Golden Reign (GRR:v): Grrrrrrr

So let's check the smooth words used by Golden Reign (GRR.v) in its May 2nd news release about QA/QC, because they're all very reassuring and make you feel all touchyfeely about the seriousness and professionality of the company:

Quality Assurance
The Company has implemented a rigorous QA/QC program using best industry practices. As described in the Company's news release dated March 9, 2011, the program includes chain of custody responsibility of samples in sealed bags. The samples are delivered to a preparation facility of Inspectorate America Corporation ("Inspectorate"), a certified USA based laboratory (UKAS, NAMAS, STERLAB, ISO 17025), in Managua. The samples are crushed to less than 10 mesh, then a 500 gram sample is classified with a 150 mesh screen. The coarse fraction (greater than 150 mesh) is weighed and placed in a sample container and the fine fraction (less than 150 mesh) is weighed and placed in a separate container. The screened samples are couriered via DHL to Inspectorate's analytical laboratory in Richmond, British Columbia, Canada. All of the coarse fractions and two 30 gram splits of the fine fraction are then tested by fire assay techniques. The less than 150 mesh samples were used for Inductively Coupled Plasma Spectroscopy (ICP) analysis, testing for silver.

So now let's cut to tonight's NR:

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 19, 2011) - Golden Reign Resources Ltd. (the "Company" or "Golden Reign") (TSX VENTURE:GRR - News) announces that a material data entry error has been identified with respect to metallic screened gold assays reported in news releases NR11-11 and NR11-14 dated April 6, 2011 and May 2, 2011, respectively.

Oh dear. Rigorous program of industry best practices, eh?And the effect of this was to turn the screaming headline used April 6th of 9.0m of 15.23g/t gold into a far more discreet 9.0m of 7.43g/t gold. And that, ladies and gentlemen, is just one of the 53 errors out of a total of 58 samples reported!

As for the valuations over at GRR.v, just two weeks after the first NR, GRR.v was up a cool 50%.

Though strangely, it's dropped back to just where it was before all this "best industry practices" QA/QC was proved to be a very large crock. Sheer coincidence of course, but the funniest thing of the lot is the tone of the NR tonight, which arrogantly tries to make out that the lab doing the testing bears responsibility for the error and GRR.v is squeaky clean. WRONGO, DUDES! You sign off on the NR and you're to blame for the mistake....or doesn't "Qualified Person: John M. Kowalchuk, P.Geo, a geologist and qualified person (as defined under NI 43-101) has reviewed the technical information contained in this news release" mean anything at all in your little world? No, it's the shareholders that need KY Jelly applications due to your lapses that get screwed, not you guys. So fess up, cut the high-handed nonsense and say a straight plain sorry next time, cos it's bad enough risking one's cash on a junior gold explorer in Central America without having the management on the side of its retail holders. Got it, Kim Evans?