That is correct, but a negative interpretation/spin of the news, IMHO. Please explain why you expected any reserves to move to proven and better yet, exactly how would the company achive that, and what makes you certain that financing depends on proven reserves?

The fact remains, total category resources increased by 33% and gross value increased by 60% (helped by increased resources and increased prices for gold and antimony, of course). That is a positive development in my view.

As I don't want to download the 2009 Buntdzen report right now (and don't have my hardcopy in hand), I'm still curious whether or not any indicated resource was published in the 2009 report but not shown on the website summary for Nolan.

If this is not the case, the analysis I performed is correct and is apples to apples, not oranges.