- 3 -
The SEC Modernization Rules include the adoption of terms describing mineral reserves and mineral
resources that are substantially similar to the corresponding terms under the CIM Definition Standards. As a result of the adoption of the SEC Modernization Rules, SEC will now recognize estimates of measured mineral resources,
indicated mineral resources and inferred mineral resources. In addition, the SEC has amended its definitions of proven mineral reserves and probably mineral reserves to be substantially similar to the
corresponding CIM Definitions.
United States investors are cautioned that while the above terms are substantially similar to CIM
Definitions, there are differences in the definitions under the SEC Modernization Rules and the CIM Definition Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that the Company may report as proven
reserves, probable reserves, measured mineral resources, indicated mineral resources and inferred mineral resources under NI
43-101
would be the same had
the Company prepared the reserve or resource estimates under the standards adopted under the SEC Modernization Rules.
United States
investors are also cautioned that while the SEC will now recognize measured mineral resources, indicated mineral resources and inferred mineral resources, investors should not to assume that any part or all of the
mineralization in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. Mineralization described using these terms has a greater amount of uncertainty as to their existence and feasibility than
mineralization that has been characterized as reserves. Accordingly, investors are cautioned not to assume that any measured mineral resources, indicated mineral resources, or inferred mineral resources that the
Company reports are or will be economically or legally mineable.
Further, inferred resources have a greater amount of
uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist. In accordance with Canadian
rules, estimates of inferred mineral resources cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI
43-101.
For the above reasons, information contained in this Annual Report and the documents incorporated by reference herein containing descriptions
of our mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.
NOTE TO UNITED STATES READERS REGARDING DIFFERENCES
BETWEEN UNITED STATES AND CANADIAN REPORTING PRACTICES
International Financial Reporting Standards
The Company is permitted under the MJDS to prepare this Annual Report in accordance with Canadian disclosure requirements, which are different
from those of the United States.
The Companys Audited Consolidated Financial Statements that are incorporated by reference into
this Registration Statement have been prepared in accordance with International Financial Reporting Standards (
IFRS
) as issued by the International Accounting Standards Board (the
IASB
).