Colorado Goldfields Inc (fka CGFI)

[1manband]

No, I am right. There are very many SEC reporting mineral companies that have reserves but remain at the exploration stage. Having a positive feasibility study does not automatically move a company out of the exploration stage. Far from it. Having reserves and being at the exploration stage are not mutually exclusive concepts. Reserves simply means you have a positive feasibility study. Exploration Stage just means a company is not at the development stage, which requires all permits and the company actually building a mine.

Your example proves absolutely nothing. First of all, it is a letter from the SME, not the SEC. Second, nowhere in there does it have anything to say about exploration stage companies and reserves.

And paying some cheap hack won't qualify as a feasibility study. It requires a substantial number of studies and permits, all of which not only require a team of qualified independent professionals, but a lot of time and cash.