124(1)Notwithstanding section 139, a mining licence issued under the previous Act, other than a mining licence issued under subsection 15(2) of that Act, and in effect immediately before the coming into force of this Act continues and, subject to this section and to section 128, the provisions of the previous Act respecting mining licences and the holders thereof apply; but, notwithstanding section 47 of the previous Act, after the coming into force of this Act the mining licence shall not be renewed for more than two terms of one year each.

124(2)Prior to the expiry of a mining licence continued under this section, the holder thereof may, with respect to the whole or any part of land covered by the mining licence,

124(3)Notwithstanding subsection (2), where production is carried on under a mining licence continued under this section, the holder of the mining licence shall apply, not later than six months before the expiry of the licence, for a mining lease in accordance with section 68, but the Minister may exempt the holder of the mining licence from the requirement to submit a feasibility study report or may require the holder of the mining licence to submit only certain portions of the feasibility study report.

124(4)Where a mining lease is not granted pursuant to an application made in accordance with paragraph (2)(a) or subsection (3), the holder of the mining licence may stake and record mineral claims in accordance with this Act and the regulations with respect to the whole or any part of the land covered by the mining licence.

124(4.1)This section applies to any rights to coal held by the holder of a mining licence issued under the previous Act, and the holder of such a mining licence may, with respect to the whole or any part of land covered by the mining licence,

124(5)Upon the staking and recording of one or more mineral claims in accordance with subsection (2) or (4), the Recorder shall credit one hundred dollars towards the required work for each claim so staked and recorded.

124(6)Upon the granting of a mining lease following an application in accordance with subsection (2) or (3) or upon the staking and recording of one or more mineral claims in accordance with subsection (2) or (4), the mining lease or the mineral claim or claims replace the mining licence continued under subsection (1) with respect to the land covered by the mining lease or by the mineral claim or claims and the previous Act has no further application to that land.

124(7)Where a mining licence continued under this section expires, section 60 applies with such changes as are necessary with respect to land not covered by a mining lease granted or a mineral claim or claims staked and recorded in accordance with this section.

124(7.1)Notwithstanding subsection (7), where a mining licence with respect to coal continued under this section expires the land not covered by a mining lease granted or a mineral claim or claims staked and recorded in accordance with this section is withdrawn from prospecting and staking for coal and shall be deemed to be land withdrawn from prospecting and staking under section 25.

124(8)A mineral claim staked and recorded in accordance with this section shall be deemed to be commencing the fifth term on the date of recording.

124(9)Any excess work credited to a mining licence continued under this section may be carried forward to a mineral claim or claims staked and recorded in accordance with this section or to a mining lease granted pursuant to an application under this section, as the case may be, but no excess so carried forward shall be credited beyond the tenth year after the year in which the work was performed.

124(1)Notwithstanding section 139, a mining licence issued under the previous Act, other than a mining licence issued under subsection 15(2) of that Act, and in effect immediately before the coming into force of this Act continues and, subject to this section and to section 128, the provisions of the previous Act respecting mining licences and the holders thereof apply; but, notwithstanding section 47 of the previous Act, after the coming into force of this Act the mining licence shall not be renewed for more than two terms of one year each.

124(2)Prior to the expiry of a mining licence continued under this section, the holder thereof may, with respect to the whole or any part of land covered by the mining licence,

124(3)Notwithstanding subsection (2), where production is carried on under a mining licence continued under this section, the holder of the mining licence shall apply, not later than six months before the expiry of the licence, for a mining lease in accordance with section 68, but the Minister may exempt the holder of the mining licence from the requirement to submit a feasibility study report or may require the holder of the mining licence to submit only certain portions of the feasibility study report.

124(4)Where a mining lease is not granted pursuant to an application made in accordance with paragraph (2)(a) or subsection (3), the holder of the mining licence may stake and record mineral claims in accordance with this Act and the regulations with respect to the whole or any part of the land covered by the mining licence.

124(4.1)This section applies to any rights to coal held by the holder of a mining licence issued under the previous Act, and the holder of such a mining licence may, with respect to the whole or any part of land covered by the mining licence,

124(5)Upon the staking and recording of one or more mineral claims in accordance with subsection (2) or (4), the Recorder shall credit one hundred dollars towards the required work for each claim so staked and recorded.

124(6)Upon the granting of a mining lease following an application in accordance with subsection (2) or (3) or upon the staking and recording of one or more mineral claims in accordance with subsection (2) or (4), the mining lease or the mineral claim or claims replace the mining licence continued under subsection (1) with respect to the land covered by the mining lease or by the mineral claim or claims and the previous Act has no further application to that land.

124(7)Where a mining licence continued under this section expires, section 60 applies with such changes as are necessary with respect to land not covered by a mining lease granted or a mineral claim or claims staked and recorded in accordance with this section.

124(7.1)Notwithstanding subsection (7), where a mining licence with respect to coal continued under this section expires the land not covered by a mining lease granted or a mineral claim or claims staked and recorded in accordance with this section is withdrawn from prospecting and staking for coal and shall be deemed to be land withdrawn from prospecting and staking under section 25.

124(8)A mineral claim staked and recorded in accordance with this section shall be deemed to be commencing the fifth term on the date of recording.

124(9)Any excess work credited to a mining licence continued under this section may be carried forward to a mineral claim or claims staked and recorded in accordance with this section or to a mining lease granted pursuant to an application under this section, as the case may be, but no excess so carried forward shall be credited beyond the tenth year after the year in which the work was performed.