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Title 3 . Commerce, Community, and Economic Development
Chapter 8 . Land Sales
Section 100. Application to register mining securities

3 AAC 08.100. Application to register mining securities

(a) For the registration of mining securities, an applicant shall give the location and means of access to the mining properties now held or intended to be acquired and the nature of the title under which those properties are held or intended to be held. The applicant shall indicate any known risks to which that title may be subject, and include

(1) a survey certificate, or a photostatic copy of that certificate, prepared and signed by a qualified mining engineer or registered land surveyor showing the location of unpatented claims, with at least transit stadia accuracy;

(2) a report of a qualified mining engineer or professional geologist setting forth at least the following:

(A) a description of each property, including its geographical features, mineralization, occurrence and disposition of ore or mineral bodies, and other conditions of which an investor should reasonably be informed;

(B) the identification of principal metallic or other constituents of the deposits to be explored or developed; the report must describe the characteristics of those deposits; unless a body of ore has been sufficiently tested to be properly classified as proven or probable ore, the report

(i) may not make a claim as to the existence of a body of ore; and

(ii) must state that a body of commercial ore is not known to exist on the property;

(C) the names of the locators of each unpatented claim, with a statement that each claim has been properly located in accordance with applicable laws and regulations, that surface boundaries have been properly marked, that all monuments or markers are in place, that location notices have been recorded in the recorder's office of the district court in which the claims are situated, and that all assessment work as required by law has been done;

(D) a surface map of the properties included in the report showing their relative location to the general area and the means of access to those properties;

(3) a title opinion of an attorney relating to each claim or group;

(4) a copy of the deed and any lease, option, contract to purchase, or assignment relative to those claims, with a statement signed by lessor or vendor that the instrument is presently in good standing and that no forfeiture or default has occurred;

(5) a copy of any contract for engineering services, core drilling, development work, and similar services; and

(6) a report of the technical training and experience in mining of each of the officers, directors and promoters of the person for whom the application is made.

(b) An SEC Form S-3 (Registration Statement) filed with the SEC will be acceptable application for this section.

(c) For purposes of this section, a body of ore is

(1) proven ore if it is so extensively sampled that the risk of failure in continuity of the ore in that body is reduced to a minimum; and

(2) probable ore if the risk of failure in continuity is greater than for proven ore as described in (1) of this section but sufficient justification exists to assume continuity of the ore.

History: Eff. 2/20/72, Register 41; am 4/19/2000, Register 154

Authority: AS 45.55.100

AS 45.55.950

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Last modified 7/05/2006