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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: IngotWeTrust who wrote (88347)	7/26/2002 12:26:13 PM
From: goldsheet	Read Replies (2) \| Respond to of 116785

> Bob defines: Reserves are resources that are economic at current gold prices. And that is where the rub is. Not only are reserves moved in and out of resource vs reserves category, the definition of "what is economic to mine" also is NOT STATIC. I gave a quick layman's definiton, but your point is absolutely right on. There are at least three major accounting standards for reserves (North American, Australian, and RSA) which do not agree. Changes have been made to make them more consisitent, but the only thing easier than "cooking the books" is "cooking the reserves"