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By Rosaire Emond

Le concept du forage horizontal a été développé voilà de nombreuses années. Différents types de plate-formes permettant le forage horizontal depuis une cheminée ont été conçus par divers manufacturiers ou opérateurs miniers. Entre autres, on connaît bien la griffe de montage Alimak à laquelle peut être fixée une plat-forme sur laquelle est montée une foreuse. En 1992, Ross-Finlay a développé sa propre plate-forme de forage qui à notre opinion améliore la flexibilité du concept du forage horizontal, en augmente la productivité et en diminue le coût d?ensemble tout en assurant une sécurité accrue des travailleurs. Tel que montré à la figure 1, la plate-forme employée à la Mine Kiena est composée d?un toit de protection contre les chutes d?objets et de deux passerelles de forage de forme carrée. Le toit et les passerelles sont fixées à une structure de 6.5 m de longueur équipée de deux assemblages de rouleaux (non montrés à la figure) permettant de faire glisser l?ensemble sur des rails Alimak. L?angle du toit et des passerelles peut être ajusté pour des cheminées dont le pendage varie de 65 degrés à 85 degrés.

Oct 1, 2001

By René Lefebvre

Numerical simulations of the physicochemical processes related to acid rock drainage (ARD) in the Sugar Shack South rock pile of the Questa Mine were performed with the TOUGH AMD simulator. The objectives were to 1) identify the main processes responsible for observed present-day conditions, 2) provide an estimate of gas phase humidity transfer, and 3) give a preliminary indication of the potential impact of closure involving the installation of an alluvial soil cover. Modeling results indicated that the mine rock geometry (thin layers placed along steep mountain slopes) favors the onset of strong thermal air convection. Simulations also indicate that resloping the piles would not significantly reduce convection and oxidation. For simulation purposes, a potential cover with the permeability range of a local alluvium was investigated and found to be of questionable effectiveness since its permeability can exceed the value of 3x10-13 m2 required to prevent thermal air convection and reduce ARD.

Nov 1, 2002

By Michael B. Cortie

The young field of nanotechnology has as its objective the design and construction of useful devices made of nanoscale materials. Objects or structures which have at least one important dimension in the range 0.5 to perhaps 50 nm may be considered to be in the nanoscale domain. These sizes lie far below the 200 nm or so that can be resolved with an optical microscope, and are closer in size to the 0.3 nm diameter of individual atoms. Nanotechnology, which is the study and exploitation of these tiny structures, is attracting keen interest at present. The excitement is motivated by the observation that control of matter at the nanoscale holds the promise of faster computing, better medicines, and smarter materials. In this paper, the physical phenomena on which this optimism is based are broadly discussed and explained. Where appropriate, examples of the rather different and curious properties of gold at the nanoscale are used to illustrate the points covered.

Oct 1, 2003

By P. Wells

"In the past decade, there have been many developments in processing of nickel/copper sulfide ores. Improved pentlandite/pyrrhotite flotation selectivity with the use of new reagents, fine regrinding and Redox measurement (control) has led to increased pyrrhotite rejection and thus higher concentrate grades. Flash flotation has increased overall nickel and associated precious group metal recoveries. Recovery of both fine and coarse particles has been improved through an understanding of flotation cell hydrodynamics. The separation of copper from nickel in such ores has seen a similar level of development. From the late 80s to very recently, the use of flotation columns, the use of pyrrhotite depressing reagents and the improved understanding of the complex mineralogy of chalcopyrite, pentlandite and pyrrhotite have considerably increased copper / nickel separation efficiency. Copper concentrate with more than 30% copper and less than 0.5% nickel grade is now obtainable at 80-85% copper recovery from mill feed compared to 70-75% copper recovery with 30% copper and 1% nickel grade only a few years ago. Improved copper / nickel separation in milling operations has the potential to substantially improve the processing of the resulting concentrates and thus the overall return from the extraction of nickel and copper from sulfide ores.INTRODUCTIONNickel metal by itself or in alloys with other metals and materials makes a significant contribution to modern society. The relatively high price that nickel commands compared to other base metals is a reflection of the fact that, although abundant in the universe, nickel is sparingly distributed in the earth’s crust. There are two types of nickel deposits that are currently being exploited: complex sulfide ores and lateritic oxide ores. Lateritic contain no copper but in sulfide deposits, nickel– bearing minerals, principally pentlandite (Pn, [Ni,Fe]8S9), some millerite (NiS) and violarite ([Ni,Fe]S) are often found in association with copper-bearing minerals, mainly chalcopyrite (Cp, CuFeS2) and cubanite (CuFe2S3). The copper content of such ores can vary considerably from as high as 5-8% (in some Sudbury basin ores) to as low as 0.1% (in ores mined by Western Mining at Mount Keith, Western Australia and by Inco in Thompson, Manitoba). The valuable minerals Pn and Cp are almost invariably found associated with pyrrhotite (Po, Fe7S8) which along with nonsulphide rock has to be rejected to tails in the primary milling stage. The bulk concentrate from the primary stage is then treated to depress Pn and float Cp. A complete Cu/Ni separation at the mill would be highly desirable but this is not possible because of locking between a small fraction of the valuable minerals. As a result, Cu/Ni separation has to be carried out both during milling and during refining of the matte following smelting. At Inco, Jinchuan and in Norilsk, a chalcocite / heazlewoodite separation is made by flotation following slow cooling of the matte. In the present Sudbury Inco operations, Cu/Ni separation has not been conducted at the mill since 1991 and all Cu/Ni separation takes place at the matte processing plant. Because of the rising ratio of Cu to Ni in the ore, this strategy is under review and this paper describes some recent studies of circuits in preparation for possible installation of a copper / nickel separation circuit at Inco’s Clarabelle Mill in the Sudbury area."

Jan 1, 2004

By Tad S. Golosinski

The paper describes Online Master of Engineering Program at the University of Missouri-Rolla and discusses the experience gained during the first three years of its offering. This innovative educational program is designed primarily for mature students with an engineering or science background who want to acquire or upgrade their knowledge of mining engineering. Students can specialize in several different areas of mining, such as surface mining, underground mining, mine environment and the like. All courses constituting the program are taken online, through the Internet, without the need to attend the UMR campus in person.

May 1, 2004

By Nicholas Macrae Steven

Abstract - The Shaba-type Luamata Cu-Co(-Ni) deposit (11°50_S, 24°28_E) is located in a tectonic slice of Katangan Roan Supergroup (Mines Group) sedimentary rocks, surrounded by younger Kundelungu Supergroup lithologies in the external fold and thrust belt of the Lufilian Arc. Luamata is a classic central African copper clearing in dense woodland, visible as a tonal botanical anomaly on Landsat imagery. Supergene Cu-Co mineralization (especially malachite and subordinate chalcocite, digenite, covellite, and copper and cobalt oxides) and, probably hypogene, bornite, and chalcopyrite are hosted by altered, but essentially unmetamorphosed, moderately dipping, dolostones and dolomitic shales. Alteration products include talcose dolomite, sericite rocks and intense silicification and brecciation. Friable yellow shale is best mineralized with cobalt (up to 0.43 wt%), whereas, highest copper grades occur in brecciated, silicified shale (up to 13.5 wt% CuO). Soil copper and cobalt contents are up to 2.2 and 0.6 wt%, respectively. A newly identified nickel zone (where soil contents exceed 0.1 wt% Ni) fringes the Cu-Co deposit. Polymictic, matrix-supported breccias with a calcareous matrix that underlie the Cu-Co deposit are interpreted to be fluidization breccias related to thrust tectonics and the emplacement of the Mines Group slice. Although small compared to the Kolwezi district Shaba deposits in the Democratic Republic of the Congo, Luamata exhibits all the classic features of an ore deposit type (with low calcite contents), whose high metal concentrations could potentially be very profitably exploited by low-cost opencast mining and hydrometallurgical recovery methods.

Jan 1, 2000

By S. Banisi, M Nesari, J. A. Finch, N. Nobari, H. Javani

"The flotation circuit of the Sarcheshmeh copper mine, which processes 40,000 t/d of ore at 0.9% Cu, consists of rougher, cleaning and recleaning stages. Mechanical flotation cells are used in all stages. To investigate the amenability of flotation columns in the plant especially for cleaning and recleaning stages, a column was designed, constructed, and installed at the Sarcheshmeh pilot plant. The pilot plant, which has an identical circuit configuration compared to the plant, can process up to 2 t/h of ore. The overall rate constant of the ore along with the target recovery of 94% were used to size the column. A 26 cm by 550 cm column with two filter cloth spargers and a submerged froth washing system using perforated tubes was constructed. To detect the interface level a 180 cm conductivity probe consisting of 1.5 cm diameter ring electrodes was installed. The tailings flowrate controlled by a variable speed pump was used as the main control variable. The initial testing program revealed that the optimum superficial gas and wash water flowrate were 1.5 and 0.3 cds, respectively. It was observed that the cleaning stage grade when using the column could increase by 2-3% at constant overall copper recovery.IntroductionThe Sarcheshmeh copper ore body which may rank as third or fourth largest in the world contains 1 billion tomes averaging 0.90 % copper and 0.03 % molybdenum. It is in located south-east Iran and has been processing 40,000 t/d of ore since 1982. After three stages of crushing, the ore with a F80 of 12.7 mm is fed to 8 parallel ball mills in closed circuit with cyclones to produce a product 70% finer than 75 microns. The concentrate of the first stage of flotation is reground and the tailings constitutes the main component of the plant final tailings. A concentrate with an average grade of 31% Cu (chalcopyrite and chalcocite) is obtained after cleaning and re-cleaning stages in mechanical cells. Total recovery of the plant varies between 83-87 % depending on ore type and operating conditions."

Jan 1, 2000

By M. L. Goble

"Inco Metals Ltd. (Manitoba Division) operates a mining, milling, smelting and refining complex, 500 miles north of Winnipeg in central Manitoba. The Thompson Mill is presently operating at 12,000 S.T.P.D. on ore from both underground and open pit mines. The ore is treated in two separate milling and flotation circuits utilizing a common crushing system which is located inside the main mill building. The milling facility employs approximately 43 operating employees, 30 maintenance employees and 20 staff in supervisory or process development roles.In recent years an increasing awareness of the potential hazards of contaminants in the work place has made it mandatory that all employers maintain careful and accurate records of the work environment to which each employee has been exposed during his working career.The importance of this record keeping and general observation of the work place cannot be over emphasized. Proper monitoring of the work place provides an accurate and complete record of the contaminants and physical agents to which an employee is exposed during his work career. This can aid in studies which might be conducted in the future and can also be used as a basis for instituting improvements to the workplace."

Jan 1, 1980

By Jason Rrno

The emergence of Impact and Benefit Agreements (IBAs) in the Canadian mining sector has been read by many as a positive governance innovation. Negotiated directly between mineral resource developers and Aboriginal communities with limited government interference, IBAs serve to manage impacts associated with a mining project and deliver tangible benefits to local communities. Notwithstanding their increasing use and significance, limited systematic analysis has been undertaken to determine whether they are, in fact, working. This paper reports on the effectiveness of a number of IBAs negotiated in support of three northern Canadian diamond mines, drawing on evidence from time-series data, key informant interviews, and focus group meetings in Yellowknife and Dettah, NWT, and Kugluktuk, NU. While some deficiencies were apparent and perceptions of effectiveness varied somewhat by Aboriginal community, the IBAs were generally found to be meeting their objectives, especially with respect to the delivery of benefits. For Aboriginal communities affected by mineral development in the Canadian North, this represents a significant change to typical outcomes of the past. Moving forward, research on IBA effectiveness needs to adopt a longer timeframe and begin to gauge the degree to which IBAs are able to address long-standing concerns associated with hinterland resource extraction beyond their agreement-specific objectives.

May 1, 2010

By H. R. Bullis

"A 2003 paper discussed the idea that as gold mining companies grow larger it becomes more difficult for them to discover or acquire new gold deposits large enough to replace extracted reserves on an annual basis. Deposits of the size required to replace annual production of very large gold producers (VLGPs) are statistically few. An update in 2005 reviewed VLGPs with respect to production, reserves, and reserve life and observed recent changes in the gold mining industry. Now, more than 12 years later, this paper explores how those VLGPs have fared and how the gold mining industry has changed. KEYWORDS Gold, Gold price, Production, Reserves, Very large gold producer (VLGP) RÉSUMÉ Un article de 2003 examinait le concept selon lequel, à mesure que les sociétés d’exploitation aurifère se développent, il leur devient de plus en plus difficile de découvrir ou d’acquérir de nouveaux gisements aurifères suffisamment grands pour remplacer les réserves qu’elles extraient annuellement. Statistiquement, il existe très peu de gisements de la taille requise pour remplacer la production annuelle des très gros producteurs d’or. Une mise à jour de l’article en 2005 se penchait sur la production, les réserves et la durée de vie des réserves des très gros producteurs d’or ; elle portait sur les récents chan¬gements au sein de l’industrie de l’exploitation aurifère. Aujourd’hui, plus de 12 années plus tard, cet article explore l’évolution et les résultats de ces très gros producteurs d’or, ainsi que les changements qu’a connu l’industrie de l’exploitation aurifère. MOTS CLÉS or, prix de l’or, production, réserves, très gros producteurs d’orINTRODUCTION In 2005, the world’s top five gold producing companies were Barrick (after purchasing Placer Dome; 9.1 million ounces; Barrick Gold Corporation, 2005; Placer Dome, 2005), Newmont (8.2 million ounces; Newmont Mining Corporation, 2005), AngloGold Ashanti (6.2 million ounces; AngloGold Ashanti Limited, 2005), Gold Fields (4.2 million ounces; Gold Fields Limited, 2005), and Harmony Gold (3.0 million ounces; Harmony Gold Mining Company Limited, 2005). During the years leading up to that point, there had been a flurry of activity in the gold sector directed at consolidating production and reserves to create very large gold producers (VLGPs). As defined in Bullis (2005), a VLGP is a mining company whose primary busi¬ness is gold production and that has annual gold production more than 5 million ounces. A stated corporate goal of several of the VLGPs at the time was to become the largest gold producing company in the world."

Jan 1, 2019

By Hasan Ozturk

Laboratory testing examined the effect of a variety of intrinsic rock properties and environment conditions that influence the adhesive bond between rock and thin spray-on liners. The liner materials used for these tests were Tekflex, provided by Fosroc, Castonite, provided by Rohms and Haas Co., Rockweb provided by Spray-on Plastics, and CS 1251 2K, provided by Master Builders. Some of the variables examined include: rock strength (tensile/compressive strength) rock mineralogy, rock surface roughness (grain size, fracture/joint roughness), and surface contamination (oil, water or dust). Under optimal conditions, adhesive strengths reaching at least 3 MPa can be achieved. Where the rock surface is contaminated with dust or the rock is weak in tension, it may be difficult to reach adhesion strengths of 1 to 1.5 MPa.

May 1, 2004

By D. J. Thorkelson

New data indicate Wernecke Breccia-associated iron oxide copper-gold (IOCG) deposits likely formed from moderate-temperature, high-salinity, non-magmatic brines. The breccias formed in an area underlain by a sedimentary sequence that locally contained evaporites (potential source of chloride and possibly sulfur) and was thick enough to produce elevated fluid temperatures. Metals (Fe, Cu, Co, U) were probably derived from host strata, transported as chloride complexes, and precipitated due to changes in fluid temperature and pressure during brecciation. These new data suggest that the spectrum of genetic models for IOCG deposits that typically invoke formation from magmatic or hybrid magmatic-non-magmatic fluids should be expanded to include those systems that formed in a non-magmatic environment. Modifications to the definition of IOCG systems are proposed that reflect the degree of involvement of magmatic and/or non-magmatic fluids and the nature of the mineralizing environment. A division into magmatic, non-magmatic, and hybrid magmatic-non-magmatic IOCG types is suggested. Typical magmatic end-member IOCG deposits include Lightning Creek and Eloise, Australia. Hybrid magmatic-nonmagmatic IOCG examples include Ernest Henry and Olympic Dam, Australia. The Wernecke Breccia and Redbank deposits are suggested as possible representatives of non-magmatic IOCG end members. Endmember magmatic IOCG deposits have similarities to some porphyry deposits, whereas non-magmatic IOCG end members share characteristic with some sediment-hosted Cu deposits, suggesting that the range of IOCG deposits may form a link between intrusive- and sediment-related deposits

Jan 1, 2007

By The Mill Staff

Introduction The Hollinger cyanidation mill commenced operating in June, 1912, and 49,779,978 tons of solids had been discarded by the end of 1950. The present tailing disposal plant has been in operation since 1924 and holds 39,762,250 tons. The tailing disposal plant is on the property of Kayorum Gold Mines, Limited, about a mile and a quarter south of the mill. The area available for tailing covers 640 acres and is roughly l ¼ miles long by ¾ mile wide. Tailing was first deposited on the McKay veteran claims, l mile long by 1/2 mile wide, which were later included in the Kayorum property. This site sloped from northeast to southwest, the slope amounting to 106 feet between the northeast corner and the low land to the southwest. The low land was wet and a considerable area was covered with muskeg up to 17 feet deep. It was drained by a brook running across the property in a southwesterly direction. Later, when more ground was needed, the low-lying mining claims adjacent to the south and west boundaries were acquired to allow for the extension of the plant. This entailed some extra difficulties and expense that would not have been encountered had the whole of the present site been acquired with the original purchase. At the present time, the top of the tailing deposit stands at two elevations, but eventually the tailing deposited on the extension to the original plant will be raised to the same height as the older deposit. Previous to 1924, all of the tailing was deposited on Low land and in lakes near the mil1. Between 1924 and 1926 an increasing tonnage was sent to the McKay claims until, in 1926, all of it was being sent there. In 1936, the area of the deposit was extended and shortly afterwards all of the tailing was deposited on the new site.

Jan 1, 1951

By Luis Magallanes-Hernández

"Industrias Peñoles, S.A. de C.V. (Peñoles) in Mexico, is a major silver producer. The Peñoles Mining Division has eight Mining Operations and in seven of them, flotation is used to concentrate the metal and mineral values. Common metals and minerals values are: metallic gold and silver, gold-silver alloys, silver sulphide minerals (acantite, pyrargirite, argentite, proustite); lead sulphide mineral, galena; zinc sulphide mineral, sphalerite; and copper sulphide minerals (chalcopyrite and bornite).In the last years, a special emphasis has been given to using modal analysis to identify ore mineralogical limitations, in order to direct efforts into key areas where opportunities exist to improve the metallurgical results.This work aims to share Peñoles mineralogical and metallurgical results, through presenting, discussing and drawing conclusions on these results; as well as pointing out areas where more work is needed to improve the Concentrator´ performance.PEÑOLES BACKGROUNDPeñoles´s mission is to add value to non-renewable natural resources on a sustainable manner. It was established in 1887, and it is a mining group with integrated operations in smelting and refining non-ferrous metals, and producing chemicals. Peñoles is the world’s top producer of refined silver, metallic bismuth, and sodium sulphate, the leading Latin American producer of refined gold, lead, and zinc.Peñoles Mining Division is integrated into eight mining business, located on five different states in Mexico. Metal productions for the Mining Division during 2003 were: 343 thousand gold ounces, 48.4 million silver ounces, 81.3 thousand tons of lead, 235.1 thousand tons of zinc, and 10.6 thousand tons of copper."

Jan 1, 2005

By Brian G. Pewsey

Located in the northern part of the Province of British Columbia, the Cassiar Mine started development of its asbestos orebody in 1952, and is currently producing 105.000 tons of asbestos fibre annually. The townsite is nestled in a beautiful valley and supplies more than average facilities. The fibre is shipped to more than 40 countries and is used in many industrial products.

Jan 1, 1978

By K. D. Hester

"1.0 INTRODUCTIONThe uranium industry started in Canada with the reopening of the gravity concentrator at Eldorado's Port Radium mine in the North West Territories in 1942. In 1948, uranium exploration and processing was opened to the private sector, and the Federal government offered special pricing incentives to the industry. Eldorado explored the Lake Athabaska deposits in northern Saskatchewan, and in 1953 opened the Beaverlodge mine. Other mines in the area soon followed. In 1953 also, the deposits in the Blind River - Elliot Lake area and in the Bancroft area of Ontario were discovered. Mines and mills were quickly developed in these areas.Canadian uranium production peaked at 15,900 short tons of U3O8 in 1959. In that year, uranium exports at $300,000,000 exceeded those of all other minerals in value. On October 1, 1959, Canadian uranium operations employed 13,900 people.Up to 1956, it was a seller's market. By 1958, world production of uranium was far ahead of requirements. Accordingly, in November of 1959, the USAEC announced it would not renew it's options for continued delivery of uranium from Canadian mines. This led to the ""stretchout"" of existing uranium contracts, and many mines were shut down (see Table 1) .In the early 1970's, a commercial uranium market seemed to be developing. In Ontario, at Elliot Lake and Bancroft, mines reopened. But competition was coming from the Athabaska basin of Saskatchewan. Currently it is these high grade, open pit deposits of northern Saskatchewan which are in the forefront of Canadian uranium developments. Canadian developments since 1942 reflect the political and market forces, as well as metallurgical progress and changes in environmental standards. This paper attempts to show these process changes in broad perspective."

Jan 1, 1987

By P. Dyas, H. Zouitt, D. M. Smith

"Falconbridge Copper's Lac Shortt gold mine is located in northern Quebec approximately 300 km northeast of Val D'Or and 100 km west of Chibougamau (Pig. 1). Engineering for the mill commenced in early 1983 with a feasibility study. The plant was commissioned in the fall of 1984 at a capital cost of approximately $12 million. Design capacity was 750 tpd which was increased in the fall of 1985 to the current level of 1200 tpd.The ore at Lac Shortt is free milling, grading an average of 5.5 g/t gold which is finely disseminated throughout the host rock. Pyrite at 3 to 5% by volume and traces of copper mineralization are also present.Some of the latest gold processing techniques known at the time of design were incorporated into the mill. These include carbon-in-pulp, pressure stripping, electrowinning of pregnant solution and induction furnace refining. The plant also features several innovations such as a unique interstage carbon retention screen in the CIP circuit and the outdoor location of the cyanidation feed thickener, mill solution tank and reagent storage silos despite -40° Celsius winter temperatures.This paper describes the current mill process and discusses some of the problems encountered during the first two years of the plant's operation. CRUSHINGThe Lac Shortt surface crushing facilities are located in a separate building, isolated from the wet processing circuits for dust and noise control reasons. The crushing plant equipment was originally utilized at the Manibridge operation in northern Manitoba where it had been designed to operate at 135 tph. However, at Lac Shortt a rate of only 80 tph has been achievable to date, mainly due to the hardness and frequently slabby breakage characteristics of the ore. Therefore, in order to meet fine ore requirements at the current mill throughput of 1200 tpd, the crushing circuit is run seven days a week. 24 hours a day. Availability has been averaging 65%."

Jan 1, 1987

By J. R. Goode

"Canada developed pioneering rare earth solvent extraction methods to recover the rare earths and thorium as by-products of uranium recovery operations in Elliot Lake, Ontario, and was a major supplier of these key elements from about 1960 until 1990. At one stage, Elliot Lake was supplying perhaps one third of the world’s yttrium as well as much of its thorium. This paper reviews the development of Canada’s early rare earth and thorium production facilities. INTRODUCTIONThe rare earths and thorium were first identified in the early 19th century but were little more than curiosities for the next century. However, in the mid-1960s the invention of rare earth-based phosphors for the cathode ray picture tube used in colour television sets launched a major demand for certain rare earths.The use of thorium as an alloying agent in aircraft and missiles grew rapidly in the late 1950s. In the same period, demand for uranium for both weapons and power production soared. Also in the late 1950s, the Elliot Lake uranium-thorium-rare earth deposits (also known as the Blind River deposits) were discovered. This conjugation of events led to uranium production in the Elliot Lake camp, quickly followed by the co-production of thorium and, later, the rare earths.Uranium production in the Elliot Lake camp continued from 1955 to 1996. Thorium was produced continuously from 1959 to 1969. Rare earths were produced, intermittently, from 1965 to 1990. Complete production records are not readily available but unquestionably Elliot Lake made a significant contribution to world thorium and the rare earth production. This paper, presented earlier in an abbreviated form (Goode, 2012), is intended to present as much of the information that is available."

Jan 1, 2012

By Hamid Mahmoudabadi

In the present paper, the performance of four approaches based on neural networks and geostatistical method for grade estimation are compared and analyzed their performance to find a proper method. Four methods, Multi Layer Perceptron neural network (MLP), Radial Basis Function (RBF), General Regression Neural Network (GRNN) and Ordinary Kriging (OK) are selected for ore grade estimation of variable Fe in an iron deposit located in Iran. For each method, two diagnostic statistics are calculated: Mean square error (MSE) and correlation coefficient. The results show the superiority of the General Regression Neural Network.

Oct 1, 2009

By R. D. Lawrence

"Comparable transaction analysis is the best known of the market approaches to valuation of exploration-stage mineral properties. The analysis of option and farm-in agreements can also provide useful guidance to valuators. While such approaches can be distorted by incomplete analysis, market-based methods are capable of providing consistent, credible results when carried out carefully with due consideration paid to all factors which buyers and sellers consider when dealing in the real market. IntroductionMineral properties without defined resources present one of the most challenging tasks to the mineral valuator. This paper will concentrate on market-based approaches to valuation of such properties. Other authors at MM2000 presented papers on cost and income approaches. Sorentino (2000) also provides a useful overview with some provacative commentary on methods.Market based-approaches are based on the principle of substitution and include such techniques as: comparable transaction analysis (sometimes referred to as sales comparison analysis); farm-in commitment (or option agreement) analysis; rules-of-thumb; and comparable market value analysis.Are there any valuation standards available to assist the valuator? In Canada there are none that apply to the valuation of mineral assets or securities. This problem is being addressed, at least in part, by the CIMVal Committee of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM)1. Further, the recently established Canadian Association of Mineral Valuators will be giving consideration to the adoption of valuation standards."

Jan 1, 2002