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To: Jeffrey S. Mitchell who wrote (3943)	5/30/1999 12:43:00 PM
From: Janice Shell	Respond to of 4128

Hmmmm, no one seems to have anything to say. And we've made such an effort to understand that stuff...

To: Jeffrey S. Mitchell who wrote (3943)	5/30/1999 12:54:00 PM
From: marcos	Respond to of 4128

I just searched the non-edgar part of the sec.gov site with 'indicated adj reserves' and got this - sec.gov ... big doc, 469k ... somewhere it should have a definition of the terms 'reserves' and 'resources' ... they are emphatically not the same thing .... you yanquis use a different terminology than we do ... but i believe the term 'reserves' indicates (-g-) 'drill-indicated reserves' only ... and 'drill-indicated' is legally defined as to the spacing of the holes ... can't remember if it's fifty feet or fifty metres, but it is defined, and misuse of the term is proscribed ... by, i understand, some toothless and rarely enforced SEC language, which is likely on that doc. 'Resources' pretty much means AWAG, or 'anybody's wild-assed guess', i think. Once upon a time there was a guy named Felderhof, who used to just wave his arms and smile while naming big numbers. He did well.

To: Jeffrey S. Mitchell who wrote (3943)	5/30/1999 1:08:00 PM
From: marcos	Read Replies (1) \| Respond to of 4128

Here we go, page 66, roughly one-third of the way down - "GUIDE 7 Description of Property by Issuers Engaged or to be Engaged in Significant Mining Operations (a) Definitions. The following definitions apply to registrants engaged or to be engaged in significant mining operations: (1) Reserve. That part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination. Note. Reserves are customarily stated in terms of "ore" when dealing with metalliferous minerals; when other materials such as coal, oil, shale, tar, sands, limestone, etc. are involved, an appropriate term such as "recoverable coal" may be substituted. (2) Proven (Measured) Reserves. Reserves for which (a) quantity is computed from dimensions revealed in outcrops, trenches, workings or drill holes; grade and/or quality are computed from the results of detailed sampling and (b) the sites for inspection, sampling and measurement are spaced so closely and the geologic character is so well defined that size, shape, depth and mineral content of reserves are well-established. -------------------- BEGINNING OF PAGE #67 ------------------- (3) Probable (Indicated) Reserves. Reserves for which quantity and grade and/or quality are computed from information similar to that used for proven (measure) reserves, but the sites for inspection, sampling, and measurement are farther apart or are otherwise less adequately spaced. The degree of assurance, although lower than that for proven (measured) reserves, is high enough to assume continuity between points of observation. (4)(i) Exploration Stage - includes all issuers engaged in the search for mineral deposits (reserves) which are not in either the development or production stage. (ii) Development Stage - includes all issuers engaged in the preparation of an established commercially minable deposit (reserves) for its extraction which are not in the production stage. (iii) Production Stage - includes all issuers engaged in the exploitation of a mineral deposit (reserve). Instruction to paragraph (a). 1. Mining companies in the exploration stage should not refer to themselves as development stage companies in the financial statements, even though such companies should comply with FASB Statement No. 7, if applicable. (b) Mining Operations Disclosure. Furnish the following information as to each of the mines, plants and other significant properties owned or operated, or presently intended to be owned or operated, by the registrant: (1) The location and means of access to the property; (2) A brief description of the title, claim, lease or option under which the registrant and its subsidiaries have or will have the right to hold or operate the property, indicating any conditions which the registrant must meet in order to obtain or retain the property. If held by leases or options, the expiration dates of such leases or options should be stated. Appropriate maps may be used to portray the locations of significant properties; (3) A brief history of previous operations, including the names of previous operators, insofar as known; (4)(i) A brief description of the present condition of the property, the work completed by the registrant on the property, the registrant's proposed program of exploration and development, and the current state of exploration and/or development of the property. Mines should be identified as either open-pit or underground. If the property is without known reserves and the proposed program is exploratory in nature, a statement to that effect shall be made; (ii) The age, details as to modernization and physical condition of the plant and equipment, including subsurface improvements and equipment. Further, the total cost for each property and its associated plant and equipment should be stated. The source of power utilized with respect to each property should also be disclosed. (5) A brief description of the rock formations and mineralization of existing or potential economic significance on -------------------- BEGINNING OF PAGE #68 ------------------- the property, including the identity of the principal metallic or other constituents insofar as known. If proven (measured) or probable (indicated) reserves have been established, state (i) the estimated tonnages and grades (or quality, where appropriate) of such classes of reserves, and (ii) the name of the person making the estimates and the nature of his relationship to the registrant." ____________ There's more, i'm just not sure how much a single post will take. Maybe it's the engineers' association that defines proven and probable reserves in terms of hole spacing ... i don't see any definition here for 'resources', which is logical, because it can mean anything to anybody, in my experience.