Aggrieved traders of this stock might read the extract from the...

Aggrieved traders of this stock might read the extract from the JORC Code below that relates to exploration targets and wonder whether they have been misled.

"Any such information relating to
exploration targets must be expressed so that it cannot
be misrepresented or misconstrued as an estimate of
Mineral Resources or Ore Reserves. The terms Resource(s)
or Reserve(s) must not be used in this context. Any
statement referring to potential quantity and grade of
the target must be expressed as ranges and must include
(1) a detailed explanation of the basis for the statement,
and (2) a proximate statement that the potential quantity
and grade is conceptual in nature, that there has been
insufficient exploration to define a Mineral Resource and
that it is uncertain if further exploration will result in the
determination of a Mineral Resource."

Clearly the 21 May release is not in line with ASX rules and the JORC Code. Other points to ponder are the iron ore experience of the CP and the fact that the tenement has not been granted. Its time that the ASX reviewed draft releases before they are issued...take a maple leaf from the TSX!