Pershing Gold Corp fka PGLC

[ThSeeker]

Understanding NI 43-101 Language
(some education for us as we wait for Pershing's 43-101 report)


There are two primary concepts that are important to understand for investors when referencing NI 43-101 reports defined by the CIM - mineral resources and mineral reserves. Each of these terms are divided into subcategories based on the quality and amount of work done to verify the amount of minerals available and the economic viability of extracting them.

A mineral resource is defined as a concentration or occurrence of minerals in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. There are three different types of mineral resource classifications:

• Inferred Mineral Resource - The part of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity.

• Indicated Mineral Resource - The part of a mineral resource for which quantity, grade, quality, etc., can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of economic viability.

• Measured Mineral Resource - The part of a mineral resource for which quantity, grade or quality, etc., are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical parameters to support production planning and evaluation of economic viability.

Mineral reserves are defined as the economically mineable part of a measured or indicated mineral resource demonstrated by at least a preliminary feasibility study. There are two different types of mineral reserve classifications:

These next two if in our NI will substantially move the stock price. As of now I think we only have RESOURCES not RESERVES)

• Probable Mineral Reserve - The economically mineable part of an indicated and, in some cases, a measured mineral resource demonstrated by at least a preliminary feasibility study.

• Proven Mineral Reserve - The economically mineable part of a measured mineral resource demonstrated by at least a preliminary feasibility study.

Reading NI 43-101 Reports

Investors can find NI 43-101 reports via Canada's SEDAR tool, which provides electronic access to filings made by companies regulated under the CSA. Simply, select the NI 43-101 report from the dropdown list of filing types on the company search page. The filing itself will be provided in Adobe PDF format or, in some cases, in a text or XRBL format.

The NI 43-101 report itself usually contains several key sections:
• Executive Summary - A summary of the entire report from a high level, including an overview of each section without as much analytical detail.
• Introduction - The purpose, source of information, qualified persons, terms of reference, units of measure and other related information.
• Property Description - The location, legal agreements, environmental liability and operational permits for the mineral property.
• Exploration & Drilling - Data from rock samples, surface geochemistry, geophysical surveys, and other reports, as well as drilling procedures and results.
• Sample Preparation & Analysis - Review of drilling campaigns, sample chains of custody, preparation and assay procedures, and the actual sampling study results.
• Mineral Resource & Reserve Estimates - Grade estimates, resource optimization, mineral resource classifications, and other data.
• Market Studies & Economic Analysis - Data that supports the economic feasibility of the development and production of mining, including any relevant models.
• Conclusions & Recommendations - Overview of the data and conclusions that can be made from it, along with a recommendation of how to proceed.


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