Comments on your claims:Measured v's Indicated has nothing to do...

Comments on your claims:

Measured v's Indicated has nothing to do with modifying factors.

Indicated and Measured Mineral Resources require consideration of the Modifying Factors (JORC Code)

Any resource is actually robust enough to evaluate economically. Doesn't matter what the classification is.

The classification certainly does matter. I’ve never heard of a resource that is mostly inferred being evaluated economically. Industry practice is to have a large majority of the JORC in the indicated category.

As yet there is no OR and there is no indication as to what the conversion rate for resources to reserves might be.

Early days to be complaining about this. Check back in November.

Typically you'd expect about 60% to make it into Reserves but only 60% of the Indicated or above portion. Could be more, could be less.

These are pessimistic comments, Penny is quite similar to the Deeps and around 85% of indicated made it to Reserves. 60% from Indicated is very low by industry standards.

At the stage it is at you could say that the confidence level is currently about 30% of what you might expect for an operating mine and for an operating gold mine you might say it is still not completely certain, depending on how patchy the mineralisation style is.

The Deeps are not patchy and a 30% confidence level is far too low.

You need to back up your claims with examples from the mining industry