Does the wording of their release make sense to you? A 63 word sentence!!!
Is it 2 million or 20 million?
Is it proven? probable?
It doesn't sound like it was written by someone who knows anything about mining.
Russell Industries, Inc. (RSDS.PK) reports the following update regarding its proven and probable reserves. When extrapolating the preliminary report from Edge Consulting in December 2006 and information obtained by the Atomic Energy Commission dating back to February and June 1955 the geo-statistical estimation of reserves with underground mining, estimated reserves from the Russell Industries 54 claim group would be 2 – 20 million pounds of Uranium (U308) with an average grade of .27% and a cutoff of .10%. An additional benefit of this area is the high content of Vanadium within the ore. Based on historical records, shipping records and samples, the average Vanadium content is 2 – 3%.
The current market price for Uranium is $71.00 per pound and $20.00 for Vanadium. The extrapolation of these parameters indicates the range of ore in the claims to have a value range in excess of $38,340,000. The Company is being encouraged to further testing which will require costly extensive mining, sampling and testing. “We are encouraged with the preliminary reports and will evaluate our options over the next 90 days,” Rick Berman, President.
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