Feasability study does not change what is in the ground.
Do I agree the studies would give a LOT more light to really what's there? Absolutely.
The thought of them knowing there was no gold, however going through all the work they have for this many years simply to sell stock is silly. Saying they didn't do studies when in reality if they were to do said studies, they would have done them MANY years ago. Why would he sell stock today, when he could have sold a LOT more of it and been filthy rich at .50 then .40 then .30, etc.