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|To a bank that granted his request for a loan, the late American humorist Robert Benchley responded, `I don't trust a bank that would lend money to such a poor risk'. This quotation is unlikely to be the norm among mining companies that secure project financing. However, a poor appreciation of one of the key risks of a mining project, the reserves, often results in disastrous financial consequences. This conclusion is the subject of the discussion and analyses presented in this paper.|