So I was right... good... and thanks for updating us all on that point...
All the SEC says is use cautionary language when the website refers to indicated and inferred resources...
Comment 1. We note that your website refers to or uses the terms “measured,” “indicated,” and “inferred,” resources. If you continue to make references on your web site or press releases to reserve measures other than those recognized by the SEC, please accompany such disclosure with cautionary language comparable to the following:
And in this example the company actually used the NI 43-101... and the only comment by the SEC was to say that there is no economically reasonable means of determining a mineral reserve of the entire deposit prior to mining... the SEC says nothing about the use of the NI 43-101 as being in violation of any SEC regulation...
As stated in the National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) 2008 Lyntek Preliminary Assessment for the Lost Creek Project (“Lyntek Report”): “Since the practice of ISR mining is to drill out individual mine units just prior to mining each unit, this Preliminary Assessment report can only use indicated mineral resources which are considered too speculative geologically to have economic considerations applied to them to be categorized as Mineral Reserves.” Item 4.B at page 19. This circumstance is also relevant to the Corporation’s Response to Comment 5, below.
As a result of the mining method and development of the mine (mine unit by mine unit just prior to mining; the Lyntek Report anticipates six mine units), there is no economically reasonable means of determining a mineral reserve of the entire deposit prior to mining.
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