Hi Irrefutable,
"The PIMA analysis is a tool like Quantec. If this tool has given Lori information that has changed her stategy, doesn't that sound like material, share price changing information that ought to shared in a news release?"
I think you may have answered this question in your question...
The PIMA is exactly like Quantec in that it is an explorative tool which is used to determine drilling strategies...it in itself does not determine accurate analysis acceptable for release to the public as it is speculative in nature. While speculative, both Quatec and PIMA technologies have been used effectively to determine successful drill programs. So in short...any information collected from Tools such as Quantec or PIMA (or the naked eye for that matter) do not have to be released to the public if management does not want to.
As for timely release of material information...it is my understanding from my discussions with my lawyer, that management has an obligation to release any material information in thier possession unless those privy to that information are unable to trade through mechanisms(such as blackouts, NDA's in effect, etc.)...furthermore information can be delayed if the timing of the release of information will have a detrimental effect on the future value of the company(either dropping overall share value or not maximizing shareholder value)...it is my understanding that in such a situation the company must apply to the securities commission for permission to hold back that information (this is an internal process and would never be released to the public).
This is my understanding...I am not a lawyer...take it for what it is.
S.
