Wrong. This is pretty common knowledge and you should know this. An exploratory property can't show reserves, and therefore can't have them. Same with an exploratory company. If you are exploring for reserves, how can you state you have them? There has been a long battle to upgrade the Guide 7. Here is just one example: http://www.sec.gov/comments/s7-29-07/s72907-8.pdf
If you read through this you'll find the miners are complaining about the very things you say are true, lol.
If what you say is true, I could just go buy a cheap claim, pay some hack to print out a feasibility study to state reserves. If anyone questioned it, I could just say I was "Exploring".
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