The SEC regulation about reserves are well documentated. Here it is again.
Mineral reserves for a mineral property may not be designated unless: • Competent professional engineers conduct a detailed engineering and economic study, and the “bankable” or “final” feasibility study demonstrates that a mineral deposit can be mined profitably at a commercial rate. • Historic three-year average commodity price is used in any reserve or cash flow analysis used to designate reserves. • The company has demonstrated that the mineral property will receive its governmental permits, and the primary environmental document has been filed with the appropriate governmental authorities.
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