On January 24, 2013, the British Columbia Securities Commission
("BCSC") released its 2012 Mining Report (the
"Report"). The Report is the first of its kind for the
BCSC and serves to strengthen the BCSC's efforts to be
Canada's leading junior mining regulator. The Report provides
an overview of the common pitfalls in mining disclosure and
outlines areas where market participants could improve their
disclosure.
The Report identifies and discusses the following common areas
of deficiencies in mining issuers' disclosure:
1. Technical Disclosure – The common downfalls in
technical disclosure are (i) the failure to file current or fully
compliant reports; (ii) the failure to include the required
cautionary statements for preliminary economic assessments,
historical estimates and exploration targets; (iii) disclosure of
mineral resources and mineral reserves that do not fully comply
with NI 43-101; (iv) misleading references to mining studies; and
(v) the failure to
