In December 2005, the Canadian Securities Administrators announced a series of changes to National Instrument 43-101. Attached to this paper is a summary of the changes from the B.C. Securities Commission website.

Some of the significant changes include the definition of an “early stage exploration property”. The problem with the earlier definition of “grass roots exploration property” is that if there were any drilling or trenching done on the property, even though the drilling was done 40 years ago, it would not qualify as a grass roots exploration property and a site visit or property visit would have been required before the report could be accepted even if conditions were such that a property visit could not be practically carried out. The requirement to do a property visit can now be initially exempted if, for example, there are weather conditions which would make a property visit impractical.

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