Let's start off with some basic mining terminology. There are two major classifications of of minerals, metals, whatever one might be mining. For sake of conversation let's use Resources and Reserves. Canada and the US have differing guidelines as to how calculate and uses different nomenclature for the categories.
THIS IS THE MOST IMPORTANT PART OF ANY MINING VENTURE. Ultimately, everything feeds off of whether the categorization is a Resource or Reserve. In the US, you cannot add an Asset to the balance sheet unless it is categorized as Reserve. SEC and GAAP rules dictate. It drives audits, value, Exchange filing, etc.
As a side note, I believe this was the real reason why and how Maurice was eventually convicted.
Lots of explaining and credibility to give.
So let's backup a bit and start from the beginning. The CEO is out of a job and is good friend's with a former music executive. This music executive has a relationship with MF. MF needs credibility and someone to lead his company and CEO is hired.
CEO has a solid background in public organizations, is trained in operations and has great sales skills. He is perceived as having great character and has a great network Important note: he knows nothing of mining and believes all of the reports MF provides (convenient naiveness or buys into it we don't know) and does his own assay. A flimsy assay validates the portrayed mother load.
CEO sees HUGE dollar potential. I'll call it for what it is--greed. His son says he could be billionaire when this thing kicks in. He signs up immediately as CEO.
END OF CHAPTER ONE
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