Northern Star Resources Pushes Compliance Boundaries
Gee whiz. Gosh. Wow. Bigger than Ben Hur. This is so good, we can forecast future production without following the normal rules. That’s my summary of the 30 June statement by Northern Star Resources about its drilling at Jundee. The program was described by the company as “a resounding success, identifying extensive new areas of high-grade mineralisation”. The managing director referred to the results as “game changing” with the large exploration investment “being repaid many times over”. He says “we are finding high-grade gold in every direction we drill”. Critically, the company also asserts that “the results show clearly that Jundee will continue to operate at or around its current production levels for many more years”. ASIC has said that forward looking statements (of which this is one) must be based not only on a sufficient level of geological knowledge or confidence but that “all JORC modifying factors must be sufficiently progressed”. The integrity of the regulatory system requires that everyone is treated equally no matter how big the company or how ecstatic it is about its exploration results.
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John Robertson is Chief Investment Strategist for PortfolioDirect a provider of resource sector investment stock ratings and portfolio strategies for mining and oil and gas investors. He has worked as a policy economist, corporate business...
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