WA8 - General Discussion, page-282

Spartacus would have more confidence in his convictions.
I once worked in a role for a "penny dreadful" exploration company which required me to spend about 50% of my time in the office. Although they genuinely did try to succede in their exploration endeavors, their successes were far outweighed by their failures. Year by year their stock price declined. The management reached a level of desperation that required them to focus primarily on the survival of the company. They spent a great deal of their time discussing various schemes designed to raise money from gullible shareholders via rights issues. They would plan months in advance of the announcement of a capital raise. Without revealing too much detail of what the company was involved in, I can say that they would target a particular area of a deposit that they knew had limited higher grade resources than the majority of the exploration area. They would gather some samples, which in some cases included little more than rock chip samples. When ready, they would announce a rights issue. Shortly before the expiry of acceptance dates, they would release assays of the rock chip samples. The share price would rise above the price of the rights, shareholders would buy their rights, and the company would survive another year until the next rights issue.
I tell this true story now partly in response to your earlier comments which imply that you believe there are strict and monitorable rules governing the disclosure of assay results. However strict those rules may be, there are easy ways around them, and monitoring them strictly is virtually impossible. As Joel pointed out, there are many possible reasons why delays may occur between receipt and release of assays. They may require further analysis first, or the addition of another assay from another nearby drill hole to firm up the story, for example. How many people would our government have to hire to knock on the door of every mining explorer and ask "have you received assays today?"
I actually viewed it as a good sign that WA8 was in no great rush to reveal assays while the SPP was on going. They didn't need to. What they had revealed prior to the placement and the SPP were announced was enough to give themselves, and the market, enough confidence in the company to ensure the success of both segments of the Cap Raise.