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ARTICLE · 17 JULY 2013

OSC Finds Mining Technical Report Disclosure Unacceptable

Borden Ladner Gervais LLP
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The OSC's findings are consistent with Borden Ladner Gervais LLP's experience reviewing technical disclosure, particularly in our role as underwriters' counsel.

CanadaEnergy and Natural Resources
Fred Pletcher
Fred Pletcher
Michael Waters
Michael Waters
Jason Saltzman
Jason Saltzman
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The Ontario Securities Commission (OSC) has found an "unacceptable" level of compliance with Form 43-101F1 Technical Reports for mineral projects, with 80% of the Technical Reports reviewed having some level of non-compliance and 40% of the Technical Reports reviewed having at least one major non-compliance concern. The findings are set out in OSC Staff Notice 43-705 summarizing the results of its review of Technical Reports filed since the revised National Instrument 43-101 Standards of Disclosure for Mineral Projects came into force on June 30, 2011.

Issuers should anticipate staff requests for refilings or additional disclosure, or other staff action if an issuer and its qualified person (QP) have not fully met the requirements of Form 43-101F1 and NI 43-101 in their technical disclosure. In the context of a financing, such requests could delay the issuance of a prospectus receipt, particularly for short form prospectus filings.

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