BC Notices

BCN 2005/49 Advance Notice of Replacement of National Instrument 43-101 Standards of Disclosure for Mineral Projects, Form 43-101F1 Technical Report, and Companion Policy 43-101CP [BCN - Lapsed]
Published October 7, 2005
Rescinded/Lapsed May 31, 2012

View PDF of Appendix A: Summary of Changes to NI 43-101PDF
View PDF of Appendix B: List of Commenters PDF
View PDF of Appendix C: Summary of Comments   PDF
View PDF of Appendix D: Amendments to NI 51-102 Continuous Disclosure Obligations PDF



Concurrently Published

In the attached advance notice, the Canadian Securities Administrators announce the expected implementation of National Instrument 43-101 Standards of Disclosure for Mineral Projects, and its related companion policy, effective December 30, 2005.

October 7, 2005

Brent W. Aitken
Vice Chair

This Notice may refer to other documents. These documents can be found at the B.C. Securities Commission public website at www.bcsc.bc.ca in the section Securities Law & Policy: Policies & Instruments.

 

Notice

Replacement of National Instrument 43-101
Standards of Disclosure for Mineral Projects, Form 43-101F1 Technical Report, and
Companion Policy 43-101CP

 

October 7, 2005

We, the Canadian Securities Administrators (CSA), are replacing the following instruments, which came into effect on February 1, 2001:

  • National Instrument 43-101 Standards of Disclosure for Mineral Projects (Previous NI 43-101) and
  • Form 43-101F1 Technical Report (Previous Form),

with the following instruments, respectively:

  • National Instrument 43-101 Standards of Disclosure for Mineral Projects (New NI 43-101), and
  • Form 43-101F1 Technical Report (New Form).

In this Notice, New NI 43-101 and the New Form are collectively referred to as the Instrument. 

The Companion Policy 43-101CP (the Policy), which includes explanations, discussion and examples on how the CSA will interpret and apply the Instrument, is also being replaced.

In order to conform with the Instrument we made a consequential amendment to National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102).   

Members of the CSA in the following jurisdictions have made, or expect to make, the Instrument

  • a rule in each of British Columbia, Alberta, Manitoba, Ontario and Nova Scotia, Prince Edward Island, New Brunswick and Newfoundland and Labrador;
  • a commission regulation in Saskatchewan and a regulation in Québec; and
  • a policy in the Northwest Territories, Yukon and Nunavut.

We also expect the Policy to be adopted in all jurisdictions.

In British Columbia and Ontario, the implementation of the Instrument is subject to ministerial approval. 

In Ontario, the Instrument and the other materials required to be delivered to the minister responsible for the oversight of the Ontario Securities Commission were delivered on October 6, 2005.

In Québec, the Instrument is a regulation made under section 331.1 of The Securities Act (Québec) and must be approved, with or without amendment, by the Minister of Finance. The Instrument will come into force on the date of its publication in the Gazette officielle du Québec or on any later date specified in the regulation.

Provided all necessary ministerial approvals are obtained, the Instrument and consequential amendments to NI 51-102 will come into force on December 30, 2005. The Policy will also come into force at that time. At that same time, the Previous NI 43-101 and the Previous Form will be repealed. In addition, at that same time, the Policy relating to the Previous NI 43-101 and CSA Staff Notice 43-302 Frequently Asked Questions - National Instrument 43-101 Standards of Disclosure for Mineral Projects will be withdrawn. 

The final text of the Instrument and the Policy is being published concurrently with this Notice and can also be obtained on websites of CSA members, including the following:

Substance and Purpose

We have been monitoring the operation of the Previous NI 43-101 and the Previous Form since adoption.  We identified a number of areas that were not operating as intended. We proposed a number of changes to:

  • reflect changes that have occurred in the mining industry,
  • correct errors,
  • simplify the drafting,
  • provide exemptions in specified circumstances, and
  • generally make the Instrument more user-friendly and practical. 

Prior Publications

Details of the proposed changes (Proposed Changes) were contained in a notice and request for comments published for a 90-day comment period on September 10, 2004.

Summary of Written Comments Received by the CSA

The 90-day comment period expired on December 10, 2004. During the comment period, we received 60 submissions from 58 commenters. We have considered these comments and thank all the commenters. A list of the 58 commenters and a summary of their comments, together with our responses, are contained in Appendices B and C to this Notice.

Summary of Changes to the Instrument and Policy

After considering the comments received, we made further revisions to the Proposed Changes. As these changes are not material, we are not republishing the Instrument or the Policy for a further comment period. Appendix A describes the revisions made to the Proposed Changes, other than those changes that are of a minor nature, or those made only for the purposes of clarification or for further streamlining or drafting reasons.

Consequential Amendment

National Amendment

Effective December 30, 2005, we will amend National Instrument 51-102 Continuous Disclosure Obligations by revising the definition of “mineral project” in that instrument so that it has the same meaning as in New NI 43-101. The amendment is set out in Appendix D to this Notice.

Questions

If you have any questions, please refer them to any of the following:

Pamela Egger
Senior Legal Counsel, Corporate Finance
British Columbia Securities Commission
Tel: (604) 899-6867
E-mail: pegger@bcsc.bc.ca

Gregory Gosson
Chief Mining Advisor
British Columbia Securities Commission
Tel: (604) 899-6519
E-mail: ggosson@bcsc.bc.ca

David Surat
Legal Counsel, Corporate Finance
Ontario Securities Commission
Tel: (416) 593- 8103
E-mail:  dsurat@osc.gov.on.ca

Deborah McCombe
Chief Mining Consultant
Ontario Securities Commission
Tel: (416) 593-8151
E-mail:  dmccombe@osc.gov.on.ca 

Shawn Taylor
Legal Counsel
Alberta Securities Commission
Tel:  (403) 297-4770
E-mail:
 shawn.taylor@seccom.ab.ca

Susan Grams
Securities Analyst 
Tel:  (403) 297-8694
Alberta Securities Commission
E-mail: susan.grams@seccom.ab.ca 

Pierre Martin
Senior Legal Counsel
Autorité des marchés financiers
Tel: (514) 395-0558, ext. 4375
E-mail: pierre.martin@lautorite.qc.ca