resource Here's my initial impression of the resource upgrade.
M&I upgraded about 500k ounce from around 4.1 mil ounces to 4.6. Grade slightly increased. Formerly this was all Indicated but 300k has been upgraded to Measured.
Inferred increased by about 250k from around 1.7 mil ounces to about 1.95. Grade upgraded from about 6 gpt to 8gpt. That is a nice thing to see.
(all of this is rounding to 50k ounce increments)
Overall it looks fine, and it's nice to see the overall ounces are up, and especially the grade upgrade on the inferred is encouraging.
In addition, in my opinion, this resource does confirm that they have picked the low hanging fruit and it is time to substantially reduce their drilling. I believe they still plan to do a fair amount this year; I hope that they plan to ratchet down to a pretty low level by 2014.