(Note: The following answers are provided for general information purposes only and do not constitute legal or technical advice. For question not covered here Contact Us)
1. What is NI 43-101?
Answer: National Instrument 43-101 is a law promulgated in the province of Ontario Canada. It requires that disclosure of mineral exploration data/information is based on reliable information reflecting professional opinions, based on industry best practices and using standardized terminology. This law empowers the Ontario Securities Commission (OSC) to deal with potentially misleading information in order to protect the investing public.
2. Who is QP?
Answer: Qualified Person (QP):
a) Is an engineer or geoscientist with a university degree or equivalent accreditation in an area of geoscience or engineering, relating to mineral exploration or mining
b) Has at least 5 years of relevant experience
c) Is in good standing with a recognized professional association.
3. What are the advantages of NI 43-101 compliant report ?
Answer: The compliant report is written by a Qualified Person (QP), having education and experience relevant to the type of mineral resource. The report is written not to encourage or discourage investors but to tell them the truth so that each investor can make an informed decision with confidence.
4. How much cost is involved in compilation of NI 43-101 compliant report ?
Answer: It depends upon the amount of the work involved. Potential investors must find and discuss their requirements with a QP who will assess the time required and quote his/her compensation.
5. What are international standards?
Answer: Standards are basically to help the (QP) conduct and report results of exploration and mining activities. They also include approved terminology and definition of various terms to be used in the QP reports. CIM standards are one of several internationally recognized standards. Similar standards have been developed by major mining jurisdictions of the world. For example standards developed in Australia are known as JORC Code.
6. How does one become a member of a professional association?
Answer: In countries that have established an officially recognized professional association for eligible geoscientists and engineers one can apply and, after fulfilling the membership requirements, can be admitted as member.
In other countries, professional(s) need to first establish such an association.
7. Who made the international standards?
Answer: The standards were compiled by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) and approved by Ontario Securities Commission (OSC).
8. What are the “exploration best practices guidelines”?
Answer: These guidelines have been prepared to assist the QP(s) in the planning and supervision of exploration programs which will be reported under NI 43-101. The guidelines are also useful in exploration programs not to be reported under NI 43-101. The guidelines help to ensure a consistently high standard of work.
9. What are IEE and EIA?
Answer: The full definitions of these terms are part of the Environmental Protection Act (EPA) of each country. IEE is required in low impact projects and EIA is required for potentially major environmental impact projects. The purpose of both IEE and EIA is to anticipate the environmental impact, and their possible remediation, when deciding whether or not to proceed with a project.
10. Does SIDMIN assist in obtaining mineral licenses?
Answer: Yes, to the extent of preparing applications, listing value minerals and drafting plans showing the boundary lines of area applied for. Clients are responsible for obtaining the legal approval of the licenses applied for from the relevant government department/departments.
11. What is your speciality ? Do you deal in metallic or non-metallic minerals ?
Answer: SIDMIN is able to provide consultation services for both metallic and non-metallic minerals from discovery, exploration, mining, mineral processing, mineral analyses and marketing perspectives. Among energy resources, coal is included but Oil and Gas are excluded. SIDMIN can also assist in drafting legal documents for mineral transactions.