New Prospectus Content Guidelines For London Listed Resource Companies

On March 23, 2011, the European Securities and Markets Authority (ESMA), the successor entity to the Committee of European Securities Regulators (CESR), published an update of the CESR's Recommendations (Recommandations) for the consistent implementation of the European Commission's Regulation on Prospectuses, with revised guidance as to the content requirements of prospectuses issued by resource companies, including, for the first time, recommendations as to content requirements of a competent person's report (CPR). The UK Listing Authority (UKLA) will take the Recommendations into account when deciding whether to approve a prospectus, the publication of which is required for listing on the main market of the London Stock Exchange.