ask anything, page-80

Will try that again......

To cut a long story short-

Resources are concentrations of minerals that can realistically be expected to one day be economically exploited. With increased geological confidence usually obtained by increased sampling (often drilling), interpretation, and modelling, the categories shift from inferred to indicated to measured.

A reserve is based on a resource after considering the impacts of the economics of mining such as losses, metallurgy, permits, environment, financing, mine planning etc, and everything else that is involved in feasibility. A reserve should relate to a specific point of time that mining is expected to occur. With increased geological confidence the categories for reserves shift from probable to proved.

So mine planning is inherent to a reserve calculation. If I interpret Greg correctly, his argument is that because the mine plan changed for those factors discussed, then the publicly stated reserve must reflect that change. Fair enough, IMO.

Should a sustained and predictable decrease in the POG alter reserves where a change in mine plans means less of the resource is subject to exploitation - often by chasing higher grades, I would say yes. Does that statement ever happen in public reporting, I would say - not usually.