The Conversation (0)
Pacific Booker Minerals Inc. (TSXV:BKM,NYSEMKT:PBM) issued clarification on the bonding requirements for the Morrison Copper/Gold project, siting that “As a condition of the Mines Act permit, a financial security (the bond) must be posted in an amount acceptable to the Chief Inspector of Mines. The amount of the bond is progressive over the life of the mine as the disturbance area increases. This bond is held until the Chief Inspector of Mines is satisfied that all reclamation requirements for the operation have been fulfilled.”
As quoted in the press release:
The BC Mines Act and the Health, Safety and Reclamation Code for Mines in BC require mining operations to carry out a program of environmental protection and reclamation to ensure that land, watercourses and cultural heritage resources will be returned to a safe and environmentally sound state and to an acceptable end land use upon termination of mining.
The Mines Act and the Health, Safety and Reclamation Code are administered by the Ministry of Energy and Mines. The Chief Inspector of Mines has the ultimate legislative authority for all issues pertaining to the Mines Act and the Health, Safety and Reclamation Code.
In accordance with the Mines Act, proponents of mining projects are required to obtain a permit from the Ministry of Energy and Mines prior to commencing any work on a mine site. As a condition of the Mines Act permit, a financial security (the bond) must be posted in an amount acceptable to the Chief Inspector of Mines. The amount of the bond is progressive over the life of the mine as the disturbance area increases. This bond is held until the Chief Inspector of Mines is satisfied that all reclamation requirements for the operation have been fulfilled.
Click here to read the Pacific Booker Minerals Inc. (TSXV:BKM,NYSEMKT:PBM) press release
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