LETTER TO THE EDITOR — Beware of clumsy rules

Nobody can disagree with the need to regulate the behavior of companies in our industry, but we must be on our guard against the rules getting out of hand. I suspect this is happening when the [Ontario Securities Commission-Toronto Stock Exchange] Mining Task Force suggests companies will need ore reserves in order to reach a certain desirable status.

Mining in eastern Canada was built on the fortunes of 28 or so silver mines of the Cobalt district. The wealth produced by these mines provided the capital for many of our successful mining companies, as well as for other enterprises, such as The Northern Miner, across Canada. However, none of these mines ever had ore reserves as we define them today. Neither were these mines short-lived bonanzas. The Miller-Lake O’Brien (later Siscoe Metals) mine, for example, ran for 69 years and was, when it closed, the longest-lived underground operation in Ontario — yet the nature of the deposits never allowed for ore reserves to be reported.

Risk-takers are the life blood of our business. They need to be assured that their investments are protected from abuse and criminal activity. In the process of doing so, let us not forget what a mine looks like. Should another Cobalt be found, let’s hope the development will not founder in a sea of inappropriate regulations.

Brian Hester

Vineland, Ont.