The proposed 2003 JORC Code -
what does it mean for you, the Competent Person, and others?

Presentation by Norman Miskelly, OAM and
Phillip Hellman with discussion from the floor

Wednesday 12 February, 2003. 5.30 for 6.00 pm at the Rugby Club

Joint meeting of AusIMM, AIG and SMEDG

The Joint Ore Reserves Committee (JORC) has completed a review of the 1999 JORC Code. The exposure draft is now available on the JORC web-site ( http://www.jorc.org/main.php ) for review and comment. It is hoped that the new version will be released during 2003 after assessment of comments from the public.

The JORC Code has been acknowledged to be the world leader in public mineral reporting codes. It is the model for numerous international codes with various adaptations that take into account local circumstances. The new version has benefited from improvements made by various committees in Canada, South Africa and Europe, including the UK and Ireland.

The major proposed changes to the 1999 Code include:

· The requirement for a Competent Person to be responsible for the preparation of any reporting of “Exploration Results” (new definition)

· The broadening of the definition of a Competent Person to include members of “Recognised Overseas Professional Organizations” (‘ROPOs’)

· The inclusion of a new section dealing with the reporting of “Exploration Targets”.

The proposed changes have important implications for the responsibilities of Competent Persons by virtue of the Code being included in the ASX Listing Rules. Breaches of the Code, therefore, come within the province of the Australian Corporations Law.

If you are involved in the preparation of Public Documents that refer to Exploration Results, Mineral Resources or Ore Reserves, then you cannot afford to miss this meeting. Hopefully, you will also contribute to the discussion on the proposed 2003 Code.