According to the "Response to Indian Media Report" (5 July 2011):
The media article contains a significant inaccuracy that the project has a proven reserve of 1.2 Billion tonnes. MTE advised the ASX on 12 May 2011 that the project areas within EPC 1164 and EPC 1251 contain an inferred resource of 767Mt*.
The announcement dated 12 May 2011 was the Bundi resource upgrade (595mt).
Was that an accidental slip????
On 14 July, they provided an update on Bundi (38 of 70 holes completed). This is a significant jump. Surely they must be modelling as the results come in? And 767mt was where they were at??
I can't work out how else they would have come to 767mt. Can't see it being a typo either as the numbers don't line up along the top nor on the numpad... ;)
MTE Price at posting:
80.0¢ Sentiment: LT Buy Disclosure: Held
