An Overview of Ore Reserve Reporting Practices in the United States

Ore reserve reporting practices in the United States may be broken into four general categories as follows: ò Reserve reports, often of an unofficial and preliminary nature, which are made through the news media. These are often based on exploratory drilling or sampling results. ò Reserve reports made for the purpose of raising public funds by issuing securities on the stock market, or as part of other filings to the United States Securities and Exchange Commission. ò Reserve reports to obtain private funds from banks, financial institutions, or other investors. ò Reserve reports for internal use and planning by companies operating or evaluating mineral properties. This paper discusses current practices for each of these types of ore reserves reports and reviews recent changes which have affected those practices.