There is no category "possible reserves", the classification is probable or proven reserves.
The NI43-101 report which is a Canadian requirement for public mining companies, does not mean there are reserves. A feasibility report where under US industry standards (SME) or a report using Canadian CIMM standards presented according to Ni43-101 rules I snecessary to establish reserves normally for a non-producing operation.Since this company probably wouldn't qualify for a Canadian listing it is unclear at least to me why they would prepare NI43-101 reports : especially as much that is required in a NI43-101 report not permitted in SEC filings.
However, if such reports are under way it is a good sign as they should answer the basic unanswered questions. After several days reading the posts and reviewing what material I could find, it remains a mystery to me what is capital required, what is basis for forecast revenue, processing and smelter costs, how mining costs forecast,and there general plan for financing. Since they are forecasting fall 2013 production they must have thought these things through and one can only assume this information will be presented to investors at some point. Will be good test of management ability to meet their own forecast.
