TSX Guidance On "Economically Interesting Grades"

In response to uncertainty in the marketplace about the listing standards for exploration and development stage mining issuers, the Toronto Stock Exchange ("TSX") has released a staff notice (the "Notice") providing guidance on the meaning of the key phrase "economically interesting grades."

The "Advanced Property" Requirement

The TSX currently has three subcategories for listing in the mining category: (i) producing mining companies, (ii) exempt mining companies and (iii) mineral exploration and development stage companies. Issuers applying to list on the TSX under the mineral exploration and development-stage category must have a property with continuity of mineralization demonstrated in three dimensions at "economically interesting grades" (an "Advanced Property"), as reflected in a report by an independent qualified person (a "Technical Report").