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Gold/Mining/Energy : Gold and Silver Mining Stocks
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To: Stephen O who wrote (1622)7/16/2001 2:34:41 PM
From: goldsheet  Read Replies (1) of 4051
 
> history of operating with a small reserve and replacing it as they go

Excellent point - all firms have a replacement rate, which is why doing a static analysis such as 1moz in reserves at a production rate of 100koz is a 10 year life may be mathematically correct, but not really correct. If enough work is done each year to move 50% of resources into the reserves category, then the 10 year static mine model has a 15 year dynamic lifetime.
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