Ann: Resource Commentary and Retraction , page-5

100% Agreed!

At least the level of urgency to announce an Australian JORC will increase after getting this slap on the wrists by the ASX!

We are all chaffing at the bit here for this initial JORC Upgrade and I let Mr Promnitz know this in an email!

FYI -

Mr Promnitz responded to my email, which is something he promised he would do at the AGM, improve communication with investors. I have to pay him credit for at least responding to my email where I was venting a bit of frustration at the delays of announcing such a brilliant company making announcement.

He is as frustrated as us with these delays due to the frantic search for copper and gold on PNG at the minute. Delays are being felt from the biggest miners to the smallest explorers.

All he said was that whatever is in their control, they are doing their best to speed up the process. I assume they will be making the odd angry followup call to the labs too!

In the meantime, I did a bit of research and liked the idea that the NI43-101 is more stringent in dictating how the ore is measured and calculated than other standards.

Looking at the definition of NI43-101, it is more stringent in defining how the mineralisation is measured than JORC, but the outcome in resource is usually similar.

Now bring on the Upgraded JORC Announcement at $950-1000 per ounce gold price instead of the NI43-101 resource which was measured at $300/Oz!!!!!!

Cheers Nectar


National Instrument 43-101
From Wikipedia, the free encyclopedia

National Instrument 43-101 (the "NI 43-101" or the "NI") is a mineral resource classification scheme used for the public disclosure of information relating to mineral properties in Canada. The NI is a strict guideline for how public companies can disclose scientific and technical information about mineral projects on bourses supervised by the Canadian Securities Administrators.

NI 43-101 is a national instrument for the Standards of Disclosure for Mineral Projects within Canada. The Instrument is a codified set of rules and guidelines for reporting and displaying information related to mineral properties owned by, or explored by, companies which report these results on stock exchanges within Canada. This includes foreign-owned mining entities who trade on stock exchanges overseen by the Canadian Securities Administrators, even if they only trade on Over The Counter (OTC) derivatives or other instrumented securities.

Many publicly held Canadian mineral exploration and mining companies list on the TSX Venture Exchange (TSX-V) or the Toronto Stock Exchange (TSX). Some of these companies may also have listings on stock exchanges outside Canada, such as Johannesburg Stock Exchange, Australian Securities Exchange and London Stock Exchange.

Disclosures covered by the NI 43-101 code include press releases of mineral exploration reports,reporting of resources and reserves, presentations, oral comments, and websites. The NI 43-101 covers metalliferous, precious metals and solid energy commodities as well as bulk minerals, dimension stone, precious stones and mineral sands commodities.

The National Instrument 43-101 is broadly comparable to the Joint Ore Reserves Committee Code (JORC Code) which regulates the publication of mineral exploration reports on the Australian Stock Exchange (ASX). It is also broadly comparable with the South African Code for the Reporting of Mineral Resources and Mineral Reserves (SAMREC)[1].The reporting codes are, however, not entirely congruent in practice, in that NI 43-101 is more prescriptive in terms of the manner in which mineral exploration reporting is presented, although the content of the technical reports, and the scientific rigors to which the mineral resource classifications within them are put, are often very similar.

For TSX listing purposes,an NI43-101 Technical Report would have to be accompanied by an Report prepared in accordance with NI43-101. For ASX listings, a JORC Mineral Resource Statement needs to be accompanied by a Valmin Valuation Report, while for JSE listings, a Competent Person's Report (CPRs), which is compliant with SAMREC and The South African Code for the Valuation of Mineral Assets (SAMVAL), needs to be submitted.

In many cases, NI 43-101 and JORC Code technical reports are considered inter-changeable and may be accepted by either regulatory body in cases of dual listed entities and, indeed, are accepted as the de-facto industry reporting standard by many other jurisdictions which lack similar rigorous reporting standards or internationally recognized industry professional bodies. The LSE, for instance, accepts CPRs, Qualified Person's Reports (QPRs), and Mineral Resource Statements, compiled using JORC, SAMREC and SAMVAL, or NI 43-101, when accompanied by a NI51-101 Valuation Form, for listing on the LSE. Likewise, the Hong Kong Stock Exchange accepts reports prepared in accordance with NI 43-101,SAMREC or JORC.