conceptual modelling should be banned imo, page-15

There is an update on how companies should report:

http://www.jorc.org/main.php#ac

4. Exploration Targets
Clause 18 of the JORC Code (PDF 335KB) facilitates the reporting of exploration targets in public reports. There are, however, a number of reporting conditions that must be satisfied before an exploration target is reported. The reporting conditions include:

1. 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.
2. 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.

It is not sufficient to disclose an exploration target without also disclosing all of the information required under the second reporting condition. Where an exploration target is reported ASX requires the information that satisfies reporting condition 2 to be disclosed with the same prominence as the exploration target and in a proximate location. Where an exploration target is reported in a company presentation, ASX expects the information that satisfies reporting condition 2 also to be included in the presentation slides. If a public report does not comply with clause 18, ASX will require a company to make a retraction or clarifying announcement.




ASX Companies Updates

The Australian Securities Exchange (ASX) recently reported on its monitoring of announcements made by listed mining and exploration entities in ASX Companies Update 03/08. ASX highlighted concerns on the following aspects:

1. Reporting of "in situ" values
2. Reporting historical or non-JORC compliant estimates
3. Competent Person statement
4. Reporting exploration targets
5. Lack of drill hole information
6. Combining categories of resource and reserves
7. Incorrect use of reserves or resources to describe results

There is significant new advice on the inappropriateness of reporting in-ground values concluding that use of the terms ‘in-ground value’ or ‘in situ value’, should not be reported by companies.

A copy of the Update (No 03/08 18 March 2008) can be read or downloaded by clicking here.

Other updates recently released by ASX, developed after extensive discussion with JORC, which are relevant to the use of the JORC Code in Public Reporting, are:

* Companies Update 05/04 in March 2004 dealt with non JORC Code compliant reporting,
* Companies Update 03/07 in May 2007 dealt with metal equivalents, Competent Person's Consent Forms and reporting of Inferred Resources
* Companies Update 11/07 in November 2007 dealt with reporting of historical estimates.

These Updates provide important information and guidance for professionals and ASX Listed Entities preparing public reports of Exploration Results, Mineral Resources and Ore Reserves. If you are signing off as a Competent Person as defined under the 2004 JORC Code for Exploration Results, Mineral Resources and Ore Reserves your special attention is drawn to these ASX Companies Updates.

Cheers markco2