Pacific Gold Corp fka PCFG

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The Gold Mining Potential Supply

The gold miners possess known ore “Reserves” (ore that is profitable to mine at the current gold price/mining cost) as well as broader “Reserve Base” which is “Reserves proper, plus marginally economic reserves and a discretionary percentage of subeconomic resources.” USGS calculated global gold Reserves and Reserve Base at 47,000 tons and 100,000 tons respectively in 2009. In 2001 they were 48,000 and 77,000 tons respectively, so Reserve Base expanded rather than shrank over those 8 years despite some 20,000 tons having been mined during that period. This has been the norm for the last half century. In-ground Reserve Base tends to expand rather than shrink over time despite continual mining depletion. This is because (a) improving technology has made lower grade ores profitable to mine; (b) gold’s rise from $35 an ounce has gradually converted more and more previously subeconomic ore into profitable Reserves and potentially profitable Reserve Base; and (c) miners have spent over $40 billion exploring and locating new ore bodies.