OK, the rules say: As mentioned in Guidance Note 31, ASX...

OK, the rules say:

As mentioned in Guidance Note 31, ASX considers that it would only be in exceptional circumstances that an entity might form the view that it has reasonable grounds for a production target, or a financial forecast derived from a production target, that is based solely on inferred mineral resources.

A Production Target or forecast financial information derived from a Production Target may only be based on an Inferred Mineral Resource alone if the entity complies with Listing Rule 5.16.6 and section 8.7 of ASX Guidance Note 31

Where a production target is based solely on inferred mineral resources, the following additional requirements must be satisfied:

• disclosure of a statement of the factors that lead the entity to believe that it has a reasonable basis for reporting a production target based solely on inferred mineral resources. These factors should be limited to types of mineralisation where the project cannot be progressed through to a higher confidence level of mineralisation by conventional exploration alone prior to release of a production target;

• disclosure of the level of confidence associated with the estimates of inferred mineral resources and the basis for the level of confidence. The basis for the level of confidence should be described in narrative form and be descriptive enough to inform the market of the reasons why the entity holds this confidence level;

• completion and public release of an independent technical report that supports the production target. The technical report must be prepared by, or under the supervision of a competent person or persons and include the name of the competent person or persons and their employer; and

• a cautionary statement in the terms set out in Listing Rule 5.16.6.

http://www.asx.com.au/documents/asx...-reporting-scoping-studies-with-checklist.pdf

http://www.asx.com.au/documents/rules/guidance_note_31_reporting_on_mining_activities.pdf

http://www.asx.com.au/documents/rules/Chapter05.pdf