Search Documents

By L. A. Clark, G. H. R. Burrill

"Most unconformity-type uranium deposits in Saskatchewan occur within a few tens of metres above and/or below the basal unconformity of the 1,45-b.y. Athabasca Sandstone. Graphitic basement rocks coincident with post-Athabasca faulting or brecciation at or near the unconformity are important in localizing uranium deposits which form as tabular, ribbon-like bodies with grades averaging over 2 per cent uranium and containing up to 50,000 tonnes UJOs. Some of these deposits have similar contents of nickel and arsenic.In the genetic model proposed to explain these deposits, traces of uranium were leached from the sandstone and weathered basement rocks by oxidized formation waters sweeping through the sandstone and along brecciated faults. Over basement meta-petites, a thick clay regolith adsorbed uranium from the solution. Thus fixed, the uranium was reduced through an indirect reaction with graphite, possibly involving methane. The clay mineral surfaces were thus continuously cleared to allow further adsorption. Basement faults localized along weak graphitic units were re-activated, offsetting the sandstone formation, probably at the time of an early uranium deposition about 1.2 b.y. ago, and served as vents for spent ore solutions. Fluid convection was induced by topographic relief and/or crustal heating from radioactive decay in basement plutons or mantled Archean domes with uranium and/or thorium contents a few ppm above those of adjacent rocks. Heat from radioactive decay within the incipient uranium deposit would develop in about a million years. The self-generating convection cell would continue uranium deposition until all permeability was plugged by minerals. In some instances, convection was re-initiated after subsequent faulting and brecciation. While some deposits were further enriched, heavy flows of oxidized fluids re-dissolved and partially depleted other uranium deposits.The East Alligator Rivers uranium deposits in Northern Territory, Australia, occur within Middle Proterozoic quartzchlorite and quartz-muscovite schists overlain by sandstone. Highest grades occur in silicified breccias where carbonate beds were leached out. Mineralization ages are both pre- and post-Kombolgie Sandstone, but, to date, no significant uranium mineralization has been encountered in the sandstone. There are many general similarities with Saskatchewan deposits, but important differences in detail."

Jan 1, 1981

By J. R. Shouldice

"IntroductionREEFS of Silurian age are recognized in southwestern Ontario, both in outcrop and from subsurface information. This paper deals with the so-called 'pinnacle' reefs which are known only in the subsurface. For the purpose of this paper, the pinnacle reefs are arbitrarily defined as those structures having a height of over 250 feet and a length of less than two miles. This definition eliminates numerous mounds and other broader, more subdued, structures of less certain origin, found in subsurface beds.The term 'pinnacle reef' is perhaps unfortunate, but it is in common usage in Ontario and is used elsewhere for different types of reefs. A new name is justified by the unusual environment and structure of the Ontario reefs, but it is unlikely that any other term would gain acceptance. Rather than propose a new term which would be ignored or result in further confusion and misuse, the name 'pinnacle', as defined above, is used in this paper.Pinnacle reefs have been found over a fairly large part of southwestern Ontario. The known reefs of this type parallel the southeast edge of lake Huron and •follow the strike of the structure contours which circle the Michigan basin (see Figure 1). In total, twenty-five such reefs have been discovered in southwestern Ontario."

Jan 1, 1955

By W. L. Brown

"The properties of Base Metal Mining Corporation are in Yoho Park about 2 1/2 miles northeast of Field; British Columbia; on the main line of the Canadian Pacific railway. There are actually two mines; the Monarch on mount Stephen and the Kicking Horse on mount Field; separated by the steep valley of Kicking Horse river. The outcrops of the orebodies range from 4; 900 feet to 5; 300 feet above sea-level. The concentrator is situated below the Monarch mine and is connected to the main portal by an aerial tramway. The ore from the Kicking Horse mine is conveyed by aerial tramway to a storage bin on the main highway and is then trucked to the concentrator.During the construction of the Canadian Pacific railway through Kicking Horse valley, galena float was found at the base of mount Stephen. The East Monarch outcrop was staked in 1894. The outcrop of the West Monarch ore body on the cliff face of mount Stephen was not discovered until 1916. The Kicking Horse orebodies on mount Field were discovered a few years later. In 1912, a 75-ton concentrator was erected, which operated at intervals until 1924. During this period approximately 42,000 tons were mined and milled, largely from the East Monarch orebody. In 1928, the Base Metal Mining Corporation, Limited, was formed to take over the Monarch and Kicking Horse mines. A 300-ton differential flotation concentrator was erected and production started in the autumn of 1929. In a very short time, however, the low price of metals forced the mill to shut down until August 1933. From 1929 to 1935, when the mill again ceased operation, a total of 256,500 dry tons of ore, averaging 1.59 oz. silver per ton, 9.7 per cent lead, and 12.6 per cent zinc, was mined and milled, largely from the West Monarch orebody. After a period of further underground development, the concentrator reopened in 1940 and is still in operation. From 1940 to the end of 1944, 354,363 tons of ore was milled, averaging 5.32 per cent lead and 10.47 per cent zinc."

Jan 1, 1954

By Seher Ata

"Virtual reality, a three-dimensional computer generated environment, has become recognized delivery system for many forms of education. This article describes the application of virtual reality to mineral processing education. An interactive mineral processing visualisation module has been developed at University of New South Wales (UNSW), Australia. The module provides students with an overview of a base metal concentrator, details about each stage of the process, as well as revealing how the mined ore progresses from stage to stage. The module also involves developing a number of instructional based plant layouts and flowsheets in the virtual environment that are intended to assist the user in understanding the essential components of the base metal concentrator.INTRODUCTIONVirtual Reality (VR) is the creation of an artificial environment that is experienced through sights and sounds provided by a computer (Squelch, 2001). The simulated environment is achieved through a host of technologies such as three-dimensional graphics, audio feedback and special peripheral devices to produce interactive environments.VR has been used in diverse fields including medicine (Riener & Harders, 2012), entertainment (Hsu, 2011), military (Manojlovich, Prasithsangaree, Hughes, Chen, & Lewis, 2003), manufacturing (Zimmermann, 2008; Jiang, 2011), and chemical processing (Schofield, Lester, & Wilson 2005; Squires, Andersen, Reklaitis, Jayakumar, & Carmichael, 2014). VR is also becoming recognized delivery system for many forms of education, including engineering education (Bell & Fogler, 1996; Bell & Scott, 1998; Shin, 2002). For example, virtual laboratories have been designed and developed to teach students fundemental features of the heterogeneous catalytic mechanisms and absorption columns (Bell & Fogler, 1995), the multi-phase and multi-component blast furnace iron making process (Babich & Senk, 2009) and to guide students to identify various safety measures while working in real laboratory (Bell & Fogler, 1996)."

Jan 1, 2016

By R. R. Potter

"New Brunswick became a separate province in 1784, shortly after the influx of a large number of Loyalists from the United States. Many of these people settled along the Saint John River, including the area of excellent farmland near the present town of Woodstock. There were indications that some of these early settlers recognized iron formations in the vicinity of Woodstock about 1820, however the nature of the deposits was not known until 1836 when Dr. C. T. Jackson, a geologist commissioned by the State of Maine, investigated the mineral potential of the area. Jackson(1) described the ""ore"" as compact red hematite yielding 44 per cent pure metallic iron, and suggested that sizable tonnages may be present. It was about this time that an extensive limonite deposit was found in north-central Maine, near Mt. Katahdin. Other iron depostis were found in the Nictaux area of Nova Scotia, and a few years later at Londonderry* (Fig. 1). In 1837, Richard Ketchum of Jacksonville, on whose land iron ores had been found, petitioned the provincial government to incorporate a company. After much study, the York and Carleton Mining Company Bill was passed on March 15, 184 7. Several other petitions were passed permitting the company to construct roads, obtain woodland, etc. (2) . The first blast furnace was erected in 1848 on the west bank of the Saint John River near the mouth of Lanes Creek."

Jan 1, 1999

By Liangtian Liu, Tie Ou, Guangqiang Li, Chenghuan Yu

For stabilizing the production of containing nitrogen steels, a study on nitrogen absorption behavior of killed molten steel has been carried out by means of the RH vacuum device in which nitrogen was used as a driving gas. The results showed that there was an increase of nitrogen content in molten steel under vacuum processing but the rate of nitrogen absorption was slowed down by the surface active elements. Therefore, a kinetic equation for nitrogen absorption of molten steel with apparent first order reaction was derived by constructing a modified model in which the adsorption of closed surface site was taken into account. The experimental results confiimed that the calculated values agreed with the observed ones. This model is suitable for the prediction of nitrogen adsorption operation for containing nitrogen steels.

Jan 1, 2004

By J. Ipinza, J. P. Ibáñez, Casas J., S. Cortés

Copper powder generated during the treatment of electro-metallurgical bleeds by reactive electro- dialysis (RED) had totally reduced the content of ferric ions in acidic synthetic electrolytes (Cu (II)- Fe (III) – H2SO4). In batch and columnar experiments 100% of the ferric ions were reduced to ferrous ions with an extremely high kinetics. A preliminary conceptual design for reducing ferric ions based on an integrate RED- Column for treatment of electro-winning bleed system is discussed. This system is able to recover simultaneously sulfuric acid and copper powder, which will reduce ferric ions. INTRODUCTION It is well known the negative effect of ferric ions in the copper electro-winning process. The increase of ferric content in the electrolyte reduces the current efficiency, i.e., there is an increase in the energy consumption, and changes the surface morphology of the copper deposit (Das, Gopala & Krishna, 1996; Vargas & Parra, 2013). The increase of the specific energy consumption due to the loss of current efficiency occurs by the reduction reaction of ferric to ferrous ions in the cathode, at the anode the ferrous ions are slowly oxidized to ferric ions (Shaw, Dreisinger, Lancaster, Richmond & Tomlinson, 2004). To control the level of iron in the electrolyte, bleeds are needed; this bleed electrolyte containing copper, sulfuric acid, cobalt, iron and other impurities normally is waster, which increased the production cost of the plant (Milbourne, 2002; Mckevitt & Dreisinger, 2009). Then, permanent efforts oriented to treat those bleeds to avoid losses of valuables components are made; among them are use ion exchange resins (Shaw et al., 2004; Mackevitt et al., 2009), chemical precipitation (Izadi, Mohebbi, Amiri & Izadi, 2017) and electrodialysis (Cortés, Ipinza & Ibáñez, 2013). The last one allows to the simultaneous recovery of sulfuric acid and copper powder. If one of the valuables obtained by treating the bleed can be used to reduce ferric ion concentration in the electrolyte could be an important asset. This issue at laboratory scale is reported in this work, the use of copper powder, generated by reactive electro-dialysis when treating synthetic acidic electro-metallurgical bleeds, for reducing ferric ions in acidic electrolytes.

Jan 1, 2019

By Jin Li

The tensile properties and microstructure of AZ91 Mg alloy before and after equal channel angular extrusion (ECAE), and the fracture behavior during tensile testing for as-extrusion and ECAE AZ91 were investigated. The alloy was performed ECAE from one to eight passes at 498K. The elongation decreased with the pass number increasing after ECAE. Grains were refined, partial coarse ß-Mg17Al12 phase fell to pieces, fine ß-Mg17Al12 precipitated in the AZ91 Mg alloy after ECAE. During tensile test the a-Mg/ ß-Mg17Al12, a-Mg/Al8Mn5 interface and the grain boundaries in a-Mg matrix acted as the crack initiation sources. The frequency of micro-cracks at the a-Mg/ß-Mg17Al12 interfaces and grain boundaries increased after ECAE, which accelerated the growth and coalescence of the micro-cracks during tensile test and resulted in the decrease of elongation of AZ91 Mg alloy by ECAE.

Jan 1, 2006

By Mohammad. M. Khajeh

Rock mechanical properties are important parameters in geomechanical simulation. Considering stochastic heterogeneous models rather than conventional homogeneous layer cake models leads to more realistic simulation results and uncertainty assessment. These heterogeneous models are usually fine scale models generated by geostatistical techniques. Although considering high resolution property models is desirable, geomechanical simulation with a fine scale model is not computationally feasible for full?field, coupled geomechanical-flow simulation. Upscaling of property models is necessary to move from fine scale/high resolution property models to coarser scale/low resolution models appropriate for simulation. Local numerical upscaling was proposed by Khajeh et al. (2012) to describe the macroscopic elastic behavior of complex heterogeneous media and is expanded upon in this work. This numerical technique is not restricted to specific geologies as typical analytical techniques are. Moreover, transversely isotropic deformation is considered rather than the usual assumption of isotropic deformation. To compare the accuracy of the upscaling methodology, in this study shear strain is considered as the geomechanical response of a synthetic facies model and the response of the coarse scale model is compared to other conventional analytical averaging techniques. It is found that the numerical upscaling technique better approximates the geomechanical response of the fine scale model.

Jun 1, 2012

By J. G. Speight

Laboratory studies indicate that autogenous heating of low-rank coal can be prevented by a prior treatment which involves immersing the coal for short (5-15 min.) periods in an inert liquid at temperatures between ~ 350° and 400°C. Such "carbonization" effectively reduces the accessible pore volume of the coal to levels at which heat generation through subsequent sorption of moisture and oxygen is too slow to cause significant temperature rises in a stockpile. In addition, this treatment also irreversibly removes most of the moisture held in the raw coal and raises its calorific value by as much as 10-12%.

Jan 1, 1973

By G. Q. Zhou, H. C. Liang, X. D. Zhao

"This study describes the strain behavior in vertical shaft lining (VSL) embedded in thick soil deposits and its application in assessment of concrete deterioration. The observed strain in VSL continuously decreased companied by a sinusoidal fluctuation due to the influences derived from negative skin friction (NSF) and temperature. The increase in strain increment between peak and trough at each year and compressive strain level as the servicing time continued and VSL depth increased implies that the concrete strength was attenuated, and this attenuation was significantly dependent on the existing compressive strain level in VSL. The reliability of the proposed approach was validated by Schmidt Hammer Technique (SHT) – based concrete strength, and is applicable in concrete assessment and then fracturing prediction of VLSs in thick soil deposits.Concrete strength, Field monitoring, Strain behavior, Vertical shaft liningINTRODUCTIONOver 100 VSLs in Southeastern China subjected to an unpredictable fracturing as shown in Figure1, and there are over 1,000 VSLs embedded in thick alluvium su?ering from challenges of damaging and potential fracturing (Cheng, Yang, Zhou, Li, & Hu, 1993; Zhou, Cui, Lv, Huang, & Chen, 1999; Li & Li,2005). Therefore, a reliable assessment of these VSLs is significant to the normal servicing of mine shafts and the recycle of underground space when these mine shafts were closed.The continuous increasing of NSF induced by the drainage of water–saturated deposits well interpreted such extensive fracturing phenomenon, and it is universally regarded as the governing indicator to determine the VSL stabilization (Cheng et al., 1993; Zhou et al., 1999). Based on this recognition, the fracturing prediction and VSL strengthening according to the field monitoring on hydrogeological characteristics, servicing environments, and mechanical behaviors of VSL were carried out (Zhao, Zhou, Zhong, Zhu, & Liang, 2009; Liang et al., 2009; Xie, Lv, & Wu, 2014). As known, the compressive strain level in VSL and the in–situ strength of VSL concrete were the main factors to perform such fracturing prediction. However, the existing studies in literatures were limited to the strain accumulating or releasing behaviors (Zhao, Zhou, Zhao, Kuang, & Hu, 2017), and lack of considering the VSL concrete strength and its attenuation. In this reported study, the in–situ monitoring data on the strain in typical VSLs and the VSL elevations between 2004 and 2014 were initially analyzed. Then, an observed strain behaviors–based approach was developed to quantitatively evaluate the VSL concrete deterioration."

Jan 1, 2019

By SeyedBijan Mahbaz

Development of Geomechanical Earth Models (GEM) is a prerequisite to reservoir management, involving issues such as stress path analysis, prediction of induced seismicity and sanding initiation, and coupled flow-stress modeling that leads to more realistic predictions of oil rates and rock response. Part of GEM development is the stipulation of the 3-D lithostratigraphic disposition (geometry) which is used to choose the geomechanical units. The digital geological model is then populated with quantitative and semi-quantitative data on rock properties, fluid properties, saturations, initial conditions (p, T, [_]) and other information. Both fluid and solid properties are needed this requires integration of geomechanics skills with geophysical and rock physics skills, and this article deals with a subset of this integration process, with an example from two wells in southwest Iran.Rock physics approaches are used to predict reservoir rock and fluid properties with wellbore and 3-D seismic data, which are also used to interpolate rock mechanics properties to the inter-well regions. The first step in a generic rock physics approach is diagnostic and involves the introduction of a suitable Rock Physics model.Acoustic impedance (AI), shear impedance (SI), and density (_) are the fundamental rock properties usually derived using AVO equations, and these parameters, along with attenuation coefficients, can then be correlated to static rock mechanics properties that define deformability and perhaps even strength. In this study, Poisson Impedance is introduced as a new seismic attribute used for lithology and fluid differentiation in the FahliyanFormation (reservoir rock) in two oil wells in the southwest of Iran. To do this, a novel rock physics model was developed for this naturally fractured carbonate reservoir.Currently, these data are also being used to correlate to a limited rock mechanics data base to develop a more extensive GEM to serve as input to more general geomechanical and reservoir modeling tasks.

Jun 1, 2012

By Francois Charette

Corrosion is a significant factor affecting the capacity and working life of ground support. The paper explores a relatively simple method to predict the load capacity of a support system using a Monte Carlo stochastic approach. The analysis uses published field data on existing ground support to evaluate the applicability of the method and its predictive performance. Discussion on corrosion rates found in the field and predicted from laboratory measurement is provided.

Jun 1, 2012

By J. Kang

Large-scale land reclamation has been undertaken in Singapore since the 1960s. In the early years, the fill materials excavated from the hills. In recent years, sea sand is the main source of the fill materials. The contractors used to import the sea sand from the neighbouring countries such as Indonesia. However, in early 2000, the sea sand import from Indonesia and Malaysia was banned. Cambodia, Myanmar, and Philippine therefore became the alternative sources for sea sand. Distance between the jobsite and these countries is over 1,200 km, and transporting sea sand from these areas became a critical issue that could affect the contractor?s performance. Figuring out the right combination of transportation means for a longdistance sand transportation would be challenging because of uncertain situations. We developed a stochastic simulation model, using ARENA, to figure out the right quantity of small-size barges, bulk carriers, and loading/unloading equipment, which could help project managers yield the most production for sand transportation. This paper presents how we developed the simulation model, how it was applied to figure out the optimum combination among various size barges, different bulk carriers, and various types of loading/unloading equipment, for the sand transportation project in Singapore.

Aug 1, 2013

By R. Cottam

The deformation and recrystallisation of magnesium yttrium alloys containing 0.23, 0.84 and 2.71wt% yttrium and commercially pure magnesium extrusion has been investigated at temperatures between 200 and 350°C. The alloys were produced as billets 7.5 cm diameter, solution treated at 525 °C for 8 h and extruded into 3 cm diameter bar at 390°C. Channel die compression was employed to deform the samples at a strain rate of 1x10-3s-1. For the 0.23 wt% yttrium alloy and the pure magnesium, dynamic recrystallization (DRX) occurred at all temperatures and the amount of DRX increased as the temperature was raised. In the alloys containing 0.84 and 2.71 wt% yttrium DRX was almost completely suppressed at all temperatures. The absence of DRX in the 0.84 and 2.71 wt% yttrium alloys was accompanied by a decrease in the ductility, except at 350°C the highest deformation temperature. It was observed that this increase in ductility was accompanied by a reduction in deformation twinning and the initiation of pyramidal slip. This work highlights the important role that DRX plays in enhancing the ductility of magnesium alloys.

Jan 1, 2006

By D. J. MacKinnon

Zinc metal was first produced in India around 1100 A.O. and a zinc industry based on retorting gradually developed in both India and China(1) . The vertical retort method for smelting zinc ores was developed in England in the 1730s; this was followed by the more fuel efficient horizontal retort process developed by the Belgians in the 19th century(2) . The horizontal retort process was the standard method of zinc manufacture until the 1950s when it became obvious that it could not compete with electrolytic zinc technology(2). The present day extractive metallurgy of zinc is dominated by the electrolytic process which now accounts for almost 80% of the world's primary zinc production. In recent years the electrolytic zinc process has seen significant improvements: the fluid-bed roasting of zinc concentrates, improved leaching and residue treatment techniques such as the jarosite and goethite processes, improved solution purification procedures, mechanization of the zinc electrolysis step and of the zinc melting and casting operation. In addition, new leaching processes have been implemented for the treatment of oxidized ores, particularly silicates, and the pressure leaching of zinc sulphide concentrates is now a commercial reality. Although the electrolytic zinc process was first used on a commercial scale in 1916, its history can be traced back to the 1860s. The purpose of the present paper is to outline the early history of the electrolytic zinc process and to trace the significant developments which led to the first successful commercial electrolytic zinc plants.

Jan 1, 1999

By C. Cano

One of the main concerns within the mining industry is to minimize the impact of tailing facilities to the environment and nearby communities. Since the implementation of the first thickened tailings disposal (TTD) methodology at Kidd Creek in 1964, the thickened tailing disposal has been growing alternative disposal technology to mitigate the environmental impacts. Technical investigations on the TTD technology have been studied in detail to counteract the increasing shortage of water resources. One of the benefits observed with TTD is its resistance to potential earthquakes, particularly in zones with high seismic activity (Los Andes). TTD technology optimizes the maximum possible density for the material and generates a negative internal pore pressure in the material due to the surface and sub-surface water evaporation. This internal pore pressure should be enough to resist the pores pressure to which tailings are subject due to an earthquake action. The objective of this study is to verify the Shrinking Limit (SL) of thickened tailings during initial deposition and in the long term and the ability of tailings deposited by TTD would resist liquefaction. Fresh tailings coming from a flotation process of a copper plant concentrator were used. The samples put under cyclical three-dimensional tests associated with maximum credible earthquake magnitude range of 7.0 8.0 to develop a curve for the safety factor v/s depth for dry densities related to the maximum density obtained at the SL. At a dry density of 1.65 t/m3 liquefaction did not occur at any depth. At 90 % of dry density of 1.51 t/m3, liquefaction did not occur at earthquake magnitudes of 7.0 or 7.5 nor at any depth but liquefaction occurred at magnitude 8.0 between 0 m and 14.5 m; below 14.5 m, liquefaction does not occur.

Jan 1, 2007

By Asbjørn Solheim

The service life for aluminium reduction cells is often limited by the cathode carbon, due to preferential wear along the periphery of the cell leading to the so-called "W" wear pattern. The reason for this preferential wear is not well understood. Two mechanisms are suggested in the present paper; 1) non-stationary dissolution of aluminium carbide into a layer of sludge that periodically forms and disappears, and 2) electrochemical formation and dissolution of aluminium carbide within an aluminium carbide layer containing bath-filled pores. The latter mechanism may be related to the high local current density at the periphery of the cathode.

Jan 1, 2011

By C. C. Li

Traditionally, strong and stiff devices, such as fully encapsulated rebar bolts and concrete lining and arches, are preferred for underground rock support. The attention is paid to the strength of the devices in such support designs. It has been observed in engineering practice that support systems composed of stiff devices are often subjected to premature failure in high stress rock conditions. In the past decade, yield support devices have been employed to improve the performance of rock support systems. A rock support system usually consists of both internal and external devices that are installed within the rock mass and on the free surface of the rock, respectively. Great efforts have been made to make support devices yieldable in the past years, but the efforts are focused on different aspects in the tunneling and mining branches. In the tunneling branch, the focus has been put on the development of external yield devices, such as Lining Stress Controller (LSC), Honeycomb element and compressible concrete, which are embedded in shotcrete liners, while in the mining industry the efforts has been on the development of yield rockbolts, such as the cone bolt and the D-Bolt. The internal and external support devices are not compatible in their deformation capacities in the current rock support systems even though yield devices have been employed. All the devices in a support system should be deformable and compatible in deformation capacity. With such a support system, premature failure of individual support devices could be avoided and the service life of the support system is prolonged. It is a trend at present to take into account the energy absorption capacity, instead of simply the strength, of support devices in rock support design.

Jan 1, 2015

By Robert T. McKnight

"Traditional techniques for valuing resource projects companies have been primarily based on discounted cashflow methods (DCF) or by comparison to similar projects with an apparent market capitalization. Many resource projects are really forms of options to invest rather than a future cashflow stream. Employing the DCF method to value a resource project which is really an option to invest, can dramatically underestimate the real value of the project. The analytical tools required to evaluate options, while more complicated than the usual spreadsheets used for DCF, are becoming more easily available and usable by managers. This paper will discuss the background of options valuation and some of the tools which will make it easier for managers to estimate the value of projects and companies which have significant real option values.ResumeBob McKnight is a graduate of the University of British Columbia in Geological Engineering, supplemented by an MBA from Simon Fraser University. Following several years in the oil patch with Cities Service and Brascan, Bob returned to Vancouver in 1979 to work for Wright Engineers. He subsequently went on to work for Cassiar Mining, Getty Resources and Endeavour Financial before joining Pincock Allen & Holt Ltd. in 1998. His experience ranges from exploration to feasibility studies, financial evaluations of mining and oil & gas projects, due diligence, project finance, valuations and mergers and acquisitions. He has extensive international mining experience pertaining to such countries as Chile, Mexico, Uruguay, Thailand, Indonesia, Angola, Papua New Guinea, Kazakhstan.What are Options?Options have been around for centuries. They were familiar to Roman and Phoenician traders who were shipping cargoes from Mediterranean seaports. In the financial world, options are types of contracts that generally include the right, but not the obligation, to buy or sell a share, currency or commodity. The underlying commodity price or share price changes are assumed to be lognormally distributed. In this context, options are of two general types, ""call"" options and ""put"" options. Call options have the characteristic of having the right to buy a tradable commodity or currency at a predetermined price for a specified period of time. For the owner of call options, they become more valuable as the price of the underlying commodity increases. For the seller of call options, these options become an increasing liability as commodity prices rise, since there is the obligation to sell the commodity at a predetermined (perhaps lower-than-market) price. This characteristic of call options recently became high profile with the sharp rise in gold prices last year. The value of gold call options sold by certain producers increased their associated liabilities to the point where margin calls were made."

Jan 1, 2003