REPORTING OF MINERAL RESOURCES AND ORE RESERVES
When describing and classifying mineral resources, it is important that the terms being used are precisely defined and accurately applied. Otherwise, there is the real possibility that potentially very costly misrepresentations and misunderstandings will arise. When considering a property for purchase, or lease, or simply considering the purchase of mining shares, the nature and potential of the assets being represented must be properly and clearly described. Today, the popular expression for this is ‘transparency’. For the unscrupulous promoter of mineral properties (or mining shares), the lack of rules, precise definitions and specified procedures are essential for success. Smoke, mirrors, and sometimes a pinch of salt are the ‘rules’of the game. Scams involving mineral properties have been around forever and the stories surrounding them provide interesting table discussions at mining meetings. There is, however, enough honest risk in mining without the active participation of scoundrels. The inclusion of this chapter is intended to acquaint the reader with some of the current guidelines regarding the public reporting of exploration results, mineral resources and ore reserves.