13m buy at 0.7c, page-23

interesting
you have measured, indicated and inferred resources but
"reserve" is the next step up from a resource.
Bit loose with their wording. Maybe the word 'Potential" lets them use the word reserve.

If they had a reserve of 5.5 M oz, and the current market cap, i would be selling everything and off to the bank for all I could borrow.


It was only the end of may when they had to retract one report and I though that was a bit harsh.

""If the gold grade is in line with our test work samples collected in February, at 12.3 grams per tonne we project to have
an amount of 220,000 grams of gold or 7,300 ounces in the stockpile. Two stage gravitational processing to recover
91% of the gold in accordance with our Ammtec metallurgical results (see our release on 20 April 2011) would see the
possible production of 6,700 ounces of gold from the stockpile."
In the opinion of the ASX it appears from the statement above that the company is anticipating an exploration and
production target, and as such ASX believes that this statement may be misconstrued as an estimate of a mineral
resource or ore reserves.
Accordingly the company retracts the above statement."

Maybe the letter was already off to the printers.