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JORC CODE

The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) establishes standards for public reporting, emphasising principles of transparency and materiality. All companies listed on Australian or New Zealand Stock Exchanges are required to comply with the JORC Code. The code has also formed the basis for comparable reporting standards introduced internationally in recent years.The December 2004 revision of the JORC Code extended reporting requirements for mineral resources and ore reserves to the reporting of exploration results. The JORC Code applies, essentially, to all solid mineral commodities and energy resources, including industrial minerals and coal.Click here to download the JORC Code in PDF format.The JORC Code has been effectively updated by a series of Companies Updates issued by the Australian Securities Exchange (ASX).

Companies Update 05/04 (March 2004)

This update deals with the issue of non-JORC compliant reporting, in particular description of a resource or reserve estimate as “non-JORC compliant”.

Companies Update 03/07 (May 2007)

This update discusses reporting of metal equivalents, discussed extrapolation and sampling in resource estimation, consent for announcements by Competent Persons and enforcement actions available to ASX for non compliance with the JORC Code.

Companies Update 11/07 (December 2007)

This update examines the use of historical and foreign resource and reserve estimates in announcements.

Companies Update 03/08 (March 2008)

This update deals with reporting in-situ or in-gound values for mineral resources and reserves.

These documents should be read in conjunction with the JORC Code, taking the overriding principles of transparency and materiality for reporting into consideration.