CRIRSCO

SSC

SAMREC/SAMVAL COMMITTEE

24 NOVEMBER 2008

SANTIAGO CHILE

SSC 2008

• BREAKFAST LAUNCH APRIL 2008

SAMREC 2007

SAMVAL

250 ATTENDEES

• JSE LISTING REQUIREMENTS ISSUED

• WEBSITE AND BRANDING

• OIL AND GAS WORKING GROUP RECONSTITUTED

• VICE CHAIR EMIGRATING

• PUBLIC CRITICISM OF SSC

SAMVAL CODE

THE SOUTH AFRICAN CODE FOR THE

REPORTING OF MINERAL ASSET VALUATION

• Mineral Asset - Any right to explore or mine (or both) that has been granted or entity holding such property or the securities of such an entity.

• Published April 2008

The Code sets out a required minimum standard for the Public Reporting of Mineral Asset Valuation.

Common definitions with SAMREC Code Competent Valuator

SAMREC AND SAMVAL CODES

RECIPROCITY

• Given by the JSE via SSC

REQUIREMENTS

•Enforceable code of ethics

•Disciplinary Procedure

•Confirmed annually

AusIMM Australasian Institute of Mining and Metallurgy

IGI Institute of Geologists of Ireland

AIG Australian Institute of Geoscientists

IMMM Institute Materials, Minerals and Mining

EFG European Federation of Geologists

CCPG Canadian Council of Professional Geoscientists

Geological Society London

SME Society of Mining, Metallurgy and Exploration

MMSA Mining and Metallurgical Society of America

RECIPROCITY

Compliance Monitoring

• Codes incorporated into JSE

Listing Requirements

•Strong links with JSE

•Readers Panel, experts in their

field

•Remunerated by JSE

Prevention better than cure!

Training and education

•Appropriate conferences

•Website

•Working Groups

•Competent person courses

Definite need identified

Disciplinary Procedure

•SSC has disciplinary procedure for CPs and CVs

•Complaints in writing

•Referred to professional body for discipline

•SAIMM and GSSA resolutions – members to comply with codes

Prevention is better than cure

Best Practice

•On SSC agenda

•Better done at CRIRSCO level?

WEBSITE

ALL SLIDES

WWW.SAMCODE.CO.ZA