eNews Post

If you would like to receive eNews, please email [email protected] with the title: "Add my email to eNews".

November 5, 2009 - No. 68

Getting the word out about flowthrough shares

The Globe & Mail is planning to publish a supplement on flowthrough shares in mid-December. The supplement, which will be contained in the investment pages of the business section of the newspaper, will be targeted towards investors and will include articles on what flowthrough shares are, their benefits, how to buy them, and details about the mineral exploration tax credit (super flowthrough). Also featured will be stories of how exploration companies have successfully used flowthrough shares and some case studies. For more information about advertising opportunities in the supplement or about the editorial features, please contact us.

In the meantime, the PDAC has updated its popular pamphlet on flowthrough shares and the super flowthrough tax credit. The pamphlet, which is aimed principally at investors, is available in English and French and fits into a number 10 business envelope. Copies are also available on the PDAC’s website here. To order copies, please contact Wendy Merowitz Gray at [email protected].

Members’ comments on National Instrument 43-101 submitted

Earlier this year, the British Columbia and Ontario securities commissions asked for comments on the operation of National Instrument 43-101 Standards of Disclosure for Mineral Projects. Thank you to those members who sent in their opinions on this topic. Your views and comments were summarized and submitted in this eleven-page document. In general, NI 43-101 is regarded as benefiting the Canadian capital markets and the exploration and mining industry. There are concerns, however, about its application and operation.

PDAC calls for permanent super flowthrough program in pre-budget consultations

PDAC director Eira Thomas and Philip Bousquet, senior program director, appeared before the federal finance committee in September in Edmonton to present the association’s proposals for reducing the impact of the economic downturn on the mineral industry. Priorities are for the mineral exploration tax credit (METC) to be made permanent; investment in transportation infrastructure; and the qualification of issuance and compliance costs as CEE. The full submission is here.

Act amending Ontario’s mining legislation receives Royal Assent

Ontario’s Mining Amendment Act, 2009, received Royal Assent on October 28, 2009. A copy of the new Act is available here. Fasken Martineau LLP has produced two useful  blackline comparisons. The first shows the effect of the amending legislation on the existing Act, and the second shows the changes in the amending legislation between first reading in May 2009 and its receiving Royal Assent. The comparisons are posted here. The new Act paves the way for processes that will be described in regulations, to be developed during the upcoming year. In developing these regulations, the Ministry of Northern Development, Mines and Forestry plans to hold further consultations. The PDAC will be involved in this consultation process and will provide details to members once they are known.

Some hotel accommodation still available for PDAC Convention 2010

The association has reserved blocks of rooms at a number of downtown Toronto hotels close to the Metro Toronto Convention Centre. Preferred room rates are in effect for the duration of the convention (March 7-10), but these rates apply to a certain number of rooms only and are available on a first-come, first-served basis up until February 5, 2010. Rooms at the special convention rate are still available at the following hotels: Westin Harbour Castle; Metropolitan; Novotel; Sheraton Centre Toronto; Delta Chelsea; One King West Hotel & Residence; Courtyard by Marriott Downtown; and the Marriott Residence Inn. Full details, including rates, reservation information, and the approximate walking distance between each hotel and the Metro Toronto Convention Centre, are available here.

November 15 is deadline for nominations to PDAC’s board of directors

Members are encouraged to submit their nominations for the association’s board of directors. The deadline is November 15. The board is responsible for advancing members’ interests, approving the association’s policies and positions on issues affecting the industry, and for the overall stewardship of the association’s affairs. Directors serve a three-year term and are elected at the association’s annual meeting in March. The board generally holds seven meetings a year, and directors may choose to attend in person or by telephone. Click here for nomination details.

Please complete Fraser Institute’s annual survey of mining companies

The Fraser Institute conducts an annual survey of mining companies. The results, which are published every spring, rank Canadian jurisdictions and some foreign countries by how favourable they are perceived for mineral development. This study has grown in authority over the twelve years it has been published; the PDAC makes a financial contribution to the institute to conduct the survey. Please take 15 minutes to complete it. All responses are kept confidential, and the names of individuals completing the survey are entered into a draw for $1,000. The survey begins here. Thanks!

Federal government publishes CSR e-bulletin no. 3

Foreign Affairs and International Trade Canada is publishing an electronic bulletin to provide information about the federal government’s programs in the area of corporate social responsibility. A third issue, in English and French, is now available. Click here for a copy.

Workshop on IFRS ? Vancouver ? November 24-25

A two-day interactive workshop on International Financial Reporting Standards for exploration companies is being offered by PricewaterhouseCoopers in Vancouver on November 24 and 25. The workshop will cover the key differences between Canadian GAAP and IFRS and will help participants plan their conversion requirements and timelines. Space is limited to 25 participants. The registration fee is $1,850 + GST. More details are here.

Roundtable on financing in the mining industry ? Toronto ? December 3

Foreign Affairs and International Trade Canada (DFAIT), in collaboration with the International Finance Corporation (IFC), PDAC, the Canadian Association of Mining Equipment and Services for Export (CAMESE), and Fasken Martineau LLP, is organizing a roundtable and individual consultations on financing in the mining industry. The event will be held on December 3 at Fasken Martineau's offices, Suite 4200, 66 Wellington Street West, Toronto. The roundtable will begin at 8:30 a.m. with registration and breakfast. The event will also include a networking lunch. IFC representatives will speak about present and future business opportunities in the mining sector in Africa and Latin America. Send an email to Allison Cary, [email protected], to obtain more information or to register your interest.

Renewed investment in transportation is key to northern development

In the October 2009 issue of Northern Mining News, the NWT & Nunavut Chamber of Mines says that investment in transportation and power generation infrastructure is critical for the development of the next generation of mines. The chamber has identified more than 30 ore bodies in the region that could be in production in the next 25 years, but many will not see production without the support of highways and/or sources of power, it says. Read more here.

WHERE on Earth challenges young people to think about the origins of their ‘stuff’

The Canadian Geoscience Education Network is organizing another WHERE challenge, a national contest that encourages youngsters 10 to 14 years old to pick a favourite object, identify the non-renewable resources it contains and come up with a creative way to demonstrate WHERE on Earth the resources originate. Essays, poems, songs, plays, paintings, posters are some suggestions. Contestants may submit individual entries. Alternatively, entries may come from a group or even a school. Cash prizes will be awarded to the winners. If you have youngsters or know some, this could be fun. The video promoting the contest is worth a look. It and contest details are here.

Orphaned and abandoned mines initiative report released

NOAMI (National Orphaned/Abandoned Mines Initiative) has released a six-year performance report, highlighting its activities, accomplishments, and remaining challenges. Prevention of new abandoned sites has been identified as a top priority. The report is available in English and French.

Positions on global climate change and creationism

The Canadian Federation of Earth Sciences (CFES) has developed position statements on global climate change and creationism. CFES was established in 2006 as the successor to the Canadian Geoscience Council and brings together 13 affiliated member societies of earth scientists in industry, government, and academia. The umbrella organization represents an estimated 20,000 earth scientists in Canada. The position statements are available here.