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By Richard P. Curtin, John M. Goris, Lewis A. Martin

Cable bolt supports are being recognized as an effective ground control system in under-ground coal mines in North America, and their use has increased considerably during the past few years. The U.S. Bureau of Mines personnel are conducting both laboratory and field tests to evaluate the performance of these supports under a variety of conditions and to establish realistic design guidelines. This paper describes efforts to evaluate the capability of cable bolts to resist the high shear forces often present in longwall operations. Shear tests were conducted on pairs of 0.025 m3 (0.88 cu. ft) concrete blocks having joint surfaces ranging from rough to smooth. Tests were conducted on blocks both with and without reinforcement with 15.2 mm (0.6 in.) diameter steel cables. During each shear test, the loads and displacements along the normal and shear axes, as well as loads on the cable, were monitored. Cableloads were determined using strain gauges attached to the outside surfaces of the barrel-and-wedge anchors used for pretensioning the cables. Test results show that a cable bolt placed across a joint more than doubled shear resistance of shear blocks having both smooth and rough joints.

Jan 1, 1996

By C. Gravel, A. Fathi, P. Rivard, G. Ballivy, Z. Moradian, M. Quirion

Knowing shear mechanism of discontinuities under monotonic and cyclic loading conditions is a key factor in stability analysis of rock slopes and rock foundations. In this paper, the effect of cyclic loads on the shear mechanism of joint asperities is described. For this purpose, a fresh tension-split joint from a granite block was used as a reference and thirty five mortar replicas were fabricated. Cyclic shear tests were conducted on replicas under low values of constant normal load (CNL) using a servo-controlled loading system. Tests were performed in two consecutive steps; load-controlled and then displacementcontrolled. In the load controlled part, after initial increase of shear stress to 0.25 MPa, the test was stopped for 2 minutes, then increased to 0.5 MPa, and finally decreased to 0.25 MPa. This process was repeated ten times. At the end, the test was continued up to 10 mm shear displacement under displacement-controlled loading in order to pass the peak shear strength and reach the residual strength. Characterizing joint surface and modeling of involved asperities during the tests was undertaken using a Matlab code developed with new mathematical expressions. The algorithm used in the code is based on three-dimensional coordinates of the scanned joints’ surfaces before and after the test. It was found that a high percentage of degradation happens during the first cycle of loading and during the other cycles, degradation occurs gradually. While comparing tests conducted in monotonic and cyclic loading conditions, it was observed that under low number of cycles, the pronounced mechanism is consolidation of the joint surfaces. This consolidation increases contact areas and, therefore, shear strength parameters.

Jan 1, 2015

By J. J. Jonas, G. R. Stewart, N. Pokutylowicz, S. Yue, R. Varano, A. Elwazri

Differing thermal histories in and around a weld can lead to differences in grain size, phase composition and morphology of precipitates; mechanical properties will vary accordingly. Hardness testing gives limited information and the machining and testing of tensile and/or impact specimens that would reveal these variations (which may occur over very small distances) is not practical. Therefore, in this investigation, shear punch testing was applied to measure the variation in the room temperature mechanical properties of a welded pipeline steel.

Jan 1, 2005

By L. P. Srivastava

Rock bolts have been used since long to enhance the shear strength response of jointed rocks in civil and mining engineering structures. However, the assessment of strength response of a rock mass reinforced with rock bolts remains an unresolved problem till date. In the present article, an attempt has been made to study, through physical model tests, the shear strength enhancement of a blocky mass due to provision of passive rock bolts. Direct shear tests were conducted on large specimens of size 750 mm x 750 mm x 900 mm of rock mass under a normal stress varying from 0 to 2.0 MPa. Concrete was used as a model material to simulate intact rock and, elemental blocks of size 150 mm x 150 mm x 150 mm were used to form the mass specimens. Steel bolts of 6 mm diameter with 2 mm thick grout were used to reinforce the mass. Three different configurations of bolts were adopted. Observations were made on shear stress, horizontal shear displacement, and dilation during the tests. Effect of normal stress and reinforcement on peak shear stress and shear stiffness was studied. It is observed that the rock bolts enhance the shear strength of the mass by preventing sliding along the shearing plane, and by inducing additional normal stress due to tension mobilized in the bolts. The rock mass, therefore, becomes stronger due to the high degree of interlocking produced by the bolts. Shear strength of the mass increases with increasing numbers of bolts. In the case of reinforced mass, the enhancement in shear strength due to provision of bolts decreases with an increase in normal stress. The provision of bolts improves the cohesion of joints substantially. The effect on friction angle is low. The shear strength enhancement depends on the area of the bolts, spacing of the joints, spacing between the bolts and the cohesion of the intact material. A correlation has been established using which the enhancement in shear strength due to the provision of bolts can be assessed.

Jan 1, 2015

By S. Bastola, Y. P. Chugh

"This research determines shear strength and stiffness properties of bedding planes and joints in the roof strata rocks within 7.5 to 9 m (25-30 ft.) overlying the Illinois #6 coal seam (within the pressure arch zone). A shear test loading device was designed into a 1.334 kN (150 t) Forney Compression Loading Machine to perform direct shear tests in accordance with ASTM D5607-08 “Standard Test Method for Performing Laboratory Direct Shear Strength Tests of Rock Specimens under Constant Normal Force”. The data were used to determine peak and residual friction angles and the dilation angle. A total of 49 bedding plane samples were tested, out of which 46 (36 intact and 10 relatively weak and loose) samples passed QA/QC procedures in accordance to ASTM D5607. Samples from eight (8) different bedding planes- shale/limestone (SL), shale/sandstone (SSs), shale/bone (SB), laminated sandstone (LS), shale/shale (SS), bone/bone (BB), bone/limestone (BL), and limestone/limestone (LL) were tested. The number of samples tested for each bedding plane were: SL- 11, SSs- 8, SB- 5, BB- 4, LS- 6, SS- 9, BL- 1, and LL- 2. Peak and residual shear strength values at 2.75 MPa normal stress range 1.06 – 6.26 MPa and 0.82 MPa to 0.82 – 4.14 MPa, respectively. The average normal and shear stiffness values are about 11.98 GPa/m and 3.11 GPa/m. Dilation angles are low (<10?) and negative in some cases. Angle of sliding friction values range from 9? to 42?. Joint Roughness Coefficient (JRC) values were less than 10.INTRODUCTIONRock mass may be defined as the total in situ rock medium containing bedding planes, faults, joints, folds and other structural features. Therefore, it is discontinuous and may have heterogeneous and anisotropic engineering properties. Upon creation of an excavation in a rock mass, bedding planes and joints are the most likely points of failure initiation. The failure typically occurs either in tensile or shear mode. Upon failure initiation stresses are transferred to the neighboring rock mass and the failure progresses until stability is achieved through equilibrium of stresses and strength. An example of this mechanism is development of the pressure arch. This study determined the shear strength and stiffness properties in shear and compression of bedding planes and joints in the immediate roof strata rocks within 7.5-9 m ( 25-30 ft.) overlying the Illinois No. 6 coal seam (within the pressure arch zone). Since such data are currently not available for Illinois Coal Basin mines, researchers and engineers have been using estimated values for design purposes. The immediate roof lithology in the proposed mining area consists of shale 0.62 m; Bone 0.09 m (0.3 ft.); Limestone, 0.10 m (0.33 ft.); Shale 2.37 m (7.9 ft.); and sandstone 0.55 m (1.83 ft.). The bedding plane samples were provided by a mine in south-eastern Illinois operating at a depth of about 180 m (600 ft.)."

Jan 1, 2015

By Navid Bahrani

Overview ? Case history of footwall slab failure ? Procedure used to build a finite element model ?? Pre- and post- mining topography ?? Slab geometry ?? Excavation stages ?? Input parameters ? Finite element modelling results ?? Unloading-induced displacements (magnitudes & directions) ?? Calibration of overall model using measured prism displacements ?? Shear stresses and displacements along the base of slab ?? Factors of safety at different stages ?? Effectiveness of rock bolts ?? Staged or unstaged model? ? Conclusion

May 1, 2008

By N. Bahrani

Photogrammetry surveys were used to document a footwall slab failure that occurred at a surface coal mine located on the eastern slope of the Rocky Mountains. Photographs taken before and after the failure provided the pre- and post-failure geometry of the slope and the failed slab. A 2D finite element model was constructed using slope profiles. The model contained joint elements that represented the bedding surface upon which the slab slid and the model was used to analyze the footwall slope. The in situ stresses, rock properties and the bedding surface shear strength and stiffness properties are discussed. The process of mining out a valley and exposing a highwall was modelled. As expected, elastic valley rebound occurred in the model, but shear stress and shear displacement reversals along the slip surface were also observed. The modelling results provided new insight into shear strength degradation that occurs when the pit floor approaches and then passes a specific point in the highwall.

Jan 1, 2009

By J. P. Rajot, H. Mouzannar, M. Bost

"The design of rock foundations may need to evaluate shear strength of rock-concrete interface by performing laboratory direct shear tests. A series of tests were carried out on specimens for different values of the spacing free of encapsulating material about the shear plane and different values of normal stress. Different kinds of failure were observed and not necessarily at the rock-concrete interface. The spacing free of encapsulating material appeared to be of significant influence on the test results. A mechanical analysis is presented which illustrate the influence of the loading conditions in the direct shear box on the failure mechanism. INTRODUCTIONThe design of rock foundations subjected to significant lateral loads requires defining the value of the shear strength of the interface between rock and cast in place concrete. Verifying the stability against sliding of strip footings subjected to inclined loads (SETRA, 2009) or concrete gravity dams (CFBR, 2013) are common examples where design modelling approaches imply the shear strength, sometimes the deformation behavior, of the rock-concrete interface, more or less assumed as a failure plane.Defining the behavior of rock-concrete interfaces relates to tribology. Many studies have been conducted to improve the representation of this behavior (e.g., Johnston & Lam, 1989; Kodikara & Johnston, 1994; Gu, Seidel & Haberfield, 2003; Saiang, Malmgren & Nordlund , 2005; Fishman, 2008; Eltervaag, 2013; Gutierrez, 2013), raising many questions. The behavior appeared to be influenced by many factors such as the geometry of the interface which is not planar, the roughness of the natural rock, the rock mineralogy and the concrete formulation. In addition, the study of the shear strength of rock-concrete interfaces involves considering the two different deformation behaviors of both rock and concrete. Finally, the observed failure mechanism is strongly influenced by the initial cohesion due to adhesion between the two materials when concrete is directly cast onto rock."

Jan 1, 2015

By D. Kalumba, S. Jjuuko

"Thin Spray-on Liners resist relative small deformations (< 1 mm) between rock blocks or fragments in terms of a combination of shear, adhesive and tensile-bond strengths. Shear-bond strength addresses the ability of a thin liner to resist stresses that act parallel to the rock-liner interface. Therefore quantification of shear-bond strength is essential in the formulation of design standards and requirements for Thin Spray-on Liners. In this paper Thin Spray-on Liner support mechanisms are reviewed. In addition previous methods of Thin Spray-on Liner shear-bond testing are discussed. The paper also explains the research being carried out at the University of Cape Town to investigate the effect of different parameters on the shear-bond strength.INTRODUCTIONRock surface support is widely used to combat rockfalls and resulting injuries and fatalities in the vicinity of active faces (Potvin, 2002), where workers spend most of their time (Adams & Baker, 2002; Potvin, 2002; Lacerda, 2004). The conventional (traditional) surface support systems in underground rock support include passive methods such as mesh and lacing and active methods such as shotcrete. However, rockfall sources between 1990 and 2000 in Nevada gold mines showed a steady increase in rockfall injury associated with mesh support as shown in Figure 1 (Lacerda, 2004). The conventional methods also negatively impact the mining operations with regards to costs, logistics and mining cycle times due to large material volumes (Tannant, 2001; Ozturk & Tannant, 2010; Ferreira, 2012). Therefore, these systems need to be substituted, with enhanced methods, in order to realize the business target of the mining industry of providing the planned return on investment made without harm and within budget."

Jan 1, 2015

By R. A. McGuire

THE recorded production of the Sheep Creek camp from 1900, when the Yellowstone Mining Company first put its mill into operation, to the present day is in excess of $17,500,000. Of this total, $2,500,000 can be attributed to the early period from 1900 to 1916, at which time increased costs of labour and material due to the Great War forced abandonment of any operations on a large scale for a number of years. Since the camp was revived in 1929, at which time the Reno mine started large-scale operations, and the early &apos;thirties&apos;, when the increased price of gold induced the commencement of operations on other properties in the district, total gross production has been in excess of $15,000,000. In addition to the above totals, intermittent shipments were made by lessees and small operators, principally during the period of inactivity from 1916 to 1929, but no records of this production are available. The Sheep Creek camp would rank fifth in the Province-behind Rossland, Portland Canal, Bridge River, and Hedley-in gross gold production, but, because of relatively inexpensive mining and milling costs, would occupy a more prominent position in regard to total dividends paid. Operating mines at the present time include Reno Gold Mines, Gold Belt Mining Company, Kootenay Belle Gold Mines, and Sheep Creek Gold Mines. Each one of these companies, with the exception of Kootenay Belle, represents a consolidation of several smaller properties, all of which were in existence for a number of years prior to 1929. These four companies, at the present time, own, or hold options on, practically all the important claims in the district with the exception of a very few claims and fractions still held by private owners.

Jan 1, 1942

By Keith Haddock

"The Sheerness Mine, a new surface coal mine located near Hanna, Alberta, went into full production in mid-1995. The mine, which is operated by Luscar’s subsidiary Forestburg Collieries (1984) Ltd., has the design capacity to supply up to 2.1 million tonnes of sub-bituminous coal per year to the adjacent Sheerness Generating station under a 30-year contract. This paper documents the construction phase of this project and highlights the major equipment purchases as well as the construction of the mine facilities. The paper also focuses on some of the areas where cost savings have been achieved that have allowed the mine to come on stream six months ahead of schedule, and under budget. Project ReviewMine DescriptionThe Sheerness Mine is located 25 km southeast of the town of Hanna in southeastern Alberta (Fig. 1). The mining property occupies the western portion of the Sheerness CoalField and borders the Montgomery Mine, operated by Manalta Coal Ltd. in the east, and Highway 36 in the west. The Montgomery Mine and the Sheerness Mine exclusively supply the total coal requirement of the adjacent Sheerness Generating Station. The station is owned jointly by Alberta Power Limited (APL) and TransAlta Utilities Corporation (TAU). APL is the operator. Manalta’s Montgomery Mine has supplied coal to the Sheerness Station since its opening in 1986. Coal is shipped by truck from the mines over a network of haul roads to the coal receiving hoppers located on the east side of Highway 36."

Jan 1, 1997

By R. A. Ozerkevich, R. J. Voisey

"SherrGold's MacLellan V ne is located about five miles south east of Lynn Lake immediately to the east of the Keewatin River. (Figure # 1)The property is accessible by an all weather road, leading north from the provincial highway 391, which links Lynn Lake with the Town of. Leaf Rapids and the city of Thompson to the south.The MacLellan Mine (formerly the Agassiz property) was discovered in the early 1950's and optioned from Comiesa Corporation in 1979 by Sherritt. SherrGold Inc. was formed in September 1985. Sherritt then transferred the MacLellan Mine, 15 other gold prospects in the Lynn Lake area and the old Lynn Lake nickel-copper mill to SherrGold. At the same time Sherrgold entered into a management agreement with Sherritt whereby Sherritt would develop and operate the MacLellan Mine and conduct SherrGold's exploration activities.The ore body as outlined in the original feasibility study is expected to produce in excess of 300,000 ounces of gold and 450,000 ounces of silver over the next 5 years. However the deposit is open to depth and exploration is continuing on and around the main zone and the many satellite deposits.The start of construction of the MacLellan mine and mill was scheduled to phase in with the closure of the Fox copper-zinc mine located 30 miles west of Lynn Lake. The majority of the employees from the Fox Operation were either employed at the MacLellan mine or relocated to Sherritt's Ruttan Operation."

Jan 1, 1987

By W. J. Farley

"The Sherritt Gordon mine is 100 miles north of The Pas in northern Manitoba. Copper-zinc ore was discovered on the property in 1922. Production began in 1931 and continued to June, 1932, when operations were suspended because of the low price of copper. Operations were resumed on August 1st, 1937, and have been carried on continuously from that time to the present (March 1947). The production of metals up to the end of 1945 was copper, 287,129,880 lb.; zinc concentrate (50 per cent) 104,419 tons ; gold, 79,388 oz.; silver, 2,529,974 oz.GENERALThe ore occurs in two deposits, the east and the west. Both are enclosed in gneisses that are highly metamorphosed sedimentary and volcanic derivatives. The rock beneath the deposits, and hence forming their footwall, is gneissoid quartzite; the hanging-wall rock is basic garnetiferous hornblende gneiss. Pegmatite commonly occurs along both foot- and hangingwall peripheries and as isolated blocks and fragments within the ore zone . These blocks and fragments are considered to be residuals of unreplaced host rock .The ore is relatively coarse grained and ranges from the massive to the disseminated type. The metallic sulphides composing these, named in the order of their abundance, are pyrite and pyrrhotite ( 2-1 ratio) , chalcopyrite, sphalerite (marmatite) , and minor chalmeriite; subordinate amounts of gold and silver are recovered . The insoluble content of the ore averages about 35 per cent.Another deposit known as the Bob Lake, much smaller and lower in grade but having very similar relationships, occurs about 3 ½ miles to the northeast of the main Sherritt Gordon ore masses.STRUCTUREThe Sherritt Gordon orebodies are of the replacement type, and lie within a pegmatite sill that has been intruded along a contact between quartzite and hornblende gneiss. The two main orebodies are intimately related, for the east deposit is an erosional remnant of the lower, easterly limit of an orebody once continuous with the west body. The ore lies along the southwest limb of an overturned syncline."

Jan 1, 1954

By Z. Yang, M. J. Collins, N. E. Tuffrey, R. J. Kalanchey, I. M. Masters

The high elevation of China Western Mining Company (WMC)&apos; s Ganhe refinery, and the high iron content of concentrates produced by the WMC mines, were key factors in the selection of pressure leaching by WMC for their new zinc refinery. This paper describes the results of pressure leaching test work conducted by Sherritt in Fort Saskatchewan with a sample of WMC concentrate from Qinghai Province in China. Results from batch pressure leach tests and a four-day pilot plant campaign are reported. The pilot plant campaign included continuous operation of a two-stage pressure leach circuit, as well as neutralization and iron removal steps, resulting in the production of iron-free zinc sulphate solution. Greater than 98% zinc extraction was achieved in pressure leaching, while producing solution containing about 9 g/L H2SO4 and 2 g/L Fe. Following neutralization and iron removal, the solution contained about 170 g/L Zn and less than 10 mg/L Fe. Overall recovery of sulphur in the zinc concentrate feed to elemental sulphur byproduct was about 85%, while 75 to 80% of the indium in the feed was recoverable from the neutralization residue. The test results highlighted the technical and economic advantages offered by the Sherritt Zinc Pressure Leach Process and provided the required data for the engineering design.

Jan 1, 2008

By M. Holm

Coal is an important fuel for energy generation, and since there are no adequate alternatives it will also be for the next decades. The deep lying hard coal is important in particular because of its high energy content. Automation of underground mining has led to major improvements in productivity and safety. A fully mechanized longwall shearer workface has already reached a high degree of automation and provides a high productivity for example utilizing the memory cut. Current researches and developments in longwall mining are focused on extending this method by adaptive cutting drum height adjustment. The so-called horizon control is often based on memory cut methods. Horizon control in this way requires information of the environment, which can be provided by models (seam model, cut model) and coal interface detection (CID). Available CID systems only provide an optimal output under specific conditions. The authors propose the shield-data-based horizon control (SDHC) system as an alternative approach. SDHC does not require information from a CID system or an environmental model. All necessary information is provided by roof supports, shearer and process monitoring. The SDHC system was tested in simulation under different seam conditions and yielded promising results which will be presented in this paper. In cooperation with the German mining company RAG the SDHC has already reached an experimental stage. A test assembly was built up at the surface and the SDHC system was implemented on real mining equipment. To make the test scenario as realistic as possible, the SDHC system was only connected to the monitoring system, not to the simulation model. The aim of these tests was to establish the cooperation between all subsystems, find appropriate controller parameters, locate and address safety critical aspects and finally to achieve an automatic cutting drum height adjustment. An introduction of SDHC for shearer guidance is given in this paper. The experimental tests are described and the control results of the realized SDHC system on the test assembly are shown.

Aug 1, 2013

By B. Arlyuk

On the basis of research of relations among the market participants the analytical model has been created which connects the price of industrial good at stock exchange with volume of sales and the stock of the sellers and buyers, Also a model was developed for assessment of these parameters of the market status by the actually fixed stock exchange and general market indicators. The composition of these models made it possible to create reliable system of short-term price forecasting for commodities or base metals up to one quarter ahead. Imperfectability of creation a model for reliable price forecasting by purely statistic methods (by the "black box" principle) was shown. A model of price behavior qualitative forecasting till one quarter ahead has been developed, which determines the probability of reaching in future of the given level as well as of the price maximums and minimums, Optimal values of threshold probability were determined for forecasting the future price maximums and minimums securing the maximum profit from the forecasting system application for commercial activity. The developed system of forecasting was identified for primary aluminium at the period of 1990-2003. The system was tested daily during 20 months period for speculations on 3M primary aluminium forwards at London Metal Exchange with high commercial result.

Jan 1, 2004

By Olaf Kessler, Jan Kalich, Michael Reich, Julia Osten, Uwe Füssel

Modern automobile bodies consist of different materials, e.g. aluminium alloys and high strength steels. Mechanical joining, e.g. clinching, is very suitable for joining aluminium and steel sheet. But clinching needs a sufficient ductility, which is no longer supplied by high strength steels. Laser-assisted clinching has been shown, to be able to join aluminium and high strength steel sheet successfully. Thereby the steel sheets were heated locally for short times to increase their ductility. Due to the thermal contact between steel and aluminium sheet the aluminium alloys also achieve a local short-time heat treatment. This fact may cause a significant impact, as aluminium sheet in automobile bodies is often used in T4 (or similar) condition and later artificially aged during the paint bake cycle. Aluminium alloys 6016 and 6181 have been short-time heat treated with heating rates up to some 100 K/s. Precipitation and dissolution processes have been monitored in-situ by calorimetry. Mechanical properties have been investigated on as well as after short-time heat treatment by deformation dilatometry. The results show, that suitable short-time annealing parameters during laser-assisted clinching can increase ductility and at the same time act as retrogression for aluminium sheets, resulting in increased strength after aging.

Jan 1, 2015

By Richard Poulin

Rehabilitation of mined out areas is often enforced by environmental bonding. It is usually assumed that this process provides financial assurance that rehabilitation will be carried out as agreed at the permitting stage. Shortcomings of the current practice in environmental bonding for mining are reviewed. Of particular importance for the public, for governments and for the environment is the absence of protection against cost overruns and companies defaulting before the bond amount is entirely paid. Elements of solution are identified through the emergence of environmental insurance as a complement to bonding for cost overruns and defaults. A cover of environmental catastrophes could also be added, hence reducing the risk for the public and the environment. We examine the merit of creating a captive insurance company under the responsibility of the mining industry. The use of insurance techniques would incorporate a genuine risk management dimension to the financing of rehabilitation.

May 1, 2004

By Lynne Bowen

"On the da y shift in Number One Mine at Nanaimo on Vancouver Island, on May 3, 1887, William Griffiths, a coal miner with many years experience, fired a shot to advance the face of the crosscut. A flame ran out for a distance of fifteen feet along the roof and then extended up the slope for ten to twelve feet, and although many would have called this a blowing out shot, Griffiths said it was just a feeder. ""A blower"", he said, ""would have caused an explosion."" 1There was no explosion. Griffiths reported gas and the area was cleared for three hours and then work resumed. When the shift changed at 3:00 p.m., the fireman reported all places clear of gas and the ventilation good.2The ventilation in Number One Mine was the best anyone had ever seen. The air in the mine was almost too cold. The current was so strong that it sometimes blew out the flame on the miners&apos; fish oil lamps. It delivered five to six hundred cubic feet of air for every man and animal working in the mine. The law required only one hundred cubic feet 3The miners considered Number One to be relatively safe. The manager was proud of the mine and its up-to-date equipment"". Recently, there had been reports from France and America about the explosiveness of coal dust, but the manager did not think his mine was sufficiently dusty to be dangerous.5 The dust lay thick on the floor of the mine. Sometimes when a shot was fired the dust rose in great clouds. When a miner was shovelling it, the dust would billow up and be carried off by the current of air. The dust was also in the roof and in the stopings, put there intentionally to fill up the spaces and prevent the accumulation of methane gas."

Jan 1, 1992

By R. D. Lawrence

"Suggestions have been made that the appraisal of mining assets using discounted cash flow techniques should be based solely on proven and probable reserves in reliance upon the widespread international recognition of uniform resource definitions. Following a review of general accepted valuation principles, a survey of the literature and, most importantly, a review of real transactions in the open market, it is clear that valuators should not be constrained by the growing acceptance of modern mineral resource codes. On the contrary, valuation practitioners should be encouraged to examine all classes of mineralization and, after making due allowance for risk, to utilize all mineral resources as a basis for determining fair market value.INTRODUCTIONGreat strides have been made recently in achieving an international consensus on mineral reserve and resource definitions and classifications. The Australasian JORC code, the CIM code in Canada, the SME proposal in the United States and even a proposed code from the United Nations have all brought the objective within reach.Unfortunately, this success has led to another problem for mineral valuators. Certain securities regulators, tax collectors and their ilk have begun to expound on the opinion that discounted cash flow projections carried out to calculate net present values that would form the basis for a valuation determination should be based solely on proven and probable reserves. The author disagrees with this position. This paper examines the subject from four points of view:"

Jan 1, 2003