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Monday, April 11, 2011 2:32:12 PM
Los Pozos Iron Ore Mine
Michoacan, Mexico 30,000,000 Metric Tons Proven Hematite Reserve
Nearest Port: 83 km from Lazaro Cardenas on the Pacific Ocean
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From your article:
Proven Mineral Reserve
A ‘Proven Mineral Reserve’ is the economically mineable part of a Measured Mineral
Resource demonstrated by at least a Preliminary Feasibility Study. This Study must
include adequate information on mining, processing, metallurgical, economic, and other
relevant factors that demonstrate, at the time of reporting, that economic extraction is
justified.
Application of the Proven Mineral Reserve category implies that the Qualified Person has
the highest degree of confidence in the estimate with the consequent expectation in the minds of
the readers of the report. The term should be restricted to that part of the deposit where
production planning is taking place and for which any variation in the estimate would not
significantly affect potential economic viability.
Sounds good to me? Unless you interpret that information differently, I think my statements are just fine, even as they are opinion.
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