The basic definition of ORE (of any kind) is "any material that can be mined at a profit" . This depends on operating costs, financing costs, shipping costs, taxes and royalties etc.etc. It also depends on the price of the mineral. In our case, Nickel was $23 per lb a year ago, $15.50 three months ago and $10.00 today. The value used in the press release was $12.00 as a three year trailing average. The global economy is in a slump at present but thank god there are cycles and things will improve. Just an increase to the three month old price is an increase of 30% over the valuation analysis. There are huge potential gains in commodity price rebounds.