Life of mine Koolan Island, page-26

The following is copied and pasted from a paper by Xstract Mining Consultants in Brisbane. The second paragraph is of special interest.

"The term 'reasonable and realistic prospects for eventual economic extraction'" implies a judgement (albeit preliminary) by the Competent Person in respect of technical and economic factors likely to influence the prospect of economic extraction, including the approximate mining parameters. In other words, a Mineral Resource is not an inventory of all mineralization drilled or sampled, regardless of cut-off grades, likely mining dimensions, location or continuity. It is a realistic inventory of mineralization that, at the time of reporting and under assumed and justifiable technical and economic conditions, might become economically extractable. Portions of a mineral deposit that do not have reasonable and realistic prospects for eventual economic extraction must not be included in a Mineral Resource.

Some CPs argue that if these 'approximate mining parameters' are applied when estimating and reporting a Mineral Resource, then this is effectively the same as reporting a Mineral Reserve."