"Contingent Resources are defined, under the CanadianOil and Gas Evaluation Handbook (COGE Handbook), as those quantities ofoil and gas estimated on a given date to be potentially recoverablefrom known accumulations but are not currently economic. ContingentResources include, for example, accumulations for which there iscurrently no viable market. There is no certainty that it will becommercially viable to produce any portion of the resources"

Management knows exactly what they are doing. So do the market manipulators.

I'm sure the exchange requires you to have that in the release becausethese numbers have not been proven. Over the next months or more,Goldnev will be performing exploration that will "prove" what they have, in the form of more drilling.

These are "contingent resources" because this is a resource "estimate." They aren't proven resources, hence the next 10 hole drill program which will "begin" to bring forward the information required for a "proven resource." This doesn't mean any shale they have is worthless, it means it's an estimate of what they have, therefore, until they can "prove" what they have it's considered uneconomical. The exchange wants to make sure that they can't be criticized for anything misleading, and in an attempt to put things in precisely legal terms they confuse people, but their butt is covered legally and that's all they really care about.

Keep in mind:
Mr. Charlie Chapman, P. Eng., an experienced oil and gas executive and petroleum engineer,
wrote and signed off on the report. Every time he does this he puts his professional reputation on the line. He's not going to sign off on this unless he can defend it.

Everyone seems to want to focus on the paragraph about "Contingent Resources." If that paragraph should be interpreted as "it doesn't matter how much shale they have you can't do anything with the stuff" why did they also include, and the exchange accept, the following paragraph?

Oil shale is a fine grained organic rich sedimentary rock containingsignificant amounts of kerogen from which liquid hydrocarbons can beprocessed. Unlike tar sands or conventional oil and gas reservoirs,where the bitumen or petroleum is impregnated in the rock pores, thekerogen in the oil shale has not yet been cooked into petroleum.Extraction of the oil from the rock is accomplished through aretorting process of which there are numerous technologies which areproven and in use for oil shale processing around the world. Theprocessed product from oil shale is a distillate oil in the middlehydrocarbon range much like kerosene, diesel or jet fuel.

So, to recap, Goldnev announces an ESTIMATED 2,000,000,000 barrels worth of oil shale based on 1/3 of their property, which is about twice as much as most people here, including me, thought they would announce (they don't have enough information to produce a professional and legal estimate on the other 2/3s yet so who knows how much higher this number will go) and the stock price drops 30%.

I've been wrong before, but I think the market manipulators (with a little help from the bashers) certainly won the day, and a lot of people that sold yesterday because they didn't understand one paragraph and drove the share price down are going to be paying a lot more if they want to get back in.

And Marc and company must be wondering if an estimated 2,000,000,000 barrels being introduced into the companys resume doesn't impress the shareholders, what will?

Time will tell.

HH