This a very good News Release with:
Increasing Resource size and grade at all cut-offs, with an approximately 26% overall increase in the resource at the 0.5 g/t Au cut-off, at similar average grades to the previous Estimate, and a 32% increase in the overall size of the higher-grade core and a 12% increase in grade at the 1 g/t Au cut-off; - Improved confidence in the deposit through upgrade of the majority (85%) of the Resource into the Indicated category, at a 0.5 g/t .
What's more important though are the implications at the botom of this NR. D. Palmer states that the
PEA, which is expected to be completed by the end of the first quarter (calendar) of 2013. Based on the information available, it has been decided to accelerate the characterization of additional components of the project development in order to prepare for a seamless transition to the Pre-Feasibility study which is planned to follow the release of the PEA.
and then the following:
A Progress Report on metallurgical results has been received and is very encouraging as it has identified an improved metallurgical response when compared to the Initial Scoping work undertaken in 2011, particularly for the lower grade portion of the resource. This should result in an improved cut-off grade determination and an improved conversion of the mineral inventory into resources. The metallurgical work is ongoing and includes additional work to determine the best specific metallurgical approach to improve overall project economics. This will include consideration of many technical factors and the Board has decided that the metallurgical data would be more meaningful if released in the context of the final conclusions on processing that will be part of the PEA release.
So we now know that progress on metallurgical results are very positive! Releasing this news isn't opportune at this particular moment in time but it will be released along with the PEA.