Interim NI 43-101 disqualification = No Merger (under current terms)
posted on
Jul 05, 2011 02:21PM
The title of this post is my opinion. This is a single point of attack that needs to be thoroughly researched from all angles.
"Century Mining has been cognisant of the fact that until these Technical Reports are completed, the Company is constrained in its disclosures and in proceeding with the Business Combination. A more extensive technical review would require a further five to six months, resulting in an unacceptable delay, but is expected to recover some of the reductions and reclassifications indicated in the current reserve and resource update or to add new mineral resources. Century Mining views this update on the reserves and resources as an interim update released at this time to meet the current requirements of the Company."
The underlined area above is what I find to be outrageous! How can this interim report constitute the full disclosure of documentation that the regulators require?Does the request for "current" NI 43-101 Technical Report imply that an interim is sufficient?
"The Toronto Stock Exchange (the "TSX") deferred its approval of the proposed plan of arrangement to combine White Tiger Gold Ltd. ("White Tiger Gold") and Century Mining (the "Business Combination"), as previously announced, pending receipt of "current" NI 43-101 Technical Reports for Century Mining's Lamaque and San Juan projects. Century Mining retained Micon International Inc. ("Micon") and Dr. Edmond van Hees ("Ed van Hees") to complete the respective Technical Reports. In addition, Ed van Hees was retained to review Micon's approach and philosophy with regard to Micon's audit of the polygon resource estimation."
Independence of ALL parties involved is important:
"Dr. Ed Van Hees commented after his review: "Micon has followed all the CIMM Resource estimation rules and applied the appropriate mining parameters to establishing their NI 43-101 compliant Resource estimate for the Lamaque mine."
Century Mining retained Micon to independently audit the reserves and resources for the Lamaque mine. The Qualified Persons for Micon are Geraint Harris, C.Eng., MAusIMM (CP), William J. Lewis, B.Sc., P.Geo., Dibya Kanti Mukhopadhyay, MAusIMM (CP) and Gary Patrick MAusIMM. Micon's Qualified Persons have reviewed the Lamaque portion of this press release."
Furthermore, would Teck, Placer Dome and McWatters concur with the Micon audit?
Quotes above taken from:
http://www.centurymining.com/s/NewsReleases.asp?ReportID=465399&_Type=News-Releases&_Title=Century-Mining-Announces-Updated-NI-43-101-Reserve-And-Resource-Estimates-F...