"He has obviously spent a great deal of time analyzing ECU's published information and, for an investor like me with very limited knowledge of the mining industry, his resulting conclusions are very disturbing."

If he is not aware, that ECU is not yet allowed to publish production revenues and costs since they have not yet acquired the formal status of a producing company, that is a sign of a totally incompetent analyst rather than that of a well informed analyst.

The entire style of the article is geared towards bashing rather than analyzing. If you take just the M&I reserves and start comparing them to those of other companies, while ignoring the inferred reserves, which are manyfold, then it is hard to talk about an objective analysis.