I quite like their fact sheet, if they would drop this "metal in the ground" reference,provide some rough numbeer to support the projecton they give, would be quite nice. This metal in the ground reference quite aggressive, and I am fairly certain if they have a SEC standard review this would come up though CFO might not realize this- though he may have taken decision this is such a strong marketing tool that worth the bother.
The SEC frowns on using the word resoruce but does permit mineralized material ( generally indicated and measured resource). I for one would much prefer that calculation, which has grade and tons, than metal in the ground absent costs to extract.
Mining industry different than most industries, so management expertise which as you note doesn't always require starting in the email room, does require understanding the basic mining economics.Just strikes me as so odd they project revenue and gross margin, in 10k forecast capital requirements in every area but capital requirements to produce.
I agree we probably agree on many things, in particular this is a speculation with appeal if the junior mining equity sector turns around in 2013 with a stable or rising gold price.