again no word from ami on rocklands

Again no word from AMI on Rocklands
July 11, 2006

THE highly anticipated release of further drilling results from Queensland copper explorer Australian Mining Investments was postponed again yesterday.

The previous round of drilling results from its Rocklands prospect in northwestern Queensland sent AMI shares soaring from $2.24 to $10 before the stock entered a trading halt last Wednesday at $7.11.

But the rapid rise of AMI has also prompted questions from sceptical observers and regulators.

The release of the latest round of drilling results has been delayed while independent geologists hired by the Australian Stock Exchange reviewed the content of the announcement with AMI's geologists.

"We're in discussions with the company and hope to see additional disclosure to the market in due course," an ASX spokesman said.

A spokeswoman for the Australian Securities and Investments Commission said the corporate regulator was making unspecified inquiries about the company, but had yet to serve a notice to AMI.

The company's previous drilling results, released on June 29, were criticised by industry veterans for the lack of drill hole locations, cross-sections and other standard details.

The latest round of results from Rocklands is expected to be released today.

Meanwhile, AMI director Wayne McCrae again refused to return phone calls from the Herald to the company's Gold Coast headquarters yesterday. His office claimed he could not be contacted on a mobile phone because there was no reception on-site at the company's Rocklands prospect near Cloncurry. Last week, his receptionist said he was overseas and out of contact, but he was photographed in Queensland.