It's also possible that this is less negative than some people are reading into it. Perhaps this is a prelude to a flow-through offering to drum up approximately $6.68m (although they should try to raise about $8m, for contingency purposes). Nothing like having the company Boldly remind the world that the resource is big but "inferred" and then going to the market. It may be that all these NR's about Black Horse are to keep it first and foremost in the minds of investors, as a reminder that there is more than one chromite resource in the ring (or more than several, to be more accurate).