SME Meets With the SEC – Resources and Reserves Reporting Discussed

On April 30, 2003, representatives of the Society for Mining, Metallurgy and Exploration, Inc.(SME) met with the staff of the Division of Corporation Finance of the U.S. Securities and Exchange Commission (SEC). The meeting was held to discuss issues related to the estimation and publication of mineral resources and ore reserves. It took place in the Washington, D.C. offices of the SEC. SEC staff members included Roger Schwall, assistant director, Division of Corporation Finance; Jill Davis, senior accountant; Roger Baer, senior mining engineer; Carl Chavez, chief mining engineer; Ron Winfrey, senior petroleum engineer; and John Murphy, senior petroleum engineer. SME committee members included JM Rendu, independent consultant and chairman of the SME Committee on Resources and Reserves; Ian Douglas, manager of deposit modeling and reserve estimation with Newmont Mining; Art Graham, director and mining engineer with Deutsche Bank Trust Company Americas; Larry Smith, chief geologist with AMEC Mining and Metals Consulting; and George MacDonald, vice president of exploration with Freeport-McMoRan Copper and Gold.