TSX Venture Exchange Corporate Finance Manual - Appendix 3G - Valuation Standards and Guidelines for Minerals Properties (2004)

2003

Reprinted with the permission of the TSX

This Appendix sets out the Exchange's expectations and requirements for a valuation of mineral properties and outlines: (a) the general purpose of valuation reports;(b) guidelines respecting circumstances where the Exchange will require a valuation report; and (c) valuation standards, guidelines and methods that are generally acceptable to the Exchange.Mining industry standards and guidelines for valuations and valuation reports can be found in the Canadian Institute of Mining, Metallurgy and Petroleum Standards and Guidelines for Valuation of Mineral Properties (""CIMVal"") published in February, 2003 (www.cim.org). CIMVal consists of two parts, Standards and Guidelines. The Standards are mandatory and must be followed in order for a valuation to be CIMVal compliant. The Guidelines in CIMVal are not mandatory, but are strongly recommended.The Exchange requires that CIMVal Standards be used by Issuers and their professional advisors when preparing valuations and valuation reports on mineral properties. The CIMVal Guidelines should be followed by Issuers and their professional advisors in preparing valuation reports on mineral properties, with the exception that the valuation methods and guidelines under Section 4 Acceptable Valuation Methods and Guidelines below, must be followed.

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