RE:I consider the news not bad actually!
tarsands wrote: Because we have NO I repeat we have NO proven resources or reserves as of YET!!!! But with the 10- 15 metres of spacing of drilling in some of the most highly or significantly mineralized areas that is close enough drilling too move some of the reserves too proven is it not?
No, it won't give us proven reserves. No matter how close the holes are, they can only give resources until there is at least a PFS showing that recovery is economically viable. At that point Measured and Indicated resources become Proven and Probable reserves, respectively.
A lot of the recent drilling has been intended to move Inferred resources into the Measured and Indicated categories precicely so the PFS can then convert them to P&P reserves.