The Graystone Company, Inc. (GYST)

[Montanore]

Publicly traded companies get into trouble with the SEC when they claim reserves of any kind (proven, probable, indicated, inferred, whatever), without a credible geological report. An anonymously written, very poorly documented report with sample results (like the one you alluded to) does not cut it. That report admitted that they did not evaluate or try to estimate the thickness of the "pay" zone, therefore there is no way to estimate reserves of any kind from those results.

Saying you have reserves (which are defined as economically recoverable) also requires a feasibility study, not just a geological report.