Services Regulation Division, Newfoundland and Labrador

Doug Connolly

709 729-2594

Manitoba Securities Commission

Ainsley Cunningham

204 945-4733

New Brunswick Securities Commission

Wendy Connors-Beckett

506 643-7745

Nova Scotia Securities Commission

Natalie MacLellan

902 424-8586

Ontario Securities Commission

Robert Merrick

416 593-2315

PEI Securities Office, Department of the Attorney General

Janice Callbeck

902 368-6288

Saskatchewan Financial Services Commission

Barbara Shourounis

306 787-5842

Securities Office, Northwest Territories

Donn MacDougall

867 920-8984

Securities Office, Nunavut

Louis Arki

867 975-6587

Securities Office, Yukon

Fred Pretorius

867 667-5225