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By C. Harold Riches

This article is directed co a commentary on the patent system in its relation to the public interest. As man gained supremacy over his environment, he could devote progressively increasing portions o his time to improving his standards of living. In the history of the human race, we have advanced from the hollowed floating log to the modern steamship of the present age; from the sickle and flail to the reaper and combine; from the trumpet and drum as a means of communication co the telegraph, telephone, and radio; from the horse and ox cart to the automobile, truck, aeroplane, and train; and so on ad infinitum through the list of inventions on which are based the industrial and political economies and standards of living we enjoy today. It has also been a long road from the day of the alchemist and his closely guarded secrets to the era of the patent system and its storehouses of knowledge open to the world. The alchemist and the craft and merchant guilds closely guarded their secrets. In fact, they largely opposed innovations on the grounds that they might injure profits and restrict employment. In these days of unrest, with great clamour out of doors for radical changes in our political and industrial economies, it may not be untimely to examine one of the keystones which support the economic structure we know as the free enterprise system, the system which is predicated upon the right of the individual to own property. Many, through impractical idealism, ignorance, confused thinking, or blind political prejudice, advocate the substitution of ownership by the State ? for the right of ownership by the individual. As civilization has advanced to the high standards of living we enjoy today through the efforts of a comparatively few inventors, the patent system which has provided the incentive that created the inventions on which our industries and our employment are based is fully understood and appreciated by a comparatively small percentage of our people. As a result, the patent system, as a keystone in our free enterprise economy, is an apt target for destructive criticism, with the thought, possibly, that by eliminating or drastically restricting the several rights to individual ownership one by one, ownership by the State will progressively replace ownership by the individual.

Jan 1, 1949

By N. E. Chaouai, M. Lavigne

"Indicator kriging is one of the non-parametric geostatistical techniques, ideal for estimating the reserves of irregular mineralizations (e.g. gold, uranium, platinum, diamonds, etc.). Such mineralizations are characterized by variograms which are very sensitive to extreme values (outliers) and very difficult to model.The classical approach to this problem in the industry is to trim off these high grades using arbitrary empirical upper limits established either from practice or subjectively. Contrary to this simplistic approach, indicator kriging discretizes the histogram of the grades (usually log normal) in several classes and carries out interpolation separately for each class. This paper gives an overview of the differences between ordinary and indicator kriging along with the steps required to carry out indicator kriging. The paper concludes with a case study involving a gold deposit estimation.IntroductionParametric geostatistics (ordinary kriging) has given us satisfactory results over the years in estimating the reserves of well behaved deposits with coefficients of variation close to 1 (e.g. sedimentary and porphyry type deposits). However, numerous problems have been encountered in estimating irregular mineralizations (e.g. small vein deposits of precious metals) with high coefficients of variation in the range of 2 to 5. Such deposits are characterized by a very small proportion of extreme values (outliers) which create distortions on the variograms (pure nugget effect) and render them useless(1,2).The solution often followed by the mining industry today is to trim off these values based on empirical limits. These limits are derived either by comparison with production results (or bulk samples) or by geological interpretations. Needless to say that such manipulations can lead to serious errors in estimating ore reserves (usually underestimation of total metal quantity), especially when production results or bulk samples are absent.On the other hand, the solution followed by the geostatisticians in the past was to smooth out the data using transforms (e.g. normal-score or natural logarithms). Such transforms are nonlinear and they required non-linear estimation techniques such as disjunctive kriging (DK) or multivariate gaussian kriging (MG) which require normal related hypotheses, not necessarily true in geology.Nonparametric geostatistics (indicator and probability kriging) have been -developed in order to handle these problems related to highly skewed distributions."

Jan 1, 1990

By Kilmar Mine

The Kilmar dolomitic magnesite deposit~ in sourhwesr Quebec lie in Grenville Province sedimentary rocks that strike north and dip steeply west. The sediments comprise quartzitic, carbonate and argillaceous members. The middle or carbonate member hosts the magnesite and, like the two other members, has been intensely mewmorphosed. Magnesite occurs as lenticular shaped zones of altered limestone and is mixed with 5 to 30% dolomite crystals. Diopside, serpentine and mica are common accessory minerals. Magnesite appears to have formed from merasomarism of all or part of the carbonate member due to intrusion of hot magnesia-rich solutions. Magnesite is mined from a 490 m vertical shaf1 and is milled and burned into clinkers, which then are shipped 10 pyroprocessing industries around the world.

Jan 1, 1984

By John S. Stevenson

ZEBALLOS is a relatively new mining camp. It is on the west coast of Vancouver island, approximately 195 nautical miles northwestward from Victoria. Previous to 1934, a small amount of placer gold had been recovered from the Zeballos river and tributary creeks. However, it was not until the winter of 1934-35, when shipments of high-grade gold ore were made from the property of the White Star Gold Mines, Limited, that lode gold mining really began. Since then, several new mines and many promising prospects have been found. Milling in standard sized mills only commenced late in 1938, when the 75-ton mill of Privateer Mines, Limited, and the 50-ton mill of Spud Valley Gold Mines, limited, were first turned over. The most striking feature of the camp is the high-grade quality of the ore as usually mined. At one property, the ore along a drift 650 feet long has ranged from 5.8 ounces per ton to 17.5 ounces, over average vein-widths ranging from 8.3 inches to 14.5 inches in selected blocks along the drift. One . high-grade shipment of 196.6 pounds of ore from the same property contained 142.877 ounces of gold. The present paper deals only with that part of the area in which mining operations are most active, namely the main Zeballos River valley and its tributaries, Spud and Goldvalley creeks. During the summer of 1938, prospecting was carried on beyond this circumscribed area. The geology and early developments in the area have been described in the following reports: (1) CLOTHIER, G. A., Annual Report of the British Columbia Minister of Mines, 1929, p. 376; 1930, p. 441; 1932, p. 205; and 1933, pp. 252-254. (2) GuNNING, H. C., Geological Survey of Canada, Summary Report, 1932, Part A-II, pp. 29-50, Zebaltos River Area, Vancouver Island, B.C. (3) STEVENSON, John S., Annual Report of the British Columbia Min-ister of Mines, 1935, pp. F-38-40. ? ( 4) BANCROFT, M. F., Geological Survey of Canada, Memoir 204, 1937, Gold-Bearing Deposits on the West Coast of Vancouver Island Between Esperanza Inlet and Alberni Canal. (5) STEVENSON, John S., British Columbia Department of Mines, 1938, Lode-Gold Deposits of the Zeballos Area. (6) MAcDoNNELL, G. F., The Privateer Mine, Zeballos; The Miner, Van-couver, B.C., December, 1938.

Jan 1, 1939

By S. M. Grillo, M. Fiori, R. Bornioli, C. Marini, S. Fadda

The Na-feldspar orebodies in Sardinia occur along structures belonging to a regional ENE-WSW system that developed during the late stages of the Hercynian orogeny, and that was reactived during the Alpine orogeny. The main petrographic facies include granitoids, albitized granitoids, albitites (more or less rich in quartz), and albitites containing Mg minerals. Field observations and petrological and geochemical data point toward a metasomatic origin for the albitite orebodies. Albitization involved depletion of K from K-feldspar and biotite, dissolution of free quartz, and a lowering of Sr/Na2O and CaO/Na2O ratios in the protolith, under conditions of a positive thermal gradient. The absence of later K-metasomatism implies that, during a subsequent decline in temperature, the composition of the albitizing fuids was modified by an influx of meteoric or other waters. Copyright © 1996 Canadian Institute of Mining, Metallurgy and Petroleum.

Jan 1, 1997

By S. M. Grillo, Fiori. M., R. Bornioli, C. Marini, S. Fadda

Abstract - The Na-feldspar orebodies in Sardinia occur along structures belonging to a regional ENE-WSW system that developed during the late stages of the Hercynian orogeny, and that was reactived during the Alpine orogeny. The main petrographic facies include granitoids, albitized granitoids, albitites (more or less rich in quartz), and albitites containing Mg minerals. Field observations and petrological and geochemical data point toward a metasomatic origin for the albitite orebodies. Albitization involved depletion of K from K-feldspar and biotite, dissolution of free quartz, and a lowering of Sr/Na2O and CaO/Na2O ratios in the protolith, under conditions of a positive thermal gradient. The absence of later K-metasomatism implies that, during a subsequent decline in temper- ature, the composition of the albitizing fluids was modified by an influx of meteoric or other waters.

Jan 1, 1996

By F. A. McLean

The past decade has witnessed a rapid increase in the number and variety of uses found for internal combustion engines in mining operations. Gasoline engines are now widely used for operating core drills, pumps, compressors, small hoists, switching locomotives, tractors, boats, and other equipment. The heavy-oil engine is employed for operating compressors, generators, shovels, ore-milling machinery, and- in the iron, copper, and coal districts- in connection with that' latest newcomer in modern railroading, the oil-electric locomotive. Each of these applications could well form a subject for a lengthy treatise in itself. This paper, however, will be confined to a discussion of some of the features of internal combustion engines as applied to mine compressing plants and mill drive. Perhaps at no time in the history of mining in Canada has the search for new mines been more vigorously carried on, more old properties rejuvenated, or more remote districts exploited than during the past three years. The mine operator of today has a far wider range of equipment and facilities at his disposal than had the pioneers of Rossland, Cobalt, or Porcupine. Each year now witnesses the hinterland driven farther and farther back as improved forms of transportation, machinery, and methods make possible the exploration of properties once considered too inaccessible to warrant serious attention. Howey, Sherritt-Gordon, Callinan-Flin Flon, Jackson-Manion, Picard Gold Mines, and a number of properties in British Columbia, afford excellent examples of work carried out on an extensive scale miles from a railway, or in comparatively inaccessible mountain regions.

Jan 1, 1928

By Y. Masuda, Y. Nakamura, K. Haraguchi, A. Taniguchi, K. Arita

Availability of the elements originating from steelmaking slag for various marine phytoplankters including purely cultured strains and natural populations was tested in land and shipboard laboratories. The results obtained demonstrate that, although their solubility was not uniform among different slags, dissolved iron, silicate and phosphate from the slag stimulate phytoplankton growth. No negative effect of the slag addition on their growth was observed at lower dose, e.g. less than 200 mg/l. Since most coastal waters are the hypernitrogenous environment due to anthropogenic load of ammonium, the slag can be an ideal source of silicate and phosphate, which restore the hyper-nitrogenous condition into truly eutrophic condition with balanced Redfield ratio. In so-called HNLC (high-nitrate low-chlorophyll) oceanic areas such as the Southern Ocean and the subarctic North Pacific, where iron is almost only limiting factor of the phytoplankton growth, the slag could also be a source of iron and enhance CO2 fixation by phytoplankton photosynthesis. (Key words: carbon deposition in deep-sea, marine environmental remediation, phytoplankton, slag as a source of iron, phosphate and silicate.)

Jan 1, 2004

"An innovative concept is proposed whereby the operating power for haul trucks in certain areas of an underground mine are reduced in order to lower ventilation costs. Airflow that must be provided for diesel-powered equipment in most jurisdictions are regulated based on engine peak power capability and engine emissions, both of which can be lowered by artificially reducing the capacity of the engine through the engine control unit. Advances in asset tracking and ventilation on demand enable this methodology and this study demonstrates that it could represent significant value for mine operators. An examination of haul truck duty cycle indicates that de-rating of engine operating power based on the truck’s location in the mine can enable a step change in ventilation rates, often with no material impact on working conditions. Methods for implementation and estimate of cost savings will be defined.INTRODUCTION Ventilation of underground workings remains a significant operating cost burden for modern mine operators. In particular, ventilation rates for underground diesel mining equipment are often defined by local regulatory bodies and are assumed to present minimal opportunity for optimization or savings, at least until battery propulsion systems can be adopted. Commonly, the quantity of air flow required is defined by the peak rated engine output power of diesel equipment. For example, Ontario Regulation 854 SS 183.1 (3) states that “The flow of air must be at least 0.06 cubic metres per second for each kilowatt of power of the diesel-powered equipment operating in the workplace”. Jurisdictions that define air flow using the prescribed CANMET or MSHA ratings use peak engine emissions to calculate air flow required for dilution ventilation. These approaches are similar in that the maximum power capability of a vehicle’s engine is used to define the ventilation rate in all areas where it travels, regardless of what power output is actually used in any of those areas. Examination of the duty cycle of a typical underground haul truck identifies a large variance in the power output of the vehicle depending on its location in the mine and the activities undertaken at these locations. For example, travel on a mining sub-level requires a fraction of the truck’s peak power due to the minimal grade and significantly reduced travel speed. So if we can reliably reduce the peak engine power capacity and engine emissions in areas where peak power is not required, we can logically cut the ventilation rates for those areas."

Jan 1, 2017

By A. I. Gorshkov, Y. A. Bogdanov, O. Y. Bogdanova

Abstract - Detailed crystal-chemical study of iron and manganese oxides and some other minerals from low-temperature hydrothermal deposits in a newly discovered inactive mound in the TAG hydrothermal field were used to determine the precipitation sequence of mineral phases during lowtemperature processes and their post-sedimentary transformations. Particles of primary sedimentary X-ray amorphous proto-ferrihydrite with high silica content were replaced in situ by nontronite, ferrihydrite, or goethite during alteration. Ferrihydrite is the only proto-hematite phase. The transformation of the iron minerals, related to change in the physicochemical environment, is an important characteristic of low-temperature hydrothermal processes. The occurrence of hydrogenetic Fe vernadite and Mn feroxyhyte in the uppermost part of low-temperature deposits and bottom sediments near the base of the mound is evidence for cessation of low-temperature hydrothermal processes. Among the investigated mineral phases, goethite, nontronite, and hematite are stable in reduced sediments only.

Jan 1, 1999

By R. Llewellyn

"Wear damage is responsible for very high maintenance costs and significant production losses in the oil sands industry of northern Alberta.It affects all areas of operations and involves a panoply of wear mechanisms from low stress sliding abrasion at extremely frigid temperatures during winter mining, to elevated temperature erosion/corrosion in processes where bitumen is converted to lighter hydrocarbon products.There is no universal panacea to defend against such diverse attack and a wide selection of resistant materials and systems is employed. These range from relatively soft rubbers which rely on their elastic properties for their protective capability, to some of the hardest ceramics and cermets which are currently available commercially.Details are presented of the characteristics and forms of the variety of wear materials being used and how they relate to the requirements of their areas of application. The review focuses on the practices followed at Syncrude Canada Ltd., which is the larger of the two commercial oil sands plants."

Jan 1, 1997

By Roger J. Goodman, Don Riva

"IntroductionCrows Nest Resources Limited (CNRL), a wholly-owned subsidiary of Shell Canada Resources Limited, is nearing completion of its first coal project, located in southeastern British Columbia. CNRL shipped over 700,000 tonnes of thermal coal to foreign markets in 1982. With the completion of the metallurgical coal plant in December, 1982, shipments of both thermal and metallurgical coal will increase substantially in 1983 and will approach the anticipated operating capacity of 3.0 million tonnes in 1985. The Line Creek Mine lies some 25 kilometres north of Sparwood in southeast British Columbia (Fig. 1). The open-pit mine is located on top of Line Creek Ridge, with coal being hauled 16 km to the thermal and metallurgical coal preparation plants, situated adjacent to the already existing Canadian Pacific Railway. Most of the coal is moved by 108 car unit trains by CP Rail to coal ports in Vancouver, where it is loaded onto vessels destined for overseas markets. Some smaller scale car load shipments are moved by rail to contiguous markets in the Pacific Northwest. History The southeastern British Columbia area, known as the East Kootenays, is steeped in a rich coal mining heritage, dating back to the latter part of the nineteenth century. Predecessors of Crows Nest Resources Limited were instrumental in developing the rich coal reserves in the area. In 1887, William Fernie, a pioneer-cum-prospector recognized the potential of coal deposits in the East Kootenays. Spurred by the relentless push west of the Canadian Pacific Railway through the Crows Nest Pass area, Fernie recognized that it was just a matter of time before the steam locomotives provided him with his required market. That time arrived in 1897 when Fernie helped to form the Crows Nest Pass Coal Company and coal mining commenced at Coal Creek, near his namesake town of Fernie. During its almost 70-year history, this company produced over 48 million tonnes of steam coal and 8 million tonnes of coking coal. In 1965, the Crows Nest Pass Coal Company was re-named Crows Nest Industries, to better reflect its expanded interests into forest products, and it is the latter company which Shell Canada Resources Limited acquired in 1978. The extensive coal resources of Shell, in both Alberta and British Columbia, were rationalized into one group with the birth of Crows Nest Resources Limited to manage and develop the coal holdings."

Jan 1, 1985

"A numerical procedure based on Smoothed Particle Hydrodynamics (SPH) is developed for rock blasting phenomena involving multiple intersecting joints. In this procedure, an elasto-plastic damage constitutive model has been applied in the framework of SPH to simulate yielding response of the surrounding rock medium. In this paper, a square shape rock medium with centrally located emulsion explosive in a borehole is numerically blasted with and without the presence of two diagonal rock joints. The model is simulated by assuming all four sides of the rock medium as free surfaces. The paper elaborates the propagation of stress wave, expansion dynamics of gaseous products, and development of fracture, fragmentation of the medium and dissipation of energy due to damage.INTRODUCTIONDamage prediction of rock mass and its mean fragmentation size are of important to design blast parameters for a given explosive. Current blasting practice solely depends on empirical relationships between fragmentation sizes to those blast design parameters while mathematical descriptions of the physical laws governing the process of rock blasting are limited. A constitutive relationship based on properties of explosives and rock mass is of special interest because of its capabilities in describing the key features of rock fracture and fragmentation, resulting in understanding of the physical process involved in rock blasting. It is well known that blast-induced damage and fragmentation of rock mass occur due to detonation induced stress wave and product gas driven fracture propagation. Nevertheless, the fundamental mechanism of the failure process and the behavior of rock characteristics under these two different loading are not well understood in many cases, which are closely related to growth of fractures and interaction of cracks under different loading conditions.Continuum damage mechanics is considered to be appropriate to describe the failure process under such high-amplitude stress wave. Based on this approach, several theoretical models have been developed to analyze the dynamic damage of brittle material such as rock and concrete with microstructure (Chen, 1999; Taylor et al., 1986; Wu et al., 2004; Yazdchi et al., 1996). These models are mostly based on the theory of damage mechanics or fracture mechanics with some statistical treatment to incorporate random distribution of microcracks. In the application of fracture mechanics theory, sometimes it is difficult to estimate the micromechanical parameters such as crack density and fracture toughness in different modes. In this study, damage in rock material is evaluated according to the earlier model developed by Grady and Kipp (1980), which is a fracture model coupled with a material description for stress wave propagation to predict quantitatively fracture and fragmentation under explosive loading conditions."

Jan 1, 2015

By F. F. Langford

"The Athabasca Basin occupies about 100,000 km2 of the northwest corner of Saskatchewan with its western margin extending about 50 km into Alberta (Fig. 1). The basin is filled with a Helikian sequence of predominantly fluvial sandstones up to 1600 m thick. The sandstone beds are generally flat-lying, and rest unconformably on a crystalline basement which consists mostly of granitic intrusive complexes and quartzfeldspar- biotite gneisses. The basement rocks represent Aphebian sediments and Archaean basement rocks that were metamorphosed and remobilized to varying degrees during the Hudsonian Orogeny (ca 1800 Maj.Since 1968, three mining camps and several substantial unconformity-type uranium deposits have been discovered in the area (Figs. 1 and 2). These deposits lie along the unconformity surface, partially enclosed in sandstones, and partially in the basement rocks. The major deposits have elongate, pencil shaped orebodies that are parallel to the strike of underlying graphitic biotite gneisses. The total tonnage of uranium is in the order of 150,000 to 200,000 tonnes and mining grades range from 0.5 to 2.5 per cent U3O8.IntroductionUranium exploration started in Saskatchewan in 1945 when Jolliffe and Murphy headed field parties to investigate uranium occurrences on the north shore of Lake Athabasca (Kupsch, 1978). Their investigation lead to the development of the Beaverlodge camp in the following years. Some of the early prospectors were impressed by the fact that the uranium occurrences at Beaver lodge were centred on a thick sequence of unmetamorphosed arkosic redbeds which are now called the Martin Group. This sequence was referred to as the Athabasca Series by Christie (1949), and although some occurrences of uranium were found near Stony Rapids and Black Lake, the vast expanse of Athabasca sandstones south of Lake Athabasca was generally regarded as unpromising."

Jan 1, 1986

By P. C. McLeod

THE GECO OREBODY, located north of lake Superior in the Thunder Bay district of northern' Ontario, was discovered in 1953. Diamond drilling in the following year indicated a 15,000,000-ton ore-body, and production plans were made for the shipment of copper and zinc concentrates in three years. To accomplish this, the Geco Project was initiated. The property was in an undevdoped, inaccessible area, and the project involved the conversion and extension of a logging road to the property, the construction of two railways and seventy miles of hydro transmission line, the erection of a municipality, the building of a plant, and the development of an underground mine to produce 3,300 tons per day. This paper describes some of the methods used in the underground development phase of the Geco Project.

Jan 1, 1958

By Charles Camsell

At the Annual General Meeting of the Institute in 1924. I endeavoured to present the position held by the mineral industries in the commercial life of this country. The facts and figures were presented at that time in a detached way. Since then, however, I have made some attempt to analyze them in order to determine the causes for that position and to draw some conclusions as to the future of the mining industry. As everyone knows, our trade figures are very often used in political discussion, especially in discussion of tariff policy. It would be entirely out of order for me to say anything touching the tariff issue and I want to have it clearly understood that, in my opinion, the material I am about to present contains not a single statement or conclusion which anyone would be warranted in using as an argument for either a lower or a higher tariff or for tariff changes of any kind. As a starting point, let me re-state, very sketchily, Canada's general situation in external trade. In the last calendar year, 1924, we sold Canadian merchandise of all kinds to other countries to the value of $1,045,000,000 in round figures. Our purchases abroad reached about $893,000,000. Thus our sales exceeded our purchases by roughly $152,000,000. In other words, we had what is known as a 'favourable balance of trade' - one of the biggest favourable balances we have ever had in our history. The proceeds of our sales of Canadian products enabled us to meet the bills for all our purchases of foreign commodities and, in addition, placed a large surplus to our credit with which to offset our interest charges and other obligations abroad.

Jan 1, 1925

By Claude Bourgoin

"The Copra massive sulphide deposit occurs as a continuous slab of ore dipping at approximately 40 degrees within a sericite schist formation. The orebody has been delineated over a distance of more than 5,000 feet down dip. This paper is mainly concerned with the mining procedure, and particular reference will be made to the use of steel mill holes and hydraulic roof supports. The gravel backfill line, which is operated both by gravity and hydraulically, is described. The paper mentions some of the operational problems, discusses the feasibility of longwall mining and presents the information obtained from stope testing."

Jan 1, 1966

By B. R. Hart, S. S. Dimov, J. Fournier

Carbonaceous matter (c-matter) in sulphide ores can adversely affect the process of gold recovery during cyanidation due to its ability to adsorb, or preg-rob, gold from a cyanide leach solution. This paper describes a standardized procedure for characterization of c-matter in an ore sample providing detailed information on its composition, maturity and preg-robbing capacity. The procedure utilizes the following complementary analytical techniques in conjunction with several chemical tests and assays: SEM/EDX Raman spectroscopy and TOF-SIMS. Results of the test can be used as a predictive tool to estimate the impact the c-matter will have on the gold recovery process. A comparison between predicted preg-robbing behaviour and cyanidation test results are presented.

Jan 1, 2011

By P. Condori

Palabora Mining Copper (PMC) has two autogenous mills that have been in operation since 1976. The mills were originally designed to treat 30 000 t/d of open cast copper ore in a closed circuit with cyclones. As the ore body went deeper the open cast method of mining was changed to block caving, a consequence of this was the dolerite content (hardest barren material) increased significantly, increasing the production rate of pebbles and thus reducing the milling capacity. In order to cope with the increased ore hardness and to increase mill capacity, a second ball milling stage and pebble crushing were incorporated to the circuit. The above actions created new challenges to the circuit operation and bottlenecks in different areas of the milling circuit. This paper reports the holistic work performed on the Palabora autogenous milling circuit including the implementation of a mill constraint control scheme, the implementation of a pebble removal system from the circuit and a new circuit configuration. The achieved plant stability and increment of ore throughput are also reported in this paper.

Jan 1, 2012

By William E. Roscoe

"Non-producing mineral properties include those at various stages of exploration, properties at the pre-feasibility or feasibility stage, properties with currently uneconomic mineral resources, and past-producers. The market approach is applicable to all these types of non-producing mineral properties. Income approach methods such as discounted cash flow and option pricing are generally not applicable to properties at the exploration stage, but may be applicable to non-producing mineral properties with defined mineral reserves or mineral resources.The value of a non-producing mineral property depends on its perceived potential for the existence and discovery of an economic mineral deposit. The potential, in turn, depends on a number of factors which must be considered when choosing market comparables. These comparability factors include such items as geology, mineralization, stage of exploration and results, mineral resources, location and geography, and political jurisdiction. The date of the market comparables must be within a reasonable time period of the valuation date of the subject property. Although it is difficult to find good market comparables because of the unique nature of mineral properties and the small number of transactions, these difficulties are compensated for by analyzing a number of transactions on similar properties to develop a range of values for the subject property.For valuation purposes, market comparables can be expressed in terms of total property value, value per unit area (e.g., $ per hectare), or value per unit of metal contained in mineral resources (e.g., $ per ounce of gold, or $ per pound of copper). The market comparable value can be used to estimate the value of the subject property by using the total property value, unit area value or contained metal value."

Jan 1, 2003