Medinah Minerals (MDMN)

[RD759]

Certainly most reports filed in Canada have to comply with NI 43-101 (see below), but it has become such a recognised standard that its framework is used overseas. See the two sets of text below.

"The CSA has added the South African Code for Reporting of Mineral Resources and Mineral Reserves ("SAMREC Code") and replaced USGS Circular 831 with SEC Industry Guide 7 as acceptable foreign codes for reporting mineral resources and mineral reserves. As a result, issuers incorporated outside of Canada are able to file a technical report that uses the mineral resource and mineral reserve categories of the JORC Code, the SEC Industry Guide 7, the IMMM System or the SAMREC Code if a reconciliation to the mineral resource and mineral reserve categories set out in NI 43-101 is disclosed in the technical report. Issuers incorporated in Canada but with properties outside of Canada would also be able to report under the JORC Code, the SEC Industry Guide 7, the IMMM System or the SASMREC Code if appropriate reconciliation and disclosure is made.
In the instance where an issuer announces the acquisition or proposed acquisition of property that is not in accordance to the CIM standards or the alternative codes set out above, the issuer may reclassify the resource and reserves according to CIM, disclose it as a target potential, apply to the CSA for an exemption to disclose the foreign estimates as is, or if applicable, for an extension of time for filing a technical report (for example, the Russian and Chinese codes)".


"In many cases, NI 43-101 and JORC Code technical reports are considered inter-changeable and may be accepted by either regulatory body in cases of dual listed entities and, indeed, are accepted as the de facto industry reporting standard by many other jurisdictions which lack similar rigorous reporting standards or internationally recognized industry professional bodies. The LSE, for instance, accepts CPRs, Qualified Person's Reports (QPRs), and Mineral Resource Statements, compiled using JORC, SAMREC and SAMVAL, or NI 43-101, when accompanied by a NI51-101 Valuation Form, for listing on the LSE. Likewise, the Hong Kong Stock Exchange accepts reports prepared in accordance with NI 43-101,SAMREC or JORC".