Mining Industry Standards for Ore Reserves
Prior to the mid-1990’s, mining companies were trusted for quantification of their own mineral deposits. Following the Bre-X scandal, standards were imposed on the entire process, from sampling through the calculations, even on format for the report, usually called a “Technical Report.”
Different countries have their own versions of these standards, but most commonly accepted is the Canadian Securities Administrators’ National Instrument 43-101 (“NI 43-101”). Companies in other countries will adhere to NI 43-101 standards to improve acceptance of their Technical Reports. Also for purposes of acceptance, these studies are done by an independent professional (known as a “Qualified Person”).
Mining companies could develop mines with their own funds on whatever level of analysis they choose (although that probably wouldn’t be well received). And individuals can certainly invest their own money based upon whatever information they wish. But for deals between mining companies or involving the investment community, a Technical Report is the usual starting point for valuation of a property.
Those expecting to profit from the sale of these properties (they aren’t “mines,” – nothing is being mined there) should be aware that there is no public industry-acceptable Technical Report documenting the existence of an economic gold deposit on them. (Others may have a more blunt way of stating that.) They would be valued by mining professionals only as exploration projects.
And, before it get posted again, the “Colliston Report” that is relied on by many on this board, does not meet the requirements of an industry-standard Technical Report. It is more an overview of historical activity and property potential, seemingly intended for promotional purposes. (You won’t find the phrases “if, as we believe,” “turns out,” “may be,” and "closer to” in a Technical Report.)
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