Replies to post #2351 on Mining Company research board

[1manband]

Just look at the recent Petro America fraud, for one. Look at the SEC and DOJ position on reporting "reserves" when a full feasibility study is not completed. For non-reporting companies, it falls under the anti-fraud statutes. It is fraudulent to claim such "reserves".

[1manband]

In regards to the Hamilton interpretation, flip it around. It only reminds SEC reporting issuers they MUST use Industry Guide 7 (i.e., none of this NI 43-101 BS instead of Industry Guide 7, which has been popular among stock scams of late).

It has nothing to do with non-reporting issuers.

[Veblen]

I don't think the real issue is whether or not MDMN was guilty of an illegal act.

The issue is their credibility if they reported as "reserves".