There are no Measured Reserves! Reserves are either Proven or Probable and can only be based of Indicated or Measured Resources. It is possible to have a large measured resource and only a very small reserve however because all the necessary work required to convert resources to reserve may not have been completed on the entire resource area such as metallurgical, engineering and environmental studies as well as approvals.
Ann: Quarterly Activities and Cash Flow Report, page-107
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