Maybe someone like PC can confirm this, but I was under the impression that once they get the assays back, whenever they come back, they're forced to release them immediately. They are material information, after all.
They are NOT required to release assay data, except in so far as it suits the way the company has chosen to manage its business.
Material information can be divided into two categories, material change and material fact. Securities legislation defines the term material change as "a change in the business, operations or capital of the issuer that would reasonably be expected to have a significant effect on the market price or value of any of the securities of the issuer and includes a decision to implement such a change made by the board of directors of the issuer or by senior management of the issuer who believe that confirmation of the decision by the board of directors is probable". Material change must always be immediately disclosed, under the continuous disclosure regulations. Examples of material change include audited financial results, sales or purchases of company assets, changes in senior management, the filing of a lawsuit, and similar. Material facts, such as assay results from drill programs, do not require continuous disclosure (see 3.1 (4) of National Instrument 51-201).
A company is allowed to release this information (i.e. material fact, such as drill core assays) according to their own interpretation of the best interests of the company and its business. The only legislative concern is that they keep the information confidential until such time as it is generally released (as by news release). But it should also be noted that it is permitted to disclose material fact in the general course of business, and that includes during negotiations for private placements (see 3.3(4) in 51-201, link above). Individuals so informed would thereby become insiders, and would be subject to prohibitions on tipping and insider trading, however.
Regards,
Lar
