(And here I go, doing someone ele's DD again...)

Fundamental Research made a pretty bad move in posting that report you linked to, nmaycock: http://www.researchfrc.com/research/...

On the 2nd page (Company Overview) they refer to the newly-posted NI43-101 for the Rushan J.V. (Oct.2008) and report that the 0.17 million oz. gold calculation "is considerably lower than the previous estimate of 0.61 million oz gold."

Here's the oops: it's not the same area! The new NI43-101 on p.42 states "The Indicated Mineral Resource calculation sited in this report refers only to the Daye I Exploration License and the Daye II Exploration License. The other Exploration Licenses covered in the Rushan Goldrea Gold Inc. Joint Venture are evaluated in earlier reports." It then references Nov.1,2005 and January 7,2007 as those earlier reports; that 2nd one is the one Fundamental is assuming got replaced (0.61 million oz). Not.

Those are two separate calculations, and it can be fairly said that Goldrea now has a cumulative calculated resource of 0.78 million oz gold in Rushan. The real point being, this was NOT further bad news supporting Fundamental's downgraded rating of Goldrea - should have been the opposite.

I've confirmed the above with Goldrea management, and advised them of the Fundamental error (they were not aware). I hope they take it up with Fundamental, that was pretty irresponsible. And it irks me personally because THAT'S what they do: research. That they get it wrong is testament to the surplus of superfluous "investor advisor" hacks out there.