News: MacPhersons outlines Nimbus strategy, page-3

I just don't get it.

How can you have reserves when the Feasibility Study hasn't been completed to demonstrate that the project, or reserves are economic to mine? The reserves presently stated should be classified as resources until after the Feasibility Study is concluded.

If the Feasibility study shows the project is not economic then you don't have reserves. With silver around $17/oz it would have been prudent for this company to hedge the silver price some time back. I can't see a commercial business on a $17 silver price.