I can suggest a few obvious reasons:
1) the 1.5Billion that Mr Will throws around is not based on drilling results and JORC compliants.
I have been a bit frustrated by Dr Wills reporting over the last couple of years, MXR has had to qualify one of its reports after a complaint about it's alluvial gold resource already (which should have rung alarm bells back then). I'm just wondering if it is time to submit another one over the iron ore it claims to have. Any advice on the following would be appreciated.
If the resource is not JORC compliant then this is no real grounds for a complaint to the ASX in itself but if MXR releases non-JORC compliant estimates in order to manipulate the share-price, which there is at least circumstantial evidence for (considering the timing of the announcement to the expiration date of the options) then is this enough to go ahead with a complaint to the ASX? The JORC is not a policing body and will not accept complaints about resource reporting.