I'm surprised AAM is only down 11.84% to 6.7 cents following this morning's sensational ASX announcement by the company telling us information such as:
"Since Mr Williams' departure, the Board has found reason to doubt the geological data provided by him to the Board. Much of the information upon which his geological modelling at the Brightstar Project was claimed to be based cannot be located by the Company."
"The Company is currently unable to verify or substantiate some of the reserves and resources at Brightstar calculated by Mr Williams (as a JORC Competent Person)."
"The Board also had concerns about the veracity of the geological information and resource modelling at A1's North Laverton tenements where the Company had reported JORC Compliant resources at Delta (previously the old Cork Tree Well Mine) (7,556,000 tonnes @ 3g/t Au for 730,000 ounces) and Epsilon (previously Ben Hur and King of Creation gold mines) (2,938,800 tonnes @ 2.2 g/t Au for 208,000 ounces).
These resources were compiled by Mr Williams and Mr Tony Ryall (also a Competent Person for JORC).
The Board included these previously reported resources in its internal geological review. This review has been unable to substantiate these resources..."
At http://www.asx.com.au/asxpdf/20110303/pdf/41x6cl2xyttpn8.pdf
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