I FOUND A WARDROP NI43-101 THAT LED TO A CSO !!
I FOUND A WARDROP NI43-101 THAT LED TO A CSO !!
Wardrop (Tetra Tech) is the leading resource management company, and now I found also this renowned old firm makes failures, that lead to a cease trade order by BCSC. Astonoshing, or?
To the facts:
12/2/2011 AVINO SILVER requires Wardrop to make a NI43-101
2/28/2012 internal Version 1 ready
3/12/2012 second internal Version ready
4/13/2012 End Version NI43-101 published on SEDAR (7,5 MB!)
5/11/2012 News Release: , BCSC intervened, that the NI43-101 is not complete and contains items not compliant with NI43-101: Certain disclosures relating to the Company’s property provided in news releases, on the Company’s website and in investor materials, do not comply with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”). Also the March 12, 2012 independent NI 43-101 technical report and preliminary economic assessment (“Technical Report”) on the tailings resources, prepared by an independent engineering firm, is not complete and contains items not compliant with NI 43-101. There are also compliance issues in Avino’s news releases dated February 28, 2012, April 5, 2012 and April 23, 2012, and in its website materials relating to disclosure of the main Avino mine’s resources. In addition, the website, fact sheet, and corporate presentation on the website disclosed results of economic analysis of an in-situ inferred resource estimate at San Gonzalo. The Company’s technical report on file does not support this estimate and analysis. With respect to the Technical Report, the Company plans to file a restated report that clarifies the status of various in-situ and tailings resource estimates and the economic analysis, once received from the Independent Consultant.
6/22/2012 Wardrop begins to work on the amended report
6/25/2012 Wardrop Final Report send to BCSC
6/29/2012 Cease trade order by BCSC (https://www.bcsc.bc.ca/comdoc.nsf/allbyunid/1a3de17f2835c0ec88257a2c00770db0?opendocument ):
¶3 Avino’s February 28, 2012 news release contained first time disclosure of a mineral resource estimate at ET. The disclosure of the estimate was a material change in the affairs of Avino.
¶ 4 Avino’s Corporate Presentation dated March 2012, posted on its website, disclosed the results of a preliminary economic analysis (PEA) on an inferred mineral resource at San Gonzalo. The results of the PEA were a material change in the affairs of Avino.
¶ 5 Avino’s March 20, 2012 news release disclosed the results of an updated PEA on an updated indicated mineral resource estimate on the tailings deposit. The upgrade of resource class from the previous inferred class and the results of the PEA were material changes in the affairs of the Company.
¶ 6 Pursuant to subsections 4.2(1)(j) of National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101), Avino was required to file a technical report supporting its disclosure of:
a. the ET mineral resource estimate,
b. the San Gonzalo mineral resource estimate and results of the PEA, and
c. the updated mineral resource estimate and results of the PEA for the tailings deposit.
¶ 7 On or about April 13, 2012, Avino filed a technical report dated March 12, 2012 for the Avino property (the Report). The Report was not prepared in the required form because, amongst other things, it:
a. did not include material information required to be included in the Report, including the ET and San Gonzalo mineral resource estimates and the results of the San Gonzalo PEA,
b. contained disclosure contrary to NI 43-101, and
c. was prepared, in part, by an author who was not a qualified person.
¶ 8 On or about May 11, 2012, Avino issued a news release retracting its disclosure of the ET mineral resource.
¶ 9 Under section 164(1) of the Act, the Executive Director orders that all trading in the securities of Avino cease until:
1. it files a new or amended technical report for the Avino Property, completed in accordance with the Act and regulations, supporting Avino’s disclosure of mineral resources and the results of the preliminary economic assessment (the required record), and
2. the Executive Director makes an order under section 164 of the Act revoking this order.
7/11/2012 Wardrop Final Report Version 1 – Amended
7/18/2012 News Release: concerning the CSO. Avino is full co-operating with BCSC and will address all disclosure concerns in an amended NI43-101 by Wardrop….
7/19/2012 Wardrop Final Report Version 2 – Amended
7/24/2012 Wardrop Final Report Version 3 – Amended
7/25/2012End Version NI43-101 published on SEDAR (17MB !)
7/25/2012 Revocation order from BCSC: https://www.bcsc.bc.ca/comdoc.nsf/allbyunid/9e5760543f274a1c88257a460075870c?opendocument
7/30/2012 (Monday): AVINO is tradable
The whole struggle with BCSC did not quite match the course. From begin CSO till begin trading on 7/30/2012 the course went from 1,27 to 1,25 at closing. I think the timeframes are a good guidance what we have to await for Barkerville, and it’s a good information to see whats going on behind the walls till they publish a final report . Also you can see that there are not 4-6 months needed to make a NI43-101 Report. That’s nonsense in particular for an amended Report !! I know what comes now from our standard bashers here…