http://business.inq7.net/money/breakingnews/view_article.php?article_id=10410
Inquirer
07/18/2006

THE Philippine Stock Exchange (PSE) and mining experts said Monday they expected more investments in mining stocks with the crafting of a code that would align public reporting of exploration results, mineral resources and ore reserves with global standards.

Mining experts attending a media briefing held by the PSE said the government and the private sector hoped to complete the draft of a Philippine Mineral Reporting Code (PMRC) by yearend.
They said the code would be similar to Australia’s Joint Ore Reserve Committee code.

An official of the Philippine Mineral Development Institute Foundation said that at present the Philippines had no standards for public reporting of mineral exploration activities, mineral and energy resources and ore reserves.

Public disclosures of mineral resources follow various industry practices and terms that have been loosely used, resulting in declaration of mineral resources that are “ambiguous and less credible” by international standards, said Rudy Obial, director-trustee of PMDIF.

“The importance of having a code is that we will be compatible when we produce reports on Philippine prospects and mines,” Obial said. “It will be easily accepted by investors from overseas because it will be written in a common and locally compatible technical language.” With INQ7.net