re: joke continues my email to asx FedExpress. I certainly agree...

re: joke continues my email to asx FedExpress.

I certainly agree with your sentiments.

However, you should be aware that the AusIMM and ASX have put an awful lot of effort into lifting reporting standards over the past 20 years or so, as you can see if you have a look at the JORC Code (see www.jorc.org) which provides detailed requirements as to how exploration companies should report. This Code was developed to avoid just the situation that has arisen here, and to protect the interests of shareholders by ensuring appropriate reporting standards.

The JORC Code requires that statements relating to Exploration Results, Resources, or Reserves must be signed off by a Competent Person who takes responsibility for certifying in effect that the statement is in compliance with the JORC Code as required by the ASX Listing Rules.

What seems to have happened here is that the company, for whatever reason, has chosen to release results that clearly do not comply with the JORC Code.

One simple example. The JORC Code prohibits the use of the term ore (or orebody, or ore reserves) for Exploration Results or Resources, since the term ore specifically can only apply to that part of the resource that can be economically extracted. However, the AUM announcement of 29 June refers to the mineralisation as being "an orebody" which is a clear and specific breach of JORC Code and ASX Listing Rules.

A Competent Person who signs a document that is in breach of the JORC Code may be held to account by the AusIMM. It is in everybody's interests that companies comply with the Code.

It is not as if this issue has not been widely discussed, and promulgated. What is surprising is that companies behave in a fashion that is not compliant with clear standards.

Yes, the ASX has a role to police the Listing Rules, but so do the companies have a responsibility to ensure that they comply with Listing Rules, which means comply with JORC Code.