BRE-X, Indonesia, Ashanti Goldfields, Strong Companies. Message Board

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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.

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To: Lorne who wrote (13418)	4/11/1997 3:20:00 PM
From: Ricki Vernon	of 28369

Toronto exchange, OSC to set up mining task force Reuters Story - April 11, 1997 14:20 FINANCIAL GDM CA STX MET US GOL ID AU HOT MRG GB RESF BXM V%REUTER P%RTR TORONTO, April 11 (Reuter) - The Toronto Stock Exchange and the Ontario Securities Commission, under fire at home and abroad amid the controversy involving Bre-X Minerals Ltd , said they were working on new rules for the mining sector. They said they would establish the Mining Standards Task Force, which this autumn would issue a report on whether stricter rules were necessary to monitor mining and exploration companies. Representatives from both bodies will sit on the task force. The task force will examine whether it should require the use of approved assay laboratories and assay methods by mining and mineral companies. It will also look at whether regulators should establish criteria for the approval of assay labs and methods, procedures to boost the security of samples to minimize the chance of tampering and periodic independent reporting of reserves as well as review and approval of reserve reports. The group will also examine whether standards for full and understandable disclosure of assay and drill results are ecessary. Another issue the task force plans to address is whether standards should be adopted to better define reserve types and reserve calculations. To help it make its determinations, the body will look at drilling and assay procedures now used by mining and exploration companies and assay labs, the OSC and TSE said. "It will also consider whether additional information should be provided in prospectuses and continuous disclosure documents in order to enable investors and mining analysts to properly understand and evaluate disclosed drill and assay results," the agencies said. Another issue the task force plans to address is whether standards should be adopted to better define reserve types and reserve calculations. To help it make its determinations, the body will look at drilling and assay procedures now used by mining and exploration companies and assay labs, the OSC and TSE said. "It will also consider whether additional information should be provided in prospectuses and continuous disclosure documents in order to enable investors and mining analysts to properly understand and evaluate disclosed drill and assay results," the agencies said. The task force will retain outside consultants specializing in geology and mining engineering to address technical issues. When preparing the report, it will consult with representatives of the mining and securities industries as well as other regulatory authorities to ensure its recommendations are practical and reinforce the TSE's position as an international mining finance center, the agency said. The TSE and OSC will also review procedures for vetting listing applications, initial offering and continuous disclosure documents from mining and exploration firms. ((Reuters Toronto Bureau (416) 941-8100))

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