RE: RE: RE: RE: Mining CEO pleads guilty! >>>Southwestern Resources was exploring in China. I doubt very much that China'S laws are as stringent as here in Canada regarding reporting of assays etc. <<<
Southwestern Resources was reporting in Canada, so the same NI43-101 and CIM rules applied. BreX and Busang were the root cause of Canada adopting NI43-101 protocols. So slandering Indonesia isn't the point. The BreX boys were from Calgary and interestingly enough never traded in Vancouver. They went from Calgary straight to Toronto.
Besides if you read the details of the Southwestern Resources case, the problem wasn't with the assays as such. Rather someone transferred the data incorrectly to the excel spreadsheet -- maybe it was a Bill Gates bug in excel that corrupted the spreadsheet data in just the right places to make the numbers come out so sweet -- the excel version with the data entry errors translated into 3.1M Measured + Indicated and 800K Inferred. Once the excel bugs were corrected the total resource dropped to 700K Inferred. Gee, weren't talking about another company recently where the Indicated resource dropped by more than 3.1M oz? Wasn't it 10.8M down to 5.x which is considerably more than 3.1M... Somone at the BCSC should be checking into that don't you think?
Looks like the Southwestern deception was worked on Howe Street and had nothing to do with Chinese standards as you've implied.
The good news is that apparently the Canadian rules for preparing a Prefeasibility required an independing audit of the drill core results and that was where the problem was uncovered. So bottom line, the Canadian standards are good and they work world wide. Southwestern got shut down before they reached the Prefeasibility stage. Lesson learned. I need to have a closer look at a few prefeasibility studies and note the audit sections.
Now the more interesting question is what could a Howe street operator have learned from the Southwestern affair? Well for starters, mistyping the assay results into the excel spreadsheet is going to get you caught at the Prefeasibility audit and land you in jail for 10 years. LOL.