I did not realize that RRHI was a Canadian listed stock. I've been going by the US guides, rules and literature.
So are they on the Toronto exchange or Vancouver?
According to US CPAs, for public companies engaged in mining, that a development stage company is “engaged in the preparation of an established commercially minable deposit” but is not yet in production. All other mining companies not producing revenue are in “exploration stage” – in the search for mineral deposits.
Gravity mapping is clearly a project to establish the possible extents of a mineral deposit and NOT preparation of an established commercially minable deposit.
According to Alf himself, "The mineral gravity survey is targeted for completion by mid-second quarter utilizing the latest in electronic, automated 1 micro-gal resolution meters wirelessly transmitting digital data to a GPS equipped data logger using proprietary software performing real-time error checking, multiple sampling and averaging of gravity readings that enhances accuracy and eliminates manual entry errors. With the Bouguer gravity anomaly modeling data, the company will immediately institute a customized diamond core drilling program to establish bankable proven reserves across its mineral type deposits with first focus on barite."
They have not yet even completed a Bankable Feasibility Study. Therefore RRHI is still in the Exploration Stage. (By US definition)
AI
