Canadian regulators seek comment on proposed changes to national mining rule

VANCOUVER, April 23 /CNW/ - The Canadian Securities Administrators (CSA) today published proposals to update the rules that govern disclosure by mining companies.

The CSA is seeking comment by July 23, 2010 on its proposal to repeal and replace National Instrument 43-101 Standards of Disclosure for Mineral Projects, Form 43-101F1 Technical Report, and Companion Policy 43-101CP. The CSA is specifically seeking comment on whether to keep, modify or eliminate the short form prospectus trigger for technical reports. Anyone interested in providing feedback will find full information about the proposed amendments, the discussion issues, and how to submit comments in the Notice and Request for Comment released today.

"We have received a great deal of feedback from market participants on the challenges the current mining disclosure rules pose to their operations," said Jean St-Gelais, Chair of the CSA and President & Chief Executive Officer of the Autorité des marchés financiers (Québec). "The proposed changes reflect our analysis of the results of these consultations and the experience of our mining professionals with the existing rule. We believe the proposed changes will provide cost savings and efficiencies to mining companies without compromising investor protection."

These are the first proposed major changes to NI 43-101 since it went into effect in 2001. The proposed amendments to NI 43-101 aim, among other things, to increase flexibility in some areas and eliminate or reduce the scope of certain requirements while maintaining investor protection.

Copies of the proposed rule amendments and additional background information are available on the websites of CSA members.

The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

For further information: Robert Merrick, Ontario Securities Commission, [phone]; Sylvain Théberge, Autorité des marchés financiers, [phone]; Mark Dickey, Alberta Securities Commission, [phone]; Brenda Lea Brown, British Columbia Securities Commission, [phone]; Ainsley Cunningham, Manitoba Securities Commission, [phone]; Wendy Connors-Beckett, New Brunswick Securities Commission, [phone]; Natalie MacLellan, Nova Scotia Securities Commission, [phone]; Barbara Shourounis, Saskatchewan Financial Services Commission, [phone]; Janice Callbeck, PEI Securities Office, Office of the Attorney General, [phone]; Doug Connolly, Financial Services Regulation Division, Newfoundland and Labrador, [phone]; Fred Pretorius, Yukon Securities Registry, [phone]; Louis Arki, Nunavut Securities Office, [phone]; Donn MacDougall, Northwest Territories, Securities Office, [phone]