SAMREC is a short term for the South African Mineral Resources Committee and was established in 1998. This committee or working group has developed guidelines and recommendations for the South African Resources Code minerals and mineral Reserves, which in short is called the “SAMREC Code”. The SAMREC Code is applicable to all economic minerals or deposits. Transparency, competence and materiality are the three fundamental principles that dictate the functioning of the SAMREC Code. It is expected that the reader of the Public Report will be provided with sufficient information to understand the report; hence the principle of “transparency”. Competence is the principle that requires the Public Report to be professional, in the sense that the person drafting the report must be qualified, experienced and subject to a professional code of ethics. Finally, the principle of materiality requires that the Public Report contains all the necessary information that could be requested by investors and their professional advisors. The main purpose of the materiality principle is to make a fair or realistic judgment regarding the reported mineralization (SAMCODE; 2007). HOW THE SAMREC CODE IS IMPLEMENTED TO ENSURE RELIABLE COMMODITY DATA REPORTING There are some elements that should be taken into consideration as a guide when evaluating a report in order to achieve more reliable commodity data reporting. However, exploration professionals still have to make difficult decisions, such as deciding whether materials are considered a mineral resource or a mineral reserve. All documentation of exploration results, mineral resources and mineral reserves must be prepared by a "competent person". “A Competent Person is a person who is a member of any South African… medium of paper… which is expected to occur when the material is extracted. All adjustments in Mineral Reserve estimates must be fully described in the report. A probable mineral reserve is estimated with a lower confidence level, while a proven mineral reserve is estimated with a high confidence level. Probable and proven mineral reserves should not be combined in public reports unless relevant diagrams are provided for each group. CONCLUSION So far, SAMREC has done an excellent job of ensuring reliable reporting of commodity data. The most striking thing about this working group is that it recognizes the importance of periodically reviewing the codes, which therefore makes it more reliable. However, it is of the utmost importance that those preparing reports take into account the fundamental differences between the types of reporting they perform to avoid errors.