RE:The clarification Dustyboy,
Feel free to get in touch with Stephen but there is nothing to be worried about.
In most cases mining companies only make a production decision after a Feasibility Study which is considered to be based on more accurate data than a PEA.
ORX economic assessment was published as a PEA ( P from preliminary ) but this classification needs to be put in the right perspective for the following reasons :
- a big or the biggest part of the updated resource is based on the resampling of Amax drill core ( from 1981 ) , which had 20 meter spacing between the holes, in my opinion very reliable as basis for calculation
- the datapoints regarding recoveries, crushing , trucking, milling and refining are all coming from the stockpiles/bulksample of 25000 ton processed last year and not from lab work or theoretical models
In my opinion , ORX PEA has much more the value of a Prefeasibility Study , but nevertheless IIROC obliges ORX to notify his shareholders that given production decision is based on a PEA, that there is no guarantee that the indicated margins and related profitability will be realised.
IIROC is playing safe, but this is standard procedure.
I hope this clarifies.
Good luck.