Ann: Bellevue Gold Stage 1 Feasibility Study, page-24

Man so many freaked out comments from investors that either haven't read the announcements or haven't understood or digested them properly. Do some reading before flipping out and then you will know the reasons.

This Stage 1 FS is based on Nov20 reserves and certainly looks sh**. The market has taken one surface look and marked it down accordingly.

A deeper dive however (don't have to go too deep), reveals that it doesn't include a whole stack of resources currently being converted to reserves. Also it obviously doesn't include all the recent drilling and new lodes etc either. So the final FS will be much bigger than this one released today. There is a stack of high grade gold there and this will be a very profitable mine.

Having said all that I do think it was a mistake and waste of time and money to produce this feasibility study. Sure do some prep work and start the process, but they should have waited until they had firmed up their reserves better before releasing any FS. This just confuses the market and smashes the price around for no real benefit.