whats the story, page-8

Jagman has made some very valid points - some of which Ive made in the past.

The issue appears to me is that most investors have little concept of resource risk and the JORC code classification and it's significance.

It is true that the BLR resource is inferred - the lowest possible classification.

Check out the diagram on page 6 titled "General relationship between Exploration Results, Mineral Resources and Ore Reserves": http://www.jorc.org/pdf/jorc2004print.pdf

You will notice that the inferred category lacks the level
of geological knowledge and confidence to be included in any economic studies that could be classified as 'reserves'

So put 2 and 2 together, and what does this say about the scoping study? To me it's an academic exercise more than anything else until they can build up sufficinet geological knowledge and confidence.

Until BLR drill it out properly - and at those depths will take considerable time and expense, the scoping study is basically meaningless and more of a marketing stunt IMO. And there is the risk that the economics wont stack up - this project is certainly not a 'no-brainer', no matter what favourable considerations there are (location, geo-political risk, proximity to mill etc).

The cynic may say 'why ruin a perfectly good orebody by drilling it?' The same management with IBR made numerous announcements to drilling in Armenia but never delivered...

The only reason Ive brought back in is the fact that BLR is currently undervalued, however there is a 50:50 chance the scoping study may validate the current shareprice. I wouldn't bet the house on it.