Terminology

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Mining Market

NI 43-101
National Instrument 43-101 (the "NI 43-101" or the "NI") is a mineral resource classification scheme used for the public disclosure of information relating to mineral properties in Canada. NI 43-101 is a national instrument for the Standards of Disclosure for Mineral Projects within Canada. The Instrument is a codified set of rules and guidelines for reporting and displaying information related to mineral properties owned by, or explored by, companies which report these results on stock exchanges within Canada. This includes foreign-owned mining entities who trade on stock exchanges overseen by the Canadian Securities Administrators, even if they only trade on Over The Counter (OTC) derivatives or other instrumented securities. Disclosures covered by the NI 43-101 code include press releases of mineral exploration reports, reporting of resources and reserves, presentations, oral comments, and websites. The NI 43-101 covers metalliferous, precious metals and solid energy commodities as well as bulk minerals, dimension stone, precious stones and mineral sands commodities.

SEDAR
SEDAR (the System for Electronic Document Analysis and Retrieval) is the system used for electronically filing most securities related information with the Canadian securities regulatory authorities. Filing with SEDAR started January 1, 1997, and is now mandatory for most reporting issuers in Canada.

Commodity
Commodity markets are markets where raw or primary products are exchanged. These raw commodities are traded on regulated commodities exchanges, in which they are bought and sold in standardized contracts.

Forward-looking Statemen / Disclaimer
Under U.S. law, section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended, businesses must comply to standards of communication that limit risk factors. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. Businesses usually include a form of a disclaimer that states that any instance of a forward-looking statement found in their material is only true at the time it was written, and they further claim that they are under no obligation to update such written statements if conditions change or that unexpected occurrences happen to affect the statement afterwords. Such forward-looking statements, however, must be identifiable by the use of certain prescribed words.

TSX
The Toronto Stock Exchange is the leader in the mining and oil & gas sector; more mining and oil & gas companies are listed on Toronto Stock Exchange than any other exchange in the world.


Mining Industry

Mineralization
In geology, mineralization is the hydrothermal deposition of economically important metals in the formation of ore bodies or "lodes".

Mineral vein
In geology, a vein is a distinct sheet like body of crystallized minerals within a rock. Veins form when mineral constituents carried by an aqueous solution within the rock mass are deposited through precipitation. There are two main mechanisms considered likely for the formation of veins: open-space filling and crack-seal growth.

Gossan
Gossan is intensely oxidized, weathered or decomposed rock, usually the upper and exposed part of an ore deposit or mineral vein. In the classic gossan or iron cap all that remains is iron oxides and quartz often in the form of boxworks, quartz lined cavities retaining the shape of the dissolved ore minerals. In other cases quartz and iron oxides, limonite, goethite, and jarosite, exist as pseudomorphs replacing the pyrite and primary ore minerals. Frequently gossan appears as a red stain against the background rock and soil due to the abundance of oxidized iron and the gossan may be a topographic positive area due to the abundance of erosion resistant quartz and iron oxides.

PEA
The Preliminary Environmental Assessment (PEA) consists, in general terms, of an internal technical process, prior to environmental permitting, to verify the environmental feasibility of a project and identify the main environmental issues. It will also add to the future Environmental Impact Assessment Study (EIA).

PFS
A preliminary feasibility study is used in due diligence work, determining whether or not to proceed with a detailed feasibility study. Preliminary feasibility studies are done by factoring known unit costs and by estimating gross dimensions or quantities once conceptual or preliminary engineering and mine design has been completed.

FS
A feasibility study is an evaluation of a proposed mining project to determine whether the mineral resource can be mined economically.