I would disagree with the concept that 43-101,s protects shareholders from not letting companies or management tell shareholders what may actually be on some properties. In times of takeovers with some companies, shareholders may only get paid for perhaps a tenth of what is actually in the ground, while this is good for the aquisitor, he is getting a good deal, it is also at the expense of the shareholder. Without digging for the exact numbers, Barricks Pierrena, bought from Arequipa, I believe actually had close to 4 times the amount of gold in Payback hill, when mined, for example purposes only, there are more. A quick look at how Dynacor estimated their 600,000 ounce gold reserve in 3 veins, on their property adjoining, or very close to ours in the North, have them seemingly scaling the possible amount of gold there by perhaps as much as 70-90%,imo. This becomes very important in a buyout where shareholders may only get paid a tenth for whats there because of some of the 43-101 rules. You have seen in the last couple years, some companies paying over $1000 ounce for gold deposits in the ground, partly the reason for this, is to compensate for what is actually in the ground.

As for the 4000 ounces of inferred gold on the Tesoro, you must understand how resources are calculated and historic data may suggest that there is actually multiple times that amount of gold in that block they took out, if it averaged 3 ounces per ton, that would make the real total amount of gold around 12,000 ounces and would be worth $12 million dollars instead of $4 million at a $1000 POG. So, its very easy to see how the rules can have negative effects on shareholders and even allow them to be taken advantage of further because of this.

IMO