Whatever happened to Setting New Standards?
The Bre-X fraud brought about an orgy of hand wringing but not even a token search for the truth, the whole truth, and nothing but the truth. The Ontario Securities Commission and the Toronto Stock Exchange set up a Mining Standards Task Force. Morley P Carscallen, OSC`s Commissioner, and John W Carson, TSE`s Senior Vice President, called on Canadian mining experts to set new standards. Of course, the old standards were dreadfully wrong. All it took was to assume gold between salted boreholes. That’s how Bre-X’s bogus grades and Busang’s barren rock added up to a phantom gold resource! So what did the Mining Standards Task Force do? It wrote a load of text but little else. Here’s why!

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