The different calculation methods used in the Resource Estimates makes it pretty difficult to compare them.

The original 2007 Resource Estimate used the in situ method, which just tells us what's in the ground and does not take into account whether it can be mined economically. The 2007 RE showed 1393M tonnes of Measured & Indicated.

The 2011 Resource Estimate used the optimized pit shell method, which tells us what resource falls within an approximate open pit. This change in method is why our 2011 RE only showed 1035M tonnes in Measured & Indicated.

The 2012 Resource Estimate went back to the in situ method. Therefore this method added new resource from additional drilling AND from the change of methodology. The 2012 RE showed 1229M tonnes in Measured & Indicated.

So I would expect the 2011 RE should be fairly close to the actual reserves. It could possibly be higher because there has been additional drilling since then. However, it could also be lower because the actual reserve does not usually approach 100% of the resource. For comparison, the 2008 PFS showed 821M tonnes of reserves.