In June 1997, the Ontario Securities Commission (OSC) and the Toronto Stock Exchange (TSE) established the Mining Standards Task Force (MSTF). In their final report, "Setting New Standards", dated January 1999, they recommended that CIM expeditiously develop national best practice guidelines for the conduct of mineral exploration programs, development programs and mining operations.
CIM Estimation Guidelines Committee
Pursuant to this recommendation, CIM formed a committee to develop guidelines for the estimation of mineral resources and mineral reserves. The guidelines are intended to foster greater standardization of reporting and provide a benchmark for both companies and Qualified Persons (QP) in discharging their responsibilities.
Mandate and Scope of Work
- Prepare a report of proposed guidelines for the estimation of mineral resource and mineral reserves for industry comment.
- Compile, assess and incorporate, as appropriate, comments from broad industry circulation into the proposed guidelines.
- Prepare a final report for adoption by CIM Council and incorporation in the CIM Industry Standards.
- The guidelines will cover metalliferous minerals, industrial minerals, diamonds, coal, and oil sands.
- The guidelines will be in table format and recommend key activities that should be part of a best practice program.