Ann: Annual Mineral Resources and Ore Reserves Statement, page-6

I noted a gold price of USD $1,500 has been applied to the resource, but $1,250 to the reserves (last year $1,200 for reserves, but resource POG was not disclosed). Surely the resource would be further reduced at 1250.

So the reserve grade could be affected by the reduced POG applied.

Their comments suggest that a lot of the change is due to reinterpretation - but also due to "identification of prevailing NW-SE and NE-SW shears. These have replaced or broken up the continuity of previously interpreted continuous E-W striking and steeply dipping veins and has resulted is less interpreted volume and tonnes." Which is not great news. this was announced in the ann of 9/9/14 - but the market did not seem to notice.