Terry, you said:
"Stay with this thread, as we are all continuing to learn."
I believe that 110%! Help me learn how to figure something out. A few questions as a "setup".
Would you feel Terry Turner, as well as his team, would know the SEC guidelines for claiming resources and reserves? In view of the trial, they and their counsel would know better than most? Wouldn't it be a reasonable assumption that the SEC guy they beat at trial would like nothing better than have a second shot at Terry?
If GE claims reserves, they would be taking one step forward, taking resources and turning them into reserves by proving the resources can be produced at a reasonable profit?
So, let's review Terry's interview with Europeanalyst.com in the fall. The link is on the company website.
This is not verbatim, but close. Terry said we had a huge, huge "resource", over 100M ozs. There were two reports showing 5.1M and 6.4M ozs of "proven reserves".
(GN comment: these people sincerely believed and still believe that the gold could be produced economically, they did their own feasibility study. Undoubtedly, not a feasibility study by SEC guidelines?. I really don't know the answer to that question).
Regardless, Terry said we can't claim these as proven reserves by SEC guidelines, because the SEC requires that we show economic viability.
But, when we run for several months at a profit, thus showing economic viability, Terry said he is going to allow our geologists to claim proven reserves! Remember, he is no novice when it comes to SEC requirements! So, what does he know?
Big point. He didn't say how much he is going to let them claim. I wait anxiously to see. He didn't say he would count the months that we possibly run at 3500 tpd profitably. He may mean that we will run several months at 11,000 tpd before our geologists claim proven reserves.
Interesting, huh?
Will answer phone. More later.
gerald |
