I think fairly safe assumption they do not have a feasibility study that has established reserves.
First, many people invest in mining equities without a feasibility study having been done. That is so common I am not even sure why the question woudl be asked.
Second. do you honestly think if they had quotable reserves they would not quote ? From a marketing/IR viewpoint alone they would want to do so. If they are willing to ue word resources, they certainly would use reserves if they had reserves.
Third,when would they have done such a study and how would it have been paid for ? There has been no such study announced on their last 10k or 10q nor an 8k snce then.Such studies are not inexpensive, and generally not done through payment in shares.
Four, their financial statements do not show a reserve study has been done which effects the recording of expeditures and how they are booked.
I cannot see a single factor that would indicate a feasibility study has been done.
This doesnt mean it is a bad speculation or investment.Just indicates the stage they are at, and why throwing out $200 million + vauations is very unrealistic at this point.
