2014 BCSECCOM 61 - British Columbia Securities Commission

British Columbia Securities Commission
Citation: 2014 BCSECCOM 61
Cease Trade Order
Titan-West Explorations Inc.
Section 164 of the Securities Act, R.S.B.C. 1996, c. 418
¶1
Titan-West Explorations Inc. (Titan-West) is a gold exploration company,
incorporated under the laws of British Columbia, with offices in Vancouver,
British Columbia. Titan-West is a not a reporting issuer in British Columbia.
¶2
Titan-West’s principal mineral property is the Carmack Fork placer gold project,
Yukon Territory.
¶3
On its website, Titan-West discloses estimates of the quantity and grade of
probable gold reserves for the Carmack Fork project to be extracted in 2014, 2015
and 2016, as well as estimates of expected revenues and costs that infer the
economic viability of these reserves.
¶4
During 2013, Titan-West provided to at least one BC resident, an information
package that included a corporate profile report by IBK Capital Corp. (the
Corporate Profile) and Titan-West’s business plan (the Business Plan).
¶5
The Corporate Profile and Business Plans also disclose various estimates of
resource potential, recoverable gold ounces, grades, revenues, and costs for the
Carmack Fork project.
¶6
Titan-West’s disclosure on its website and in the Corporate Profile and Business
Plan constitutes disclosure of mineral resources and mineral reserves, as these
terms are defined under National Instrument 43-101 Standards of Disclosure for
Mineral Projects (NI 43-101).
¶7
The Carmark Fork project is a property material to Titan-West and the first time
disclosure of the mineral resources and mineral reserves constitutes a material
change in relation to Titan-West.
¶8
Pursuant to subsections 4.2(1)(j)(a) and 5.3(1)(a) of NI 43-101, Titan-West was
required to file an independent technical report supporting its first time disclosure
of the mineral resources and mineral reserves.
Tel: 604 899-6500 Fax: 604 899-6506 Toll Free: 1 800-373-6393 www.bcsc.bc.ca
P.O. Box 10142, Pacific Centre, 701 West Georgia Street Vancouver, BC, Canada V7Y 1L2
¶9
Titan-West has not filed the required technical report.
¶ 10 Under section 164(1) of the Act, the Executive Director orders that all trading in
the securities of Titan-West cease until:
1.
it files a technical report for the Carmark Fork project, completed in
accordance with the Act and regulations, supporting Titan-West’s disclosure
of the mineral resources and mineral reserves, as amended (the required
record), and
2.
the Executive Director revokes this order.
¶ 11 February 13, 2014
Robert Holland, P.Geo.
Chief Mining Advisor
Corporate Finance