Ann: Maiden Ore Reserve Estimate, page-47

I was wondering about the big shareholders too, and their representatives who had been shown the jewellery box. And then reported back to their bosses that all was wonderful, and they should pay ~$4/share for the copper discovery of the millenia. Coincidentally the three top shareholders, maybe the top seven, are all Chinese for whom, culturally, face is very significant. Anybody who has dealt with people (Chinese or otherwise) for whom "face" is important knows what happens when the make-up falls away. Things get very ugly. They've been deceived by the company as to the grades, they've been conned as to the cost of the project, they've fallen for the "production next year" routine (three times now) and they've been opposed in their attempts to finance it to production by minority shareholders. How much more will they take?

Why anyone would believe a word the company says about costs is beyond me. IMO the amount of company input to the reserve statement renders it meaningless. As with the feasibility study, if that ever comes out.