Mining Company research board

[1manband]

I would think a mining company that heretofore has never had an NI 43-101 report on its property should be dutifully recognized for moving in the direction of NI 43-101 compliance.

Because the claim of NI 43-101 compliance is a complete lie?

NI 43-101 is a Canadian reporting standard (and is not, as MDMN claims, an "international standard") and can ONLY be used by a Canadian reporting company. Why? Because the first rule of NI 43-101 compliance is that any reports prepared under the rule MUST be filed with a Canadian regulator. No exceptions. For a public company, that means it must be filed on SEDAR, which is only available to Canadian reporting companies. MDMN does not report anywhere, and they do not qualify to trade in Canada. Therefore, they can never comply with NI 43-101. Neither does Amarant.

To call a report "NI 43-101 compliant" when it has not been filed with, and reviewed by, a CSA member regulator is not only a lie, it is illegal. It would as if I said I read about medicine in a book and understand what it means, so I don't have to pass the Medical Boards and be licensed to practice medicine, but trust me - I am just as good as the licensed doctors. That would be a crime. Just like US companies claiming NI 43-101 reports.

What is the other option you suggest?...just drill away and report their resource estimates without an NI 43-101?

No, the "other" and actual only legal option is to report under Industry Guide 7, which is the legal reguation for all US companies. Every country has their own laws and reporting regulations for mineral exploration and production. They have to use the specific regulation for their country - they cannot pick and choose the reporting regime which fits their promotion. So many US companies claim "NI 43-101" because investors seem to think it is somehow special and important, which functionally, there is very little difference between NI 43-101 and Industry Guide 7. I guess claiming they are preparing an "Industry Guide 7" report isn't sexy enough for these stock promotions. Both the Canadian regulators and SEC recognize the term NI 43-101 is often being used by US companies for stock promotion and other fraudulent purposes, and have been cracking down on companies illegally making those claims. Hopefully MDMN's use of the term has attracted their attention.

Almost 100% of the time a US company claims an NI 43-101 report, it is fraudulent. For every non-SEC reporting Pink Sheet company, the number IS 100%. But then again, MDMN is no stranger to bogus claims about its business, is it?

And yes, it is a "gotcha". And that is about the only thing about MDMN that is not fabricated.