the real reason trading halt

Well after a stimulating read on the conspiracy theories of late I am inclined to agree with Imagine. Read the following extracts from Minemakers ann 1st feb 2008. In particular point (d). Since this ann they have gained control of the historic data (courtesy of NT govt) and have been analysing it since 18th Feb 2008 (see ann 18/02/08).

....

(a)The previous operator of Wonarah, Rio Tinto Ltd (“Rio”), made both tonnage estimates and they have been publicly reported in good faith by Minemakers on previous occasions, for example, in the Minemakers’ IPO Prospectus.

(b) Minemakers did not mean to imply that the tonnage estimates were over a range, but instead that there were two of them.
c) Minemakers has accepted Rio’s determination that the current estimates are at the Inferred level of confidence. Hence, Minemakers is required to undertake further drilling to generate data of sufficient density for a new resource at the confidence level necessary for feasibility. Moreover, the mineralization in the Main Zone has not yet been closed off laterally.
(d) Minemakers has not attempted to undertake a new resource estimate as it does not yet have access to the complete historic database nor has it undertaken further
drilling of its own to date. It will do so after its own drilling programme and is aiming for that new estimate about mid year, as part of its planned feasibility studies.
(e) Minemakers also understands that both resource estimates to date apply only to the upper one of the two units of phosphate mineralization at Wonarah, this being the one hosted by the Mudstone Phosphorite unit. Additional mineralization in the underlying Quartz Breccia Phosphorite was not estimated by Rio.
(f) Minemakers expects to announce shortly that it has secured a drilling contractor.
(g) On completion of our drilling, all available data will be provided by Minemakers to an independent specialist to determine a new resource estimation, and for an opinion as
to whether any further drilling would be required.
(h) In the interim, Minemakers is content to use only the 72Mt estimate in its announcements and a revised figure accompanies.


THIS is the reason why the trading halt. They want to be able to use the 115mt JORC and put the asx back in their box once and for all.

BTW no I am not an insomniac, I am in Canada atm, hence the early post