la normativa canadiense ni 43-101

NATIONAL INSTRUMENT 43-101

By:

John E. BolañosP.Eng. Geologist, M.Sc., M.C.S.M, Q.P. Geo.

EL GRAN FRAUDE DE BRE-X

• ¿Quién se acuerda hoy de Bre-X, el mayor fraude cometido en la historia del oro? Todo comenzó a gestarse en 1995 cuando David Walsh, un oscuro broker neoyorkino, decidió dar un nuevo impulso a la empresa que había fundado unos años antes, la aún más oscura y minúscula minera Bre-X. Ni corto ni perezoso se asoció con el geólogo John Felderhoff y compró un pedazo de tierra en la jungla de Borneo (Indonesia), conocido también como el yacimiento de Busang. Y sencillamente, dijo que allí había encontrado oro.


Según relata José Luis Cárpatos en la obra “Leones contra Gacelas”, estábamos a mediados de los años noventa, una época en la que las bolsas subían sin parar. La edad dorada de la burbuja, donde todo valía y nada se cuestionaba. Para dar un toque de realismo a la historia, contrató al geólogo Michael de Guzman y se las arregló para que certificara que en el remoto yacimiento de Busang había hasta 6.500 toneladas de oro, es decir, casi el 8% de las reservas mundiales del metal precioso.


• Pero en realidad, nadie se molestó en comprobar si lo que Walshdecía era verdad y las acciones de Bre-X comenzaron a subir como la espuma. Así, a finales de 1995, los títulos valían poco más de 2dólares canadienses, y en mayo de 1996 marcaron un pico de 275dólares canadienses, lo que valoraba la empresa en US$ 4.400 millones. Pocos meses después, Barrick fichó como ejecutivo al ex presidente de Estados Unidos, George Bush, quien envió una carta al mandatario indonesio Suharto –también metido en Bre-X- para que vendiera dos tercios de la minera a Barrick. Hasta entonces, todos salvo Walsh desconocían que en la jungla de Indonesia no había más que pedregal del bueno.


PURPOSE:

Plainly put, the purpose of the National Instrument 43-101 is to ensure that misleading, erroneous or fraudulent information relating to mineral properties is not published and promoted to investors on the stock exchanges overseen by the Canadian Securities Administrators (CSA).


Is a national instrument for the Standards of Disclosure for Mineral Projects within Canada. The Instrument is a codified set of rules and guidelines for reporting and displaying information related to mineral properties owned by, or explored by, companies which report these results on stock exchanges within Canada. This includes foreign-owned mining entities who trade on stock exchanges overseen by the Canadian Securities Administrators (CSA), even if they only trade on Over The Counter (OTC) derivatives or other instrumented securities.


• Regulates to protect investors and market integrity. Canadian Securities Administrators (CSA) is equip with powerful regulatory tools.

CSA can:

• Impose requirements through rules and other regulatory instruments

• Provide guidance• Monitor compliance and demand corrective action• Take enforcement action• Educate market participants and investors


• Regulates to protect investors and market integrity. Legal Canadian Authority and Resources is equip with some powerful regulatory tools.

It can:• Impose requirements through rules and other

regulatory instruments• Provide guidance• Monitor compliance and demand corrective

action• Take enforcement action• Educate market participants and investors

NATIONAL INSTRUMENT 43-101Disclosures covered by the NI 43-101 code include press releases of mineral exploration reports,reporting of resources and reserves, presentations, oral comments, and websites. The NI 43-101 covers metalliferous, precious metals and solid energy commodities as well as bulk minerals, dimension stone, precious stones and mineral sands commodities.

Many publicly held Canadian mineral exploration and mining companies list on the TSX Venture Exchange (TSX-V) or the Toronto Stock Exchange (TSX). Some of these companies may also have listings on stock exchanges outside Canada, such as: London Metal Exchange (LME), New York (NYS), Australia Securities Exchange (ASX), Johannesburg Stock Exchange (JMEX), Hong Kong Stock Exchange (HKMEX), Bolas Valores Lima (BVL), Bolsa de Comercio de Santiago de Chile (BCS), Bolsa de Valores de Colombia (BVC), Bolsa de Valores de Sao Paulo Brasil (BOVESPA), etc.


• El NI 43-101 is based on the Joint Ore Reserves Committe (JORC code) whichregultaes reporting in the Australia Stock Exchange (ASX). Both are equivalent.

• Also based in the «South African Code for theReporting of Mineral Resources and Mineral Reserves» (SAMREC)

• Other.

Form 43-101F1 - Technical Report

Independent Technical Report

“A technical report required under any of the following provisions of this Instrument must be prepared by or under the supervision of one or more qualified persons that are, at the effective and filing dates of the technical report, all independent of the issuer.”

QUALIFIED PERSON (QP)

A technical report must be prepared by or under the supervision of one or more qualified persons.

“qualified person” means an individual who:

(a) is an engineer or geoscientist with a university degree, or equivalent accreditation, in an area of geoscience, or engineering, relating to mineral exploration or mining;

(b) has at least five years of experience in mineral exploration, mine development or operation or mineral project assessment, or any combination of these, that is relevant to his or her professional degree or area of practice;

(c) has experience relevant to the subject matter of the mineral project and the technical report;

(d) is in good standing with a professional association

QUALIFIED PERSON (QP)Foreign Jurisdiction:

(e) in the case of a professional association in a foreign jurisdiction, has a membership designation that

(i) requires attainment of a position of responsibility in their profession that requires the exercise of independent judgment; and

(ii) requires

A. a favourable confidential peer evaluation of the individual’s character, professional judgement, experience, and ethical fitness; or

B. a recommendation for membership by at least two peers, and demonstrated prominence or expertise in the field of mineral exploration or mining


• TITLE

• CONTENTS OF THE TECHNICAL REPORT

• Title Page

• Date and Signature Page

• Table of Contents

• Illustrations


• Item 1: Summary• Item 2: Introduction• Item 3: Reliance on Other Experts• Item 4: Property Description and Location• Item 5: Accessibility, Climate, Local Resources,

Infrastructure and Physiography• Item 6: History• Item 7: Geological Setting and Mineralization• Item 8: Deposit Types• Item 9: Exploration


• Item 10: Drilling• Item 11: Sample Preparation, Analyses and

Security• Item 12: Data Verification• Item 13: Mineral Processing and Metallurgical

Testing• Item 14: Mineral Resource Estimates• Item 15: Mineral Reserve Estimates• Item 16: Mining Methods• Item 17: Recovery Methods


• Item 18: Project Infrastructure• Item 19: Market Studies and Contracts• Item 20: Environmental Studies, Permitting and

Social or Community Impact• Item 21: Capital and Operating Costs• Item 22: Economic Analysis• Item 23: Adjacent Properties• Item 24: Other Relevant Data and Information• Item 25: Interpretation and Conclusions• Item 26: Recommendations• Item 27: References


• To list a Company in the TSX or TSXV thetechnical report NI 43-101.

• National Instrument – Standards of Disclosurefor Mineral Projects.

• Form 43-101 F1 Technical Report.

• Companion Policy 43-101 CP to NationalInstrument –Standards of Disclosure forMineral Projects.

RESOURCE AND RESERVES CLASIFICATION

• The clasification systems are based on:

– Geological certainty.

– Economic viability

• QA&QC procedures and valuation of errors

Errores (P. Gy)

• Dispertion values determination (statisticsand geo-statistics of the mining variables.

QA & QC

RESOURCE AND RESERVES CLASIFICATION

The main methods to classified resources and reserves are:

1. Traditional methods

– Geological continuity

– Exploration grid density

– Interpolation vs. Extrapolation

– Considerations (no blocks extrapolated, no economicbenefit, social factors, environments, etc.)

– Quality Assurance and Quality Control (QA&QC)

2. Geo-statistical criteria

• Variogram

• Kriging, inverse distance, etc.

VARIOGRAM

MINERAL RESOURCE

A mineral resource is a concentration or

occurrence of natural, solid, inorganic or

fossilized organic material in or on the earth’s

crust in such form and quantity and of such a

grade or quality that it has reasonable prospects

for economic extraction. The location, quantity,

grade, geological characteristics and continuity of

a mineral resource are known, estimated or

interpreted from specific geological evidence andknowledge.

INFERRED MINERAL RESOURCE

An inferred mineral resource is that part of a mineral

resource for which quantity and grade or quality can be

estimated on the basis of geological evidence and

limited sampling and reasonably assumed, but not

verified, geological and grade continuity. The estimate is

based on limited information and sampling gathered

through appropriate techniques from locations such as

outcrops,

trenches, pits, workings and drill holes.

INDICATED MINERAL RESOURCE

An indicated mineral resource is that part of a mineral resource for which quantity, grade or quality,

densities, shape and physical characteristics, can be estimated

with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely

enough for geological and grade continuity to be reasonably assumed.

MEASURED MINERAL RESOURCE

A measured mineral resource is that part of a mineral resource forwhich quantity, grade or quality, densities, shape and physicalcharacteristics are so well established that they can be estimated withconfidence sufficient to allow the appropriate application of technical

and economic parameters, to support production planning andevaluation of the economic viability of the deposit. The estimate is

based on detailed and reliable exploration, sampling and testinginformation gathered through appropriate techniques from locations

such as outcrops, trenches, pits, workings and drill holes that are spacedclosely enough to confirm both geological and grade continuity.

ORE MINERAL RESERVES

A mineral reserve is the economically mineable part

of a measured or indicated mineral resource

demonstrated by at least a preliminary feasibility

study. This study must include adequate information

on mining, processing, metallurgical, economic and

other relevant factors that demonstrate, at the time

of reporting, that economic extraction can be

justified. A mineral reserve includes diluting

materials and allowances for losses that may occur

when the material is mined.

PROBABLE MINERAL RESERVES

A probable mineral reserve is the economicallymineable part of an indicated, and in somecircumstances, a measured mineral resourcedemonstrated by at least a preliminary feasibilitystudy. This study must include adequateinformation on mining, processing, metallurgical,economic, and other relevant factors thatdemonstrate, at the time of reporting, thateconomic extraction can be justified.

PROVEN MINERAL RESERVES

A proven mineral reserve is the economically

mineable part of a measured mineral resource

demonstrated by at least a preliminary feasibility

study. This study must include adequate

information on mining, processing, metallurgical,

economic, and other relevant factors that

demonstrate, at the time of reporting, that

economic extraction is justified.

Continue…..

The Canadian Securities Administrators (CSA)recognize that definitions of mineral resourcesand mineral reserves continue to evolve in theindustry. Changes to the definitions of mineralresources and mineral reserves adopted by theCanadian Institute of Mining, Metallurgy andPetroleum (CIM) will automatically beincorporated by reference into the rule.

THE END

la normativa canadiense ni 43-101

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