Ontario Securities Commission Release Results of Mining Issuer Technical Reports Sweep

TORONTO – The Ontario Securities Commission (OSC) today published OSC Staff Notice 43-705 Report on Staff’s Review of Technical Reports by Ontario Mining Issuers, which sets out results of its compliance review of technical reports and provides further guidance for complying with National Instrument 43-101 Standards of Disclosure for Mineral Projects.

OSC Staff conducted a review of 50 technical reports filed by Ontario mining issuers to assess whether they complied with recent revisions to NI 43-101, adopted by the Canadian Securities Administrators on June 30, 2011. During the review, Staff identified an unacceptable level of compliance. Specifically, 80 percent of the total number of technical reports reviewed had some form of non-compliance with the disclosure requirements and approximately 40 per cent had at least one major non-compliance concern.

“Technical reports are fundamental disclosure documents and ensuring compliance among mining issuers is critical,” said Huston Loke, Director, Corporate Finance. “It is important that investors have accurate and meaningful information about material mineral properties in order to make informed investment decisions.”

OSC staff will continue to monitor technical reports filed by Ontario mining issuers as part of its continuous disclosure program and will take regulatory action as appropriate where securities requirements are not met.

The results of the review are set out in OSC Staff Notice 43-705 and the guidance provided should be used as a tool by mining issuers when preparing their technical reports.

The OSC is the regulatory body responsible for overseeing Ontario’s capital markets. The OSC administers and enforces Ontario’s securities and commodity futures laws. Its mandate is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in capital markets.

 

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