Coolgardie (as at Apr-2017 - proactive investors...

Coolgardie (as at Apr-2017 - proactive investors source):

• Resource @ 5.89 million tonnes at 2.5 g/t gold for 475,500 ounces of contained gold.
• Includes The Brilliant Project, a historical gold deposit which forms part of the company’s tenement portfolio in the highly prospective
• Coolgardie region of Western Australia.The deposit was a major open pit gold producer, mined in stages from 1970’s to early 2000’s with total production of circa 88,000 ounces of gold at an average grade of 2.45 g/t gold.

From FML 2017 Annual Report:

• PFS for the Coolgardie project: +4yrs Mine Life averaging 32koz PA at all in Cash cost of AU$1,200/oz
• PFS NPV of AU$37M assuming gold price of AU$1580/oz and 7.5% Discount rate

Question: if Coolgardie has 475k oz @ 2.5g/t (as per link above), then why is the PFS a 4yr LOM averaging 32koz per annum?  475k / 32K is more than 4yr mine life.   Is that because PFS' are based on measured and indicated only?