Arising from prospecting success, the underlying worth of the shares of a publicly listed mining exploration company can increase many-fold. Prompt and accurate reporting during the exploration stage is therefore essential. While there is scope for varying degrees of optimism or caution in statements about the future economic prospectivity of a mineral deposit which has been discovered, the directors of a mining exploration company have both a legal and ethical obligation to keep their shareholders and the general public fully informed as to the state of progress of, and significant factual results arising from its exploration efforts. Suggestions are made as to the desirable form and content of exploration reports up to and including the time when the orebody has been delineated in terms of assured tonnage and grade. The benefits which will flow from this greater disclosure are discussed.