"The reasons for declining reserves are no secret. As gold miners eat away at reserves through mining, the industry has focused on cost cuts – in part by disposing assets – not growth, or discovery. In a bear market for miners, major gold producers have become shy of acquisitions and misers on exploration spending. Meantime, the rate of deposit discoveries – amidst a pervasive drought in financing for junior explorers – has been slow as ever.Of course majors don’t face an imminent crisis in declining reserves this or next year. They can keep picking away at their ore, some more than others, for some years to come. But it can’t go on for too long. It is increasingly going to become a more critical – and obvious issue – facing the majors within the next half decade or so, especially if gold prices remain north of $1,000/oz. If the majors want to stay on top, they’ll have to look a lot harder under ground and in the field of junior options – sparse though the pickings may be." http://www.mineweb.com/news/gold/slipping-gold-reserves/