I wonder, is this official information, or is it just taken from one of the fan sites?
And regarding the facts about 40 spells, is this also official information, or was it just a phrase like "about 40 spells and 5 schools of magic" mentioned in one magazine? As you can see, the phrase is not entirely accurate - there will be 4 schools. So, can we trust the first part of the phrase? If there is an official source, please indicate it. And if not, why are these "facts"?
No offense, but you shouldn't mislead people.
The videos provided by the developers show that there will be exactly 4 elements. This is a fact. The number of spells is indeed still completely unknown. We can only speculate.
But in the videos, you can also notice that next to the 4 elements, there are also these tabs (attached to the post).
For example, the knight in a helmet essentially symbolizes the hero's abilities. Swords and a planet, presumably, represent magic used on the map and combat magic [like in Heroes 3]. Well, since the knight's helmet is attached to the 4 elements, it's difficult to say for sure what this will be, but as I assume, it is most likely magic available directly to this hero or this race, and it should also be involved in the sorting.
P.S. Since it's too late to change the announced elements, and the release is coming soon, and the developers already have a lot of problems, I think that only [mana points, spell affiliation to elements, or everything else:] may change regarding the magic