December 16, 2019, Montreal, Quebec. The Canadian Institute of Mining, Metallurgy and Petroleum (CIM) is pleased to announce that the 2019 CIMVAL Code for the Valuation of Mineral Properties was adopted by the CIM Council on November 29, 2019. The 2019 CIMVAL Code supersedes the 2003 CIMVAL Standards and Guidelines for Valuation of Mineral Properties.
"We are proud of CIMVAL's leadership in establishing internationally recognized mineral property valuation standards," stated Roy Slack, President of CIM. "The 2019 CIMVAL Code is the result of domestic and international collaboration and consistent with CIM's mission to establish relevant standards that benefit the Canadian mining industry."
CIMVAL Co-Chairs William Roscoe and Keith Spence added: "The 2003 CIMVAL Standards are well recognized internationally and widely used in transactions and dispute resolution. The 2019 CIMVAL Code builds on this foundation. We thank the members of the CIMVAL Committee for their dedicated work on this seminal project."
The 2019 CIMVAL Code is designed to be consistent with international mineral valuation standards and includes an expanded definitions section. The 2019 CIMVAL Code also provides for a Short Form Valuation Report in addition to the Comprehensive Valuation Report stipulated in CIMVAL 2003.
The Canadian Institute of Mining, Metallurgy and Petroleum (CIM) has served as the leading technical industry institute in Canada for the past 121 years. CIM is dedicated to the advancement of knowledge, facilitation of innovation, the celebration of excellence and the promotion of sustainable practices across the full spectrum of Canada's minerals, metals, materials and petroleum industries.