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By Walter Miller

Construction of new large refineries was small in 1937, but extensive modernization and expansion of existing plants were made, bearing out the observation of the Bureau of Mines that the trend is strongly toward fewer and larger refineries. Building the first large combination skimming and cracking unit of 20,000-bbl. capacity was a startling achievement four or five years ago, but it has been exceeded many times since, and at least four units with a capacity of 30,000 bbl. or more were contracted for during 1937, as well as many other units of smaller but still substantial capacity. Installation of polymerization plants for producing high-antiknock blending naphthas from refinery gases progressed at an accelerated rate in refineries affording sufficient raw gas to make the use of the process profitable. The total productive capacity of polymerization units built and contracted for in the United States is now about 25,000 bbl., equivalent to the gasoline production from approximately 55,000 bbl. of crude oil a day. Octane Fuels Also utilizing refinery gases—the butylene fractions in particular—the plants for manufacture of iso-octane increased in number to such an extent that the combined capacities will enable the air forces of the United States shortly to go entirely to the use of 100-octane fuel, indications being that the Army will reach that position in 1938, with the Navy not far behind. Commercial air-lines are expected to take advantage of the greater power of high-antiknock fuels to gain the increased power and increased pay loads possible with their use. Work done on producing fuels with octanes beyond the 100 point has recently been reported, and their production can be expected, although at high cost, when the economics of the situation justifies and engines capable of utilizing them efficiently are available. In the field of motor fuels, important work was reported to the A.P.I. at its annual meeting, on the effect of altitude on antiknock requirements

Jan 1, 1938

By P. P. Goudkoff

UNDER the name of the Russian Far East we understand the territory occupied by the Amur, Maritime, Sakhalin and Kamchatka Provinces, the total area of which is about 918,000 square miles. The mining industry took its first step in the Russian Far East in the second half of the 19th century, and until the end of this century was restricted to gold placer mining. In the last years of the 19th century, the extraction of coal and lignite was begun, and in 1910-11 the exploitation of silver-lead-zinc mines. The conditions of the Far Eastern mining industry during the last few years may be outlined by the following figures. Annual production of gold mines was about 54,000 lb., valued at $13,000,000. During the period of 1910-15 a considerable increase of placer-gold mining by mechanical processes took place; in 1910, by means of dredging and excavators, 500 lb.. of gold were obtained; in 1914, 2740 pounds. Annual output of coal; lignite and. silver-lead-zinc ores was: 1911 1920 Bituminous and semi-anthracite coal, long tons 270,000 316,000 Lignite, long tons 66,000 205,000 Silver-lead-zinc ores, long tons 28,400 94,500 In other branches of mining in the Far East, only the quarrying of building stone and clay may be men-tioned, the total yearly output amounting to about $500,000 in value. The principal gold mines are in the Amur Province, in the systems of the Zeia and Bureia rivers, and in Kamchatka Province, near the town of Okhotsk. The above-mentioned tonnage of coal and lignite was extracted from the mines in the Maritime Province, near Vladivostok. The only silver-lead-zinc mine worked was that of Tetiukhe, near the Tetiukhe Bay, 240 miles northeast of Vladivostok. The ores of this mine were exported to Germany, Belgium, and Japan, partly raw, partly calcined.

Jan 6, 1922

By B. L. Sackett

IN a general way, the situation in copper smelting is quite similar to that of lead smelting. In other words, the introduction and successful flotation of copper ores has tended to decrease greatly the tonnage to be handled by the smelter and therefore has resulted in curtailed smelter operation. However, copper production has increased rather than decreased. The general effect of flotation has been to decrease the number of furnaces operating, but it has also increased to a considerable extent the difficulties in handling the material, just as was outlined in the case of lead smelting. In copper smelting, the flotation concentrates must be roasted and prepared for the reverberatory furnace. HANDLING FLOTATION CONCENTRATES The handling of copper flotation concentrate, which is more or less wet and mucky, is more difficult than was the handling of the old gravity concentrate. Also, the roasting of the concentrate and the handling of the calcine produced is more difficult. That is mainly because the material is extremely fine and the tendency to higher dust losses is greatly increased. The draft in the roasting furnaces must be kept as low as, possible, and the feeding of the calcine into the reverberatory furnace must be done carefully, so that dust losses may be kept at a minimum. TRANSITION STAGES OF CONCENTRATION AND SMELTING The general process through which the copper smelter has gone as a result of flotation has been somewhat as follows: In the relatively old days, when copper ores of low grade were first treated, a large number of furnaces were required, and naturally comparatively poor recoveries were made. Also, the profits on low-grade ores were small and the handling of those ores was possible only because of the large tonnages. Then came gravity concentration, which was a great improvement but which only incompletely removed the gangue material, the insoluble and the iron, from the copper ore, and made comparatively poor copper recoveries. This still left a considerable amount of insoluble and iron, as well as the copper itself, to be treated at the smelter.

Jan 1, 1928

By Clark Millison

The core recorder, a mechanical instr-ent for determining the exact depth at which core is recovered, drilled up or lost, is described. Examples of charts from the recorder are explained and interpreted. The uses of the core recorder are discussed. INTRODUCTION In the experience of geologists and engineers during coring operations on drilling wells, many will recall the times when a full core was not recovered and particularly when the requirement was urgent that they know exactly what part of the core was lost. To make this determination, the core recorder was designed. Its uses are many, and only the most obvious will be presented here. Although this discussion will be limited to drilling wells for petroleum, the core recorder can be used in any type of coring operation. The principle of the core recorder is the proportional reduction of the motion of core entering or dropping out of the core barrel to a stylus moving in such a manner as to record the reduced motion on a chart. The time element is registered on the same chart by the revolution of a clock which turns the chart drum. Thus the exact amount of core entering or dropping out of the core barrel is charted and the time of such entry or exit from the core barrel is precisely correlated to the depth at which the core is recovered or lost. Lack of movement of the stylus which is revealed by the continued revolution of the chart drum indicates that no core is entering the barrel. The principles are accomplished by an instrument placed inside of the core barrel. A cylinder which contains the clock and mechanical apparatus has a diameter smaller than that of the core barrel. Near the top of the cylinder is an eighteen hour clock which turns the drum that contains the chart. Near the bottom of the instrument is a serrated wheel which by friction against the inside of the core barrel is turned as core enters or drops out of the barrel.

Jan 1, 1949

By Clark Millison

The core recorder, a mechanical instr-ent for determining the exact depth at which core is recovered, drilled up or lost, is described. Examples of charts from the recorder are explained and interpreted. The uses of the core recorder are discussed. INTRODUCTION In the experience of geologists and engineers during coring operations on drilling wells, many will recall the times when a full core was not recovered and particularly when the requirement was urgent that they know exactly what part of the core was lost. To make this determination, the core recorder was designed. Its uses are many, and only the most obvious will be presented here. Although this discussion will be limited to drilling wells for petroleum, the core recorder can be used in any type of coring operation. The principle of the core recorder is the proportional reduction of the motion of core entering or dropping out of the core barrel to a stylus moving in such a manner as to record the reduced motion on a chart. The time element is registered on the same chart by the revolution of a clock which turns the chart drum. Thus the exact amount of core entering or dropping out of the core barrel is charted and the time of such entry or exit from the core barrel is precisely correlated to the depth at which the core is recovered or lost. Lack of movement of the stylus which is revealed by the continued revolution of the chart drum indicates that no core is entering the barrel. The principles are accomplished by an instrument placed inside of the core barrel. A cylinder which contains the clock and mechanical apparatus has a diameter smaller than that of the core barrel. Near the top of the cylinder is an eighteen hour clock which turns the drum that contains the chart. Near the bottom of the instrument is a serrated wheel which by friction against the inside of the core barrel is turned as core enters or drops out of the barrel.

Jan 1, 1949

By L. C. Glenn

The account of oil and gas production in Tennessee, and of the geological factors related to such production, as given by the writer' a few years ago needs to be supplemented by brief statements as to production and development to bring it up to date. Activity in searching for favorable geological structures or in drilling given areas has never been comparable to the intensive work done in states of large production. It is not possible, therefore, to prepare a statement giving the details that may be readily available in such states, but instead one must be content with more general statements. In the past 10 or 12 years there has been a moderate amount of drilling for both oil and gas widely scattered over the state. Of much of this there is no available record. Morgan, Clay, Scott and Pickett counties have had more oil-drilling activity than any other counties, and likewise they have had almost all of the oil production. In Scott and Morgan counties production centers about Sunbright and Glenmary, the oil coming from the St. Louis limestone at a depth of 1200 to 1500 ft. Wells usually are small but generally hold up well. In Clay, Pickett, Fentress, Overton, Macon and Sumner counties there is a large area in which there are many small structural domes, some of which have been drilled. Wells vary from a few barrels to several hundred flush production and last for some years. The oil comes from porous weathered zones, mostly in the Trenton division of the Ordovician, though some comes from lower horizons beneath one or more bentonite beds that serve as horizon markers and are known as the "pencil cave." Wells recently drilled in the Central Basin and in the Western Highland Rim have been dry or have had only shows of oil. The horizons tested are also usually Ordovician in the Central Basin and usually either Ordovician or Mississippian; occasionally also Devonian on the Highland Rim. In the Gulf Embayment area of West Tennessee there has been but little activity. A well near Ridgely said to be over 2200 ft. deep is supposed to have entered Upper Cretaceous sands and clays in the lower

Jan 1, 1934

By AIME AIME

ONE of the few students to enter the world's first department of ceramic engineering a few years after its establishment at Ohio State University, A. F. Greaves-Walker has since established an international reputation in that field. Before accepting his present position as professor and head of the department of ceramic engineering at the State College unit of the University of North Carolina, Dr. Greaves-Walker spent twenty years in the ceramic and mining industries in Kentucky, Utah, Ohio, Alabama, Ontario, Pennsylvania, and Georgia successively, holding the positions of chief chemist, mining engineer, chief engineer, sales engineer, chief of research, production manager, and finally vice-president. This industrial experience resulted in his building up one of the outstanding departments of its kind in the country.

Jan 1, 1942

By G. P. Walters, W. C. Fuller

THE production of thin films of beryllium became essential early in the irradiation program at Harwell in order to study the fundamentals of irradiation damage in this metal. In common with other metals, electron-microacope specimens of beryllium can be produced by different techniques. The techniques used to produce thin-film specimens varied according to the starting material. Most of the starting material was -0.060 in. thick. Large-area specimens (1 in. long by 0.5 in. wide) were chemically thinned to -0.005 in. thick in a solution containing 85 pct orthophosphoric acid, 10 pct chromium trioxide, and 5 pct sulfuric acid at 70°C prior to electropolishing. Small-area specimens, Fig. 1, had to be mechanically thinned prior to electropolishing because chemical thinning considerably reduces the area as well as the thickness. Mechanical thinning tends to produce a worked layer about 0.002 in. deep and hence this method cannot be used to thin bulk specimens below about 0.005 in. thick. Mechanical thinning is carried out by mounting the specimen on perspex then carefully polishing on wet grinding papers. Polishing is continued until about half the initial thickness is removed; the reverse side is then polished in a similar manner. After the bulk specimens have been mechanically or chemically thinned to -0.005 in. they are elec-tropolished in the solution shown in able I at 50" to 80°C. This solution should be prepared by adding the chromium trioxide to the orthophosphoric acid and then the glycerol last. The glycerol should be added slowly because a vigorous effervescence can occur. Electropolishing is carried out by holding the specimen in stainless-steel tweezers and gently agitating in the solution. Masking or "window" techniques are not required for beryllium, good microscope specimens being obtained from the edges of elec-tropolished foils. A stainless-steel beaker should be used, acting as the cathode and solution container. A closed circuit voltage of 30 v is used for polishing. Too low a voltage produces a matt surface and pitting occurs when it is too high. The solution temperature is important. If it is too low, the solution is viscous and bad polishing results and, if too high, etching of the specimen occurs. After electropolishing, the foils are thoroughly

Jan 1, 1963

AS you and anyone else can understand, a great expense and a large supply of things are necessary for parting a quantity of silver by means of aqua fortis. First, as you have seen, it is necessary to have a great abundance of every kind of cucurbit and alembic, of charcoal and wood, and a large number of pounds of a vigorous, well-purified aqua fortis, because for every pound of silver there are of necessity [71v] at least four pounds or more employed from the parting to the coloring of the separated gold. It is also necessary to prove its fineness and to granulate or beat it, to have furnaces and supplies, and to provide for a thousand other necessities which need not be repeated now. The most important thing in this art seems to me to be that it requires continual working night and day with extreme watchfulness and care. For this reason another way, much quicker, less dangerous, and less expensive than the aforesaid one was found by some clever men (alchemists, I believe) in order to avoid such laborious and heavy methods. It produces the substance of the thing exactly as the acid does. If you wish to make use of it in conjunction with the acid it is possible to render great aid to this work although there is a great difference in the techniques of the two. The method used in this parting is as follows: First, make a round or square wind furnace for melting, below ground or above, and of height and size in proportion to the work and as it comes out best for you. Then take a large clay crucible and fill it almost up to the edge with that silver which contains the gold, cut into pieces, and put it to melt with the silver on top of a piece of brick cut to the size of the bottom of the crucible and resting on a grate in the middle of coals that are burning well. When you see that the silver has been made so hot by the fire that it looks white and that it wishes to begin to liquefy, take a little stick of sulphur or a small piece of antimony and put it in. When this is melted, lifting away the charcoal that covers it, put in more sulphur or antimony (for the method is the same with either one) until the silver is very well melted and these materials properly incorporated. Then for every pound of silver that you put in add half an ounce of sheet copper. When this is melted take your crucible out with tongs or pincers and strike the bottom gently on the coals two or three times so that the gold may make a residue on account of

Jan 1, 1942

By Winthrop P. Haynes

The symposium on production for the year 1943 contains few papers on the foreign situation. It has always been the policy of officers in charge of the symposium to refrain from publishing information that might possibly injure national or private interests. At the close of the war we hope again to publish full and accurate records of production abroad. A noteworthy feature of the reports on Texas this year is the map on page 469, which shows the districts covered by the statistics. Excerpts from Circular to Authors In order to facilitate interpretation of the data in this chapter, we print the following excerpts from the Circular to Authors. The field is the unit in this tabulation. In cases of fields extending across State boundaries, such as Rodessa, it is suggested that each State author treat the section of the field in his State as a unit, and by a footnote indicate that the field extends into an adjacent State. Each place in the table may represent one of three possibilities; either the proper entry is determinable and can be supplied by the author, or an approximate figure can be supplied which is the author's best guess and should be entered followed by an x, or it does not apply to the particular field and the space is left blank. Contributions of great value may be made by the author in many cases where entries are not subject to precise determina-tion. In such cases the author should use his good judgment and make the best entry possible under the circumstances. The entry of a zero is a positive declaration, and it is an important declaration where it is in order. It is thought that the nearest whole numbers are suficiently accurate for our purposes except as to percentage of sulphur in oil. If an author desires to report any other figures to tenths, he may do so. The quantity of gas produced should include, where possible, gas sold or otherwise marketed, and gas blown into the air, burned as flares or otherwise wasted. Segregation of these figures would be interesting if the authors can make such segregation. In any event, the figures should represent as nearly as possible the total quantity of gas removed from the reservoir. Under the columns on ''Depth," the average depth to the top of the productive zones and to the bottom of the productive wells, when subtracted, should give the approximate thickness of the productive zone. For fields where this is not true because of unusually high dip or for some other reasons, it is suggested that the authors indicate in their text the approximate average thickness of the productive zone. The net thickness of the producing formation should be the thickness of the producing zone, less the estimated amount to cover the portions of the zone that do not yield oil, such as dense shales, etc. It is recognized that for some fields the authors can only make rough guesses; in such cases, they should enter their best estimate followed by an x. Average production per acre-foot need not be reported as it can be calculated by those interested from the figures given. In classifying wells as to producing methods, enter all wells that are not "flowing" in the column headed "Artificial Lift." If possible, add footnotes to indicate whether the lift is "pumping," "gas lift" or "air lift."

Jan 1, 1944

By Winthrop P. Haynes

The symposium on production for the year 1943 contains few papers on the foreign situation. It has always been the policy of officers in charge of the symposium to refrain from publishing information that might possibly injure national or private interests. At the close of the war we hope again to publish full and accurate records of production abroad. A noteworthy feature of the reports on Texas this year is the map on page 469, which shows the districts covered by the statistics. Excerpts from Circular to Authors In order to facilitate interpretation of the data in this chapter, we print the following excerpts from the Circular to Authors. The field is the unit in this tabulation. In cases of fields extending across State boundaries, such as Rodessa, it is suggested that each State author treat the section of the field in his State as a unit, and by a footnote indicate that the field extends into an adjacent State. Each place in the table may represent one of three possibilities; either the proper entry is determinable and can be supplied by the author, or an approximate figure can be supplied which is the author's best guess and should be entered followed by an x, or it does not apply to the particular field and the space is left blank. Contributions of great value may be made by the author in many cases where entries are not subject to precise determina-tion. In such cases the author should use his good judgment and make the best entry possible under the circumstances. The entry of a zero is a positive declaration, and it is an important declaration where it is in order. It is thought that the nearest whole numbers are suficiently accurate for our purposes except as to percentage of sulphur in oil. If an author desires to report any other figures to tenths, he may do so. The quantity of gas produced should include, where possible, gas sold or otherwise marketed, and gas blown into the air, burned as flares or otherwise wasted. Segregation of these figures would be interesting if the authors can make such segregation. In any event, the figures should represent as nearly as possible the total quantity of gas removed from the reservoir. Under the columns on ''Depth," the average depth to the top of the productive zones and to the bottom of the productive wells, when subtracted, should give the approximate thickness of the productive zone. For fields where this is not true because of unusually high dip or for some other reasons, it is suggested that the authors indicate in their text the approximate average thickness of the productive zone. The net thickness of the producing formation should be the thickness of the producing zone, less the estimated amount to cover the portions of the zone that do not yield oil, such as dense shales, etc. It is recognized that for some fields the authors can only make rough guesses; in such cases, they should enter their best estimate followed by an x. Average production per acre-foot need not be reported as it can be calculated by those interested from the figures given. In classifying wells as to producing methods, enter all wells that are not "flowing" in the column headed "Artificial Lift." If possible, add footnotes to indicate whether the lift is "pumping," "gas lift" or "air lift."

Jan 1, 1944

By S. Shapiro, R. G. Ames

Background Research on the respiratory health of coal miners has focused predominately on the relationship between coal mine dust exposure and ventilatory function impairment (Lapp et al., 1972; Jacobsen, 1976), on the prevalence of coal workers' pneumoconiosis (Lainhart et al., 1969; Morgan et al., 1973), and on coal miner mortality (Ortmeyer et al., 1974; Rockette, 1977). Lesser attention has been paid to the effects of other mining exposures. For example, underground exposure to diesel exhaust emissions (Reger et al., 1980; Ames et al., 1982,1984). An omission in US coal mining research, however, has been identified by the US Office of Technology Assessment (OTA) as the failure to study the effects of inhaled polyvinyl chloride (PVC) thermal decomposition and combustion products (Seltzer, 1979). These products may be released in the mine environment by cable fires, cable explosions, smoldering cables, and conveyor belt fires. In addition to the OTA concern, recent findings of chronic respiratory conditions and other health complications resulting from exposure to PVC decomposition and combustion products in firefighters (Peters et al., 1974; NBS, 1980; NIOSH, 1982; Wallace, 1982), and in survivors of several large scale PVC-fueled fires (Dyer and Esch, 1976; Wallace, 1981, 1982), add immediacy to the concerns. PVC decomposition and combustion PVC decomposition is initiated at temperatures far below ignition (Hartstein and Forshey, 1974; Wallace, 1981). Hence, exposures to decomposition products from smoldering cables may be important health hazards in addition to cable insulation combustion products. Hydrochloric acid (HCL) appears to be the principle toxic substance from the thermal decomposition of PVC since up to 60% by weight is released as HCL (Barrow et al., 1979). HCL is released both as a gas and as an adsorbant on soot particles (Stone et al., 1973), thus allowing penetration of respiratory defenses. In addition, laboratory results indicate that phosgene (carbonyl chloride), a potentially lethal gas, may be produced in significant quantities from electrical arcing of wires covered with PVC insulation (Woolley, 1971; Brown and Birky, 1980). Health concerns related to PVC Toxic effects resulting from high level exposures to PVC pyrolysis and combustion products in animals (Cornish and Abar, 1969) and in humans (Wallace, 1981) is beyond question. Analyses have reported acute, or short-term, health effects resulting from exposure to PVC decomposition and combustion products (Peters et al., 1974; Polakoff et al., 1975). Recently, however, several studies have found that acute effects are often followed first by apparent healing, and then by delayed chronic effects. This pattern of consequential respiratory involvement among persons involved in major PVC-fueled fires has been noted in firefighters, specifically the 1975 New York Telephone Exchange fire (Dyer and Esch, 1976; Wallace, 1982), and the survivors of the 1977 Beverly Hills Supper Club fire (Wallace, 1981). An obstructive syndrome (low FVC and FEV1) was seen in 15% of workers three months following fighting a PVC-fueled fire (Colardyn et al., 1976). Long-term respiratory symptoms seen in studies of survivors of PVC-fueled fires include the bronchitis symptoms of cough and phlegm, and lung dysfunction (Wallace, 1981). Additional support for the thesis of longer-term respiratory effects resulting from PVC-fueled fires is derived from the finding that four persons who initially survived the Beverly Hills Supper Club fire died within nine months of the fire of severe respiratory impairment (Wallace, 1981).

Jan 1, 1986

WE the undersigned, being all persons of full age and citizens of the United States, and a majority residents of the State of New York, desiring to form a corporation pursuant to the provisions of the Membership Corporations Law for the purpose of incorporating, as provided in Section 5 of Article I. of said law, the existing unincorporated association known as American Institute of Mining Engineers, do hereby make, acknowledge and file this Certificate for that purpose, and do Certify as follows I. That the American Institute of Mining Engineers is an unincorporated association organized and existing with the object of promoting the arts and sciences connected with the economic production of the useful minerals and metals and the welfare of those employed in these industries by means of meetings for social intercourse and the reading and discussion of professional papers, and to circulate by means of publications among its members and associates the information thus obtained.

Jan 1, 1917

By Louis Doremus Huntoon

HAVE been asked many times by financial men in New York as to the best way of securing an interest or control of a gold mine in Canada. It must be understood at the start that prospectors and early owners will not sell a 100 per cent interest. They not only retain from 10 to 25 per cent interest, depending upon the work done, but usually demand more or less cash to reimburse them for expenses. These conditions are accepted by Canadian capital and operating mines looking for new properties. The winter is not a hindrance to work but may be of great advantage. The overburden of soil and gravel is generally wet and most difficult to trench in the summer time especially if at all deep. The snow also permits easy transportation of freight. Properties distant from rail transport all of their machinery and supplies during the winter months.

Jan 1, 1933

Marius R. Campbell, Washington, D. C. (Communication to the Secretary): Having spent considerable time in a systematic study of this field,'both as regards the details of its structure and stratigraphy and the broader question of its relation to the Appalachian basin, I wish to add a word concerning the correlations made by Mr. Hodge in his paper. From A commercial standpoint, the question of correlation, even along the strike, is of little or no importance, for the variability is such that each opening should be tested individually, regardless of the horizon at which it appears; but these correlations assume an entirely different aspect when their scientific bearing is considered; they then become of vital importance, and, before being accepted, should be subjected to the most rigid scrutiny and severe tests. Mr. Hedge states positively that the Imboden seam of coal is equivalent to the Elkhorn coal of Pike and Letcher counties, Kentucky. In the writer's opinion, such equivalency is, at the utmost, only a possibility. This correlation has been generally adopted by the geologists of the Kentucky Geological Survey, but the writer has been unable to find on what grounds they base the statement. The evidence of identity seems to be in the character of the coal, as both seams furnish fine coking coal; also, in the similarity of the interval between them aid the " Bee Rock," or top of the great conglomerate. It is probably an easy matter to determine the thickness of this interval on Elkhorn creek, and we will assume that the measure of 300 to 350 feet is correct. In the Big Stone Gap field, the question of measuring the interval between the Imboden and the " Bee Rock " is exceedingly difficult. The line of outcrop of this mass of strata is along the northern base of Stone mountain, and, in the uprising of the great arch, the strata on its flanks have been thrown into many minor folds, and, in places, have been broken by local faults. This complicated structure, together with the absence of ally well-marked stratum, renders it exceedingly difficult to obtain a correct measure of the intervening sandstones and shales. The interval of 300 to 350 feet, assigned by Mr. Hodge, is mani-

Jan 1, 1893

By Fred H. Brooks

INTRODUCTION The toughest job for any mining company, large or small, is to locate and identify a property which it feels has the potential for development and which can be tied up through location, lease or option under terms within their means. In the case of a small company, this precludes grass-roots exploration with its attendant high costs and the extended time required to develop a prospect to the point of being a project. The small mining company, therefore must limit its search to known properties which, for various reasons, have been shut down or were never thoroughly developed at the time of discovery. These types of prospects are located either through literature search, familiarity with many mining areas in general, or through contacts and submittals from a variety of sources. In order to develop a marketable presentation to any investor, the basic requirements are the same: - the property must demonstrate the potential to provide a satisfactory return on investment - the evaluation study must be thorough and professionally developed. In order to promote any mining property, it is first necessary to know what you have. INFORMATION DEVELOPMENT We normally begin with a detailed literature search of the district, assembling all available data on the basic geology, production records, and old reports of this or neighboring properties and any other information which can be found. This will aid in the general understanding of the basic geology and hopefully allow a fairly detailed knowledge of the specific occurrence. With this information one can begin to speculate on the reserve potential and develop some high and low figures for estimating purposes as to mining method, production rate, metallurgy and begin developing estimated capital and operating costs. Cashflow runs are developed for varying tonnages (high and low), estimated high and low grades of metal and at differing market prices for the product. FINANCE CONTACTS Brooks Minerals, from its inception, has been an operating company and we have been able to assemble a small but experienced operating staff. For this reason we try to put together projects and joint ventures where we can be the operator and maintain a certain degree of control. Whether due to familiarity with many colleagues in the mining industry or due to unfamiliarity with the banking houses and securities markets, the approach to raising finance has generally been to contact the established mining companies. This requires a familiarity with the corporate philosophies of these companies with respect to their development goals and financial capabilities. A common mistake is to shotgun the proposal to many companies of different sizes and goals in hopes that one might be interested. It is more beneficial, when possible, to tailor a proposal to each company, stressing the positive points where the specific proposal best meets their interests. One company may be more interested in a development program with fairly certain and conservative return potential. The property may well contain both possibilities but a lack of understanding of the individual company's method of operation could spoil the deal. In another instance, one company may look at a property as a moderate income producer over an extended life, yet a second may elect to high-grade the deposit over a shorter period in order to provide early cash flow or take advantage of a favorable market situation. MAKING THE DEAL There are as many types of deals as there

Jan 1, 1985

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Jan 1, 1937