CSA

Vancouver - The Canadian Securities Administrators (CSA) today published Staff Notice 43-307 Mining Technical Reports - Preliminary Economic Assessments (pdf - 97 KB)This link will open in a new window. The notice is intended to clarify staff's position on several issues regarding the use and disclosure of "preliminary economic assessment" (PEA), as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).

In June 2011, CSA amended the definition of PEA to allow issuers greater flexibility in disclosing the results of these early stage or conceptual economic studies in broader circumstances. In monitoring the change, the CSA found that some issuers were disclosing PEA in circumstances and ways not intended or allowed under the new definition. The notice clarifies the CSA's views on what PEAs are and how they should be disclosed.

"The CSA recognizes that the amended PEA definition caused some confusion among mining issuers that needed to be addressed," said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission. "This notice will help mining issuers better understand the application and limitations of these studies."

The notice emphasizes the importance of keeping PEA separate and distinct from the more comprehensive preliminary feasibility and feasibility studies. The notice also provides further guidance on other aspects of PEA preparation and disclosure where potential compliance problems have been observed.

CSA Staff Notice 43-307 is available on various CSA members' websites.

The CSA also published CSA Professional Associations under NI 43-101 Standards of Disclosure for Mineral Projects, setting out the CSA's view that Chartered Professional Engineers registered with Engineers Australia can be added to the list in Appendix A. Staff Notice 43-308 will be updated from time to time, reflecting the CSA's view of other professional organizations and membership designations.

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

Alberta Securities Commission

Mark Dickey

403-297-4481

Autorité des marchés financiers

Sylvain Théberge

514-940-2176

British Columbia Securities Commission

Richard Gilhooney

604-899-6577

Financial Services Regulation Div. 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

Northwest Territories Securities Office

Donn MacDougall

867-920-8984

Nova Scotia Securities Commission

Shirley Lee

902-424-5441

Nunavut Securities Office

Louis Arki

867-975-6587

Ontario Securities Commission

Carolyn Shaw-Rimmington

416-593-2361

PEI Securities Office, Office of the Attorney General

Janice Callbeck

902-368-6288

Saskatchewan Financial Services Commission

Dean Murrison

306-787-5879

Yukon Securities Registry

Helena Hrubesova

867-667-5466