Here is the data on Copper Rand RESERVES that Management has recently supplied in their 2006 Annual report:

                          Tons (short)      Cu (%)       Au (opt)
Reserves Proven               384,000         2,23          0.060
Probable                      951,000         1,54          0.091
Total reserves              1,335,000         1,74          0.082

The proven Reserve category (384,000 tons) is equal to only 23,000 ounces.
The probable Reserve category (951,000 tons) is equal to 86,000 ounces ounces.

So this down shift is enabling Campbell to put forth their “downplay” projections. 

Campbell is already starting development on the deeper levels close to the 5,000 level.  They are already doing development work well below the levels in the revised feasibility study.

The 1997 Feasibility study  shows 287,000 ounces in the Reserves category (proven and probably). 

This would easily support an annual production rate of over 50,000 ounces per year.  And there are at least 4 quotes in press releases in the 2001 – 2004 timeframe, where Campbell announced that they would be producing 50,000+ ounces of gold per year from Copper Rand   (links are on the website home page, but it look like they got MacReport to take down the audio interview)

From the 1997 Feasibility Study
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2.2 million tonnes at 1.72 percent copper and 3.70 g/t

My calculations:
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short tons          2,200,000
grams per ton             3.70   (0.13 ounce per ton)
grams                 8,140,000
ounces                   287,130  (there are 28.35 grams per ounce)

We have asked Mr. Fortier to release the 1997 Feasibility study.  His first reply (posted on this board Friday) was that Mr. Fortier was trying to steer us toward the “revised” report.   But he didn’t tell us that it was “revised”.  Here are Mr. Fortier words: