Un resumen de lo que contiene la normativa Canadiense NI 43-101 respecto de la publicación de información minera y sus normas de sguridad en la creación de datos geo-mineros.

1. NATIONAL INSTRUMENT 43-101
By:
John E. Bolaños
P.Eng. Geologist, M.Sc., M.C.S.M, Q.P. Geo.

4. EL GRAN FRAUDE DE BRE-X
• ¿Quién se acuerda hoy de Bre-X, el mayor fraude
cometido en la historia del oro? Todo comenzó a
gestarse en 1995 cuando David Walsh, un oscuro
broker neoyorkino, decidió dar un nuevo impulso a la
empresa que había fundado unos años antes, la aún
más oscura y minúscula minera Bre-X. Ni corto ni
perezoso se asoció con el geólogo John Felderhoff y
compró un pedazo de tierra en la jungla de Borneo
(Indonesia), conocido también como el yacimiento de
Busang. Y sencillamente, dijo que allí había
encontrado oro.

5. EL GRAN FRAUDE DE BRE-X
Según relata José Luis Cárpatos en la obra “Leones contra
Gacelas”, estábamos a mediados de los años noventa, una
época en la que las bolsas subían sin parar. La edad dorada
de la burbuja, donde todo valía y nada se cuestionaba. Para
dar un toque de realismo a la historia, contrató al geólogo
Michael de Guzman y se las arregló para que certificara que
en el remoto yacimiento de Busang había hasta 6.500
toneladas de oro, es decir, casi el 8% de las reservas
mundiales del metal precioso.

6. EL GRAN FRAUDE DE BRE-X
• Pero en realidad, nadie se molestó en comprobar si lo que Walsh
decía era verdad y las acciones de Bre-X comenzaron a subir como la
espuma. Así, a finales de 1995, los títulos valían poco más de 2
dólares canadienses, y en mayo de 1996 marcaron un pico de 275
dólares canadienses, lo que valoraba la empresa en US$ 4.400
millones. Pocos meses después, Barrick fichó como ejecutivo al ex
presidente de Estados Unidos, George Bush, quien envió una carta al
mandatario indonesio Suharto –también metido en Bre-X- para que
vendiera dos tercios de la minera a Barrick. Hasta entonces, todos
salvo Walsh desconocían que en la jungla de Indonesia no había más
que pedregal del bueno.

7. NATIONAL INSTRUMENT 43-101
PURPOSE:
Plainly put, the purpose of the National Instrument
43-101 is to ensure that misleading, erroneous or
fraudulent information relating to mineral properties
is not published and promoted to investors on the
stock exchanges overseen by the Canadian Securities
Administrators (CSA).

8. NATIONAL INSTRUMENT 43-101
Is a national instrument for the Standards of
Disclosure for Mineral Projects within Canada. The
Instrument is a codified set of rules and guidelines
for reporting and displaying information related to
mineral properties owned by, or explored by,
companies which report these results on stock
exchanges within Canada. This includes foreign-
owned mining entities who trade on stock
exchanges overseen by the Canadian Securities
Administrators (CSA), even if they only trade on
Over The Counter (OTC) derivatives or other
instrumented securities.

9. NATIONAL INSTRUMENT 43-101
• Regulates to protect investors and market integrity.
Canadian Securities Administrators (CSA) is equip with
powerful regulatory tools.
CSA can:
• Impose requirements through rules and other
regulatory instruments
• Provide guidance
• Monitor compliance and demand corrective action
• Take enforcement action
• Educate market participants and investors

10. NATIONAL INSTRUMENT 43-101
• Regulates to protect investors and market
integrity. Legal Canadian Authority and Resources
is equip with some powerful regulatory tools.
It can:
• Impose requirements through rules and other
regulatory instruments
• Provide guidance
• Monitor compliance and demand corrective
action
• Take enforcement action
• Educate market participants and investors

11. NATIONAL INSTRUMENT 43-101
Disclosures covered by the NI 43-101 code include press releases
of mineral exploration reports,reporting of resources and reserves,
presentations, oral comments, and websites. The NI 43-101 covers
metalliferous, precious metals and solid energy commodities as well
as bulk minerals, dimension stone, precious stones and mineral
sands commodities.
Many publicly held Canadian mineral exploration and mining
companies list on the TSX Venture Exchange (TSX-V) or the Toronto
Stock Exchange (TSX). Some of these companies may also have
listings on stock exchanges outside Canada, such as: London Metal
Exchange (LME), New York (NYS), Australia Securities Exchange (ASX),
Johannesburg Stock Exchange (JMEX), Hong Kong Stock Exchange
(HKMEX), Bolas Valores Lima (BVL), Bolsa de Comercio de Santiago de
Chile (BCS), Bolsa de Valores de Colombia (BVC), Bolsa de Valores de
Sao Paulo Brasil (BOVESPA), etc.

12. NATIONAL INSTRUMENT 43-101

13. NATIONAL INSTRUMENT 43-101
• El NI 43-101 is based on the Joint Ore
Reserves Committe (JORC code) which
regultaes reporting in the Australia Stock
Exchange (ASX). Both are equivalent.
• Also based in the «South African Code for the
Reporting of Mineral Resources and Mineral
Reserves» (SAMREC)
• Other.

14. Form 43-101F1 - Technical Report
Independent Technical Report
“A technical report required under any of the
following provisions of this Instrument must be
prepared by or under the supervision of one or
more qualified persons that are, at the
effective and filing dates of the technical
report, all independent of the issuer.”

15. QUALIFIED PERSON (QP)
A technical report must be prepared by or under the supervision of one or more
qualified persons.
“qualified person” means an individual who:
(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 five years of experience in mineral exploration, mine
development or operation or mineral project assessment, or any
combination of these, that is relevant to his or her professional
degree or area of practice;
(c) has experience relevant to the subject matter of the mineral
project and the technical report;
(d) is in good standing with a professional association

16. QUALIFIED PERSON (QP)
Foreign Jurisdiction:
(e) in the case of a professional association in a foreign jurisdiction, has
a membership designation that
(i) requires attainment of a position of responsibility in
their profession that requires the exercise of
independent judgment; and
(ii) requires
A. a favourable confidential peer evaluation of the
individual’s character, professional judgement,
experience, and ethical fitness; or
B. a recommendation for membership by at least
two peers, and demonstrated prominence or
expertise in the field of mineral exploration or mining

18. Form 43-101F1 - Technical Report
• TITLE
• CONTENTS OF THE TECHNICAL REPORT
• Title Page
• Date and Signature Page
• Table of Contents
• Illustrations

19. Form 43-101F1 - Technical Report
• Item 1: Summary
• Item 2: Introduction
• Item 3: Reliance on Other Experts
• Item 4: Property Description and Location
• Item 5: Accessibility, Climate, Local Resources,
Infrastructure and Physiography
• Item 6: History
• Item 7: Geological Setting and Mineralization
• Item 8: Deposit Types
• Item 9: Exploration

20. Form 43-101F1 - Technical Report
• Item 10: Drilling
• Item 11: Sample Preparation, Analyses and
Security
• Item 12: Data Verification
• Item 13: Mineral Processing and Metallurgical
Testing
• Item 14: Mineral Resource Estimates
• Item 15: Mineral Reserve Estimates
• Item 16: Mining Methods
• Item 17: Recovery Methods

21. Form 43-101F1 - Technical Report
• Item 18: Project Infrastructure
• Item 19: Market Studies and Contracts
• Item 20: Environmental Studies, Permitting and
Social or Community Impact
• Item 21: Capital and Operating Costs
• Item 22: Economic Analysis
• Item 23: Adjacent Properties
• Item 24: Other Relevant Data and Information
• Item 25: Interpretation and Conclusions
• Item 26: Recommendations
• Item 27: References

22. NATIONAL INSTRUMENT 43-101
• To list a Company in the TSX or TSXV the
technical report NI 43-101.
• National Instrument – Standards of Disclosure
for Mineral Projects.
• Form 43-101 F1 Technical Report.
• Companion Policy 43-101 CP to National
Instrument –Standards of Disclosure for
Mineral Projects.

23. RESOURCE AND RESERVES
CLASIFICATION
• The clasification systems are based on:
– Geological certainty.
– Economic viability
• QA&QC procedures and valuation of errors
Errores (P. Gy)
• Dispertion values determination (statistics
and geo-statistics of the mining variables.

24. QA & QC

25. RESOURCE AND RESERVES
CLASIFICATION
The main methods to classified resources and reserves are:
1. Traditional methods
– Geological continuity
– Exploration grid density
– Interpolation vs. Extrapolation
– Considerations (no blocks extrapolated, no economic
benefit, social factors, environments, etc.)
– Quality Assurance and Quality Control (QA&QC)
2. Geo-statistical criteria
• Variogram
• Kriging, inverse distance, etc.

26. VARIOGRAM

27. NATIONAL INSTRUMENT 43-101

28. MINERAL RESOURCE
A mineral resource is a concentration or
occurrence of natural, solid, inorganic or
fossilized organic material in or on the earth’s
crust in such form and quantity and of such a
grade or quality that it has reasonable prospects
for economic extraction. The location, quantity,
grade, geological characteristics and continuity of
a mineral resource are known, estimated or
interpreted from specific geological evidence and
knowledge.

29. INFERRED MINERAL RESOURCE
An inferred mineral resource is that part of a mineral
resource for which quantity and grade or quality can be
estimated on the basis of geological evidence and
limited sampling and reasonably assumed, but not
verified, geological and grade continuity. The estimate is
based on limited information and sampling gathered
through appropriate techniques from locations such as
outcrops,
trenches, pits, workings and drill holes.

30. INDICATED MINERAL RESOURCE
An indicated mineral resource is that part of a mineral resource
for which quantity, grade or quality,
densities, shape and physical characteristics, can be estimated
with a level of confidence sufficient to allow the appropriate
application of technical and economic parameters, to support
mine planning and evaluation of the economic viability of the
deposit. The estimate is based on detailed and reliable exploration
and testing information gathered through appropriate techniques
from locations such as outcrops, trenches, pits, workings and drill
holes that are spaced closely
enough for geological and grade continuity to be reasonably
assumed.

31. MEASURED MINERAL RESOURCE
A measured mineral resource is that part of a mineral resource for
which quantity, grade or quality, densities, shape and physical
characteristics are so well established that they can be estimated with
confidence sufficient to allow the appropriate application of technical
and economic parameters, to support production planning and
evaluation of the economic viability of the deposit. The estimate is
based on detailed and reliable exploration, sampling and testing
information gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings and drill holes that are spaced
closely enough to confirm both geological and grade continuity.

32. NATIONAL INSTRUMENT 43-101

33. ORE MINERAL RESERVES
A mineral reserve is the economically mineable part
of a measured or indicated mineral resource
demonstrated by at least a preliminary feasibility
study. This study must include adequate information
on mining, processing, metallurgical, economic and
other relevant factors that demonstrate, at the time
of reporting, that economic extraction can be
justified. A mineral reserve includes diluting
materials and allowances for losses that may occur
when the material is mined.

34. PROBABLE MINERAL RESERVES
A probable mineral reserve is the economically
mineable part of an indicated, and in some
circumstances, a measured mineral resource
demonstrated by at least a preliminary feasibility
study. This study must include adequate
information on mining, processing, metallurgical,
economic, and other relevant factors that
demonstrate, at the time of reporting, that
economic extraction can be justified.

35. PROVEN MINERAL RESERVES
A proven mineral reserve is the economically
mineable part of a measured mineral resource
demonstrated by at least a preliminary feasibility
study. This study must include adequate
information on mining, processing, metallurgical,
economic, and other relevant factors that
demonstrate, at the time of reporting, that
economic extraction is justified.

36. Continue…..
The Canadian Securities Administrators (CSA)
recognize that definitions of mineral resources
and mineral reserves continue to evolve in the
industry. Changes to the definitions of mineral
resources and mineral reserves adopted by the
Canadian Institute of Mining, Metallurgy and
Petroleum (CIM) will automatically be
incorporated by reference into the rule.

37. THE END