While specific definitions of the main categories of mineral reserves and mineral resources are becoming well established through the efforts of the Australasian Joint Ore Reserves Committee (JORC) and the Combined Reserves International Reporting Standards Committee (CRIRSCO), there has been perhaps less attention paid to the standardisation of language used in the definition and reporting of Mineral Exploration Results and a clear understanding of the transition to Inferred Mineral Resources. This is an area of significant importance to small and medium sized enterprises in the mineral exploration sector as it represents in many cases the only tangible information by which the reader or potential investor can evaluate the future potential of such enterprises. By its very nature information in the Mineral Exploration Results category is incomplete, and frequently complex, and it is open to a broad range of interpretation by readers of various competency levels and disciplines. Many will have a short-term speculative view rather than a long-term perspective, with others out deliberately to misrepresent the information, and as such it can have an enormous impact on investment decisions if the risks associated with this information being reported are not fully understood. Authors of reports on Mineral Exploration Results, who may be Competent Persons or company directors, have to put themselves in the shoes of the reader of the report, second-guessing if you like what the reader will understand by a report, which in many cases will be of a highly technical nature. This raises reporting dilemmas and questions that require to be understood and addressed. Looking at reports on Mineral Exploration Results from the other side, readers have a degree of responsibility as well, particularly if they engage in an advisory or communications role. The tendency of commentators, journalists, analysts, and bulletin board posters to over-exaggerate the significance of a particular exploration result is all too familiar. Questions arise here as well about whether there should be more regulatory supervision and control exercised over those who use this information, all of whom greatly influence investment decisions, and many of whom have no idea there is a Reporting Code, far less an understanding of it. Examples are given and questions raised to illustrate the dilemmas surrounding the reporting of Mineral Exploration Results. In order to retain credibility with markets it is incumbent on companies to be transparent, not to be selective and to report all material information. On the other hand, information has to be taken and read in its proper context in order to avoid fuelling dramatic and unjustified company share price escalation. Timing of course is another factor that can affect the market price of shares, which may be beyond the control of those making the reports. Emotive and imprecise language, however, when reporting Mineral Exploration Results, coupled by speculation, can trigger damaging short runs on shares and destroy credibility where formerly there was long-term promise. The paper will review how Mineral Exploration Results are dealt with in various jurisdictions, and conclude that there has to be a balance between prescription and the tempering of undue optimism on the one hand, and the entrepreneurial spirit, which the industry needs, on the other.