Snowden, in September 2012, completed Mineral Resource estimates for VOK, Shore Zone, Gossan Hill, Galena Hill and Bridge Zone within the Brucejack Project. The West Zone estimate remains unchanged from the April 2012 Mineral Resource estimate (Qlssen and Jones, 2012a). The new estimates are reported at a high-grade cut-off for potential underground extraction whereas estimates prior to that reported in April 2012 were reported at a lower-grade cut-off in those regions where open-pit mining is potentially achievable.

It amazes me that the analysts cannot read, yet downgrade a company.