It appears our management team does not feel they are obligated to report assays. Surely they have received assays or some indication of assay results over the proceeding months. One would think these would be required for Noront geologists to proceed with a effective drilling plan. With four drills turning they need to know assay results in order to know where to drill next.

In reading information on the OSC it appears that a company and its directors are obligated to the immediate disclosure of material information. Material information is defined as any information relating to the business and affairs of a company that results in or would reasonably be expected to result in a significant change in the market price or value of any of the company’s listed securities. Material information consists of both material facts and material changes. Assay results would fit into this category.

publication of material change 75. (1) Subject to subsection (3), where a material change occurs in the affairs of a reporting issuer, it shall forthwith issue and file a news release authorized by a senior officer disclosing the nature and substance of the change. R.S.O. 1990, c. S.5, s. 75 (1); 1994, c. 11, s. 349.

Disclosing the existence of significant events up to 90 days after their occurrence is not considered timely disclosure.

Relic