LOL! Mystery solved. Cameron, who is the new CEO of the company was very obliging with my naivite on the subject.
Apparently, until a company has actually drilled, and proven mineral reserves on a property, they are required to say 'no proven reserves'
although obviously of they truly thought there were no reserves, they wouldn't be wasting their time there..
I was impressed by the accessibility of the Director and his helpfulness
Hope there is news to match
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If you take anything I say as advice, you're crazier than I am.