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By J. Lee, R. G. Rosehart

"The basic problem of arsenic contamination from mine water is discussed. Effective methods of removal involving chemical precipitation, activated carbon adsorption, ion exchange and reverse osmosis are discussed. As well as an economic analysis, detail is also paid to other ions in solution which are removed simultaneously.INTRODUCTIONThe object of this paper is to review arsenic and its removal from gold extraction plant effluents. The first method considered is chemical precipitation. A second method is sorption processes, such as ion exchange resins and activated carbon adsorption. A third method is the possible application of reverse osmosis for the treatment of mine waste waters containing arsenic.Arsenic pollution in the gold mining communities of Canada and Ghana have been extensively studies (l, 2). Lynch(3) Shabunin, Gutman and Kogan( 4), Hollo, Troth, Vennes and Illinigi (5) and Hau(6) have reported their removal methods of arsenic by chemical precipitation, ion exchange and biological methods. Their conclusions were that the precipitation with Fe2+ and Fe3+ ions was most effective.Scope of the ProblemInitial aspects of this research program involved a detailed analysis of the operation of a gold extraction plant located in Canada. The name and location of the mine is proprietary information. Figure 1 gives a basic process schematic with the main tailing streams identified.Table 1 gives information as to the various mine streams and their physical and chemical composition. In this study, primary attention is paid to the removal of dissolved arsenic from waste waters. Solids from this type of operation can always be back-filled. As could be anticipated, the dissolved As content of the primary flotation tailing stream is very low. The dissolved As level in the secondary processing stream and the roasting quench water is quite high. The reason being that at this stage of the process, the arsenic has been freed from the arsenopyrite forms."

Jan 1, 1972

By H. Cay, J. Zachwieja, T. Esplin, R. Ravenelle, T. Olsen-Tank

Barrick Goldstrike mine utilizes a carbon-in-leach (CIL) circuit to simultaneously leach gold into solution with cyanide and adsorb the gold-cyanide complex onto activated carbon for further refinement. If the gold bearing ore contains a significant amount of native carbonaceous material, gold cyanide can be adsorbed at these sites instead of onto the desired activated carbon and the gold is effectively lost to tailings in a detrimental process known as "preg-robbing." The preg-rob effect is considerably reduced by treating the ore with a surfactant, which is hypothesized to adsorb to and passivate the native carbon surfaces. Past laboratory and pilot studies have consistently demonstrated significant gains in gold recovery after treating carbonaceous ore with surfactant. With success in bench and pilot scale testing, a plant trial was conducted at Barrick Goldstrike to evaluate the feasibility of using an alkoxylated fatty amine surfactant (Ethomeen T/12) to aid in the leaching of high preg-robbing ores. This paper analyzes the performance of the surfactant during the plant trial in addition to the problems that occurred during the trial period. Suggestions for improvement are also discussed.

Jan 1, 2014

By Roxanne Scott

Outline ? Overview of Community Investment in the Mining Sector ? Emerging Good Practice: ?Strategic Integrated Community Investment? ? Assessing Local Context: ? Institutional Assessment ? Partnership Assessment Approaches to Community Investment Isolation: No proactive engagement in community development Ad hoc philanthropy: small infrastructure, sponsorships, donations Strategic philanthropy: Community proposes options for development Company decides what to do and carries it out, e.g. building schools, health posts, roads Strategic integrated community investment: ? Aligned with government/community development goals and priorities ? Communities and government involved in decisions and execution ? Focused on training and capacity building ? Partnerships ? Continuation in absence of company support Measured returns on investment

May 1, 2010

By Jean Cayouette

"In 1995, Louvicourt Mine started one of the first paste backfill operations in Canada. From 500,000 tonnes in 1995, the annual paste backfill tonnage produced reached 800,000 tonnes in 1999. The maximum throughput of the surface plant (including binders) is 3,50Ot/d with a final density of 75 to 76% solids which gives a slump of 15 to 17cm. Following the start-up of the paste backfill plant, the backfill strength performance levels were well below the pilot plant’s predictions. The introduction of ferrous slag, laboratory tests on various binder ratios with or without additives, and the desliming of the tailings enabled us to optimize the mix and operation costs. Primary and secondary stopes are filled respectively with a paste containing 4.5% and 2% binders consisting of a mixture of 20% cement and 80% ferrous slag. In certain stopes, the binder ratio may vary from 2 to 7%, but always in a ratio of 80/20. Six years after start-up, or 4.5mt of paste backfill later, this paper discusses the present operation and the major changes that have occurred over the years to optimize both the operation and the paste fill quality.INTRODUCTIONLouvicourt Mine is operated by Aur Resources Inc. which owns 30% of the shares. Its partners are Novicourt Inc. (45%, subsidiary of Noranda Inc.) and Teck Corporation (25%). The mine is located in the north-west part of Quebec, about 600 km north of Montreal and about 25 km east of Val d’Or. The mine commenced commercial production in July 1994."

Jan 1, 2002

By F. Malek

At Creighton Mine, magnitude events are a regular occurrence due to depth and major seismically-active structures. Over the last ten years, major advances have been made in research and development to develop strategies for the management of these major events. Today, the number of rockbursts has been drastically reduced at the mine and damage due to seismic events, when they occur, is often minimal. This paper describes the evolution and implementation of appropriate geomechanics strategies, designs, and practical ground control measures undertaken for the management of seismicity at Vale Inco?s Creighton Mine. A description of the research and development approach, implementation, and ground control strategy is provided for placement of enhanced support systems to manage the consequences of magnitude events at Creighton

May 1, 2009

By S. Bellec, P. Champagne, J. Châteauneuf, A. Berton, S. Fortier

"The start-up of new plants, extending from the commissioning of equipment to the production ramp-up, is a critical period where the processing circuit operation must be done in a structured and well controlled way to enable the gradual, safe and rapid achievement of production targets. The magnitude of the many risks associated with this pivotal period is accentuated in the actual context of low commodity prices. However, the implementation of a method that analyzes risks associated with a start-up, their probability of occurrence and their impacts leads to the identification of a series of preventive actions that can be applied in order to reduce potential negative impacts.Soutex has been involved in numerous start-ups over the last few years and has developed a structured methodology to assess this crucial period, maximize the pre-start-up preparation, ensure a smoother and safer ramp-up period and minimize the time needed before reaching commercial production.This paper describes a method to identify preventive actions to apply in order to reduce risks related to a plant start-up. Then, the various steps of the method are demonstrated using the industrial case study of the Canadian Malartic gold plant situated in Abitibi, Québec. The specific preventive actions, during start-up, the organisational measures and the ramp-up plan are detailed as they were effectively achieved. Finally, the post start-up actions are presented as well as some key results illustrating the achievement of their prior defined objectives.IntroductionPlanning a new plant or new circuit start-up in a mine installation involves various risks, both at the economical and safety levels. Unprepared staff and equipment can lead to safety issues that could threaten plant staff as well as the environment. Moreover, a poorly prepared start-up could often lead to equipment break-down, production stoppages and delays, leading to important economic impacts, delaying commercial production and therefore affecting directly the profitability of mining projects.It is common in the industry to have structured commissioning procedures for major equipment taken separately. Technical personnel from the equipment manufacturing company would usually come on site in order to perform the pre-operation verification, dry runs and the first hours of operations. This kind of assistance is usually focussed on one piece of equipment and neglects the interactions between the various equipment of the production chain. The commissioning phase is usually maintenance oriented and the information given by the manufacturing representative seldomly flows through the operation staff (in the case of this paper, the denomination “staff” refers to both managing and operating employees). The global process is usually not taken into consideration by the technical personnel sent on-site by the manufacturer during the commissioning phase. Many papers can be found describing the commissioning of new equipment focussing on the technology (Côté and Adante (2009), Wells et al (2007)) but without dealing with its integration process in the complete production chain."

Jan 1, 2016

By Ron Board

"Probably the only thing that can he said about conveyor belt scales without fear of contradiction is that they have been responsible for as much or more puzzlement, argument and frustration than almost any other piece of equipment commonly found in ore processing facilities. To be sure, there are certainly a good number of satisfactory installations, some of these having been achieved through forethought and careful consideration in the early stages of plant design, while others seem to owl their success to what seems to be little more than good luck or white witchcraft; and it might also appear that black witchcraft or other gremlins are solely responsible for the poor performance of many belt scales that enjoy well-designed installations with apparently good operating conditions.This paper is intended to acquaint users with the major operational reasons why belt scales seem so fickle (and downright ornery too), and establish some reasonably simple test standards against which the performance of scale hardware can be measured. Then it shall be shown how the design flexibility of electronic scale systems can offer particular advantages in overcoming some of these everyday problems in a practical way, and without undue inconvenience to plant operations."

Jan 1, 1975

By Gus Van Weert, Peter Kondos

"Ore sorting has been quite successful in providing a separation means in the rock size range of 1 to 6 inches; a range where mineral dressers do not have many options. The industrial minerals and recycling worlds have embraced this technology. However, ore sorting has not found wide application in the base or precious metals mining industry. One reason for this is thought to be the reliance of most sensors on rock surface characteristics, not very useful in case of sulphides, non-existing in case of gold. Microwave heating, however, is specific for sulphides and graphite (or carbonaceous matter) embedded in the rocks; washing or even drying does not appear necessary. Separation can be done afterwards by already existing ore sorting technology using infrared sensors. Test results on six Nevada gold ore samples are presented in detail. Some simple test procedures are also presented for those wishing to explore the microwave potential of sulphide sorting in their own operations.INTRODUCTIONMineral processing in the base metals industry most often involves upgrading of the ore, concentrating the valuable mineral fraction by classic methods, such as flotation. Since the liberation of minerals in the ore occurs mostly at or below the 100 micron level, the industry has been living with fault lines, so to speak, between blast hole spacing (10,000 mm), run-of-mine ore size (100 mm) and beneficiation size (0.1 – 0.01 mm). The acceptance of ore sorting will inevitably lead to the revisiting of the following questions: “Exactly how much below ore grade rock ends up in the mill because the geologists or the miners cannot define the resource boundaries more precisely? How can the economics of dilution be improved? How many ore grade rocks are lost with the overburden?”"

Jan 1, 2007

"INTRODUCTIONThe Kidd Creek Concentrator is located 28 kilometers east of the city of Timmins, Ontario. Two types of ore are treated; 'A' type, a copper-zinc-low silver ore producing copper and zinc concentrates, and 'C' type, a copper-lead-zinc-high silver ore producing copper, lead and zinc concentrates.The ore is processed at a combined rate of 12,400 metric tonnes per day through four parallel grinding and flotation divisions. Three divisions treat the 'A' type ore and the fourth treats the 'C' ore. Each division is fed from its own fine ore bin.This paper reviews the grinding section with specific emphasis on grinding media consumption and the factors affecting it as related to 'A' type ore. At Kidd Creek there was an awareness that grinding media consumption varied on a weekly and monthly basis. The reasons for this variation was usually attributed to ore hardness as evidenced by short term variations in the circuit feedrate and head assays. However, there has been a diversity of opinion published in recent years regarding the factors contributing to steel consumption. This initiated a study of historical Kidd Creek operating data, from the period 1970 to 1986 inclusive, to determine the effect of various operating parameters on media consumption. The results of the study could then be used as a baseline for future media consumption testwork."

Jan 1, 1988

By Lee Nichols

Convergent Bitumen Recovery Context of discussion It should be noted that the CBR process is a conceptual bitumen recovery feed methodology, designed to provide supplemental bitumen to the oil sand operations of Northern Alberta. To date the following have beencompleted. ?Bench Scale testing. ?Peer group brainstorming. ?Energy Balance ?Confidentiality agreements have been signed with several companies Discussions are ongoing with industry and although conceptual atthis stage the process holds significant promise.

May 1, 2007

By Gavin C. Dirom

? The Mining Association of British Columbia (MABC) was established through an Act of Parliament in 1901 ? The MABC represents the interests of B.C.?s ? Coal and mineral mining companies ? Smelting companies ? Advanced stage development projects ? Key areas of work: ? Environment, Health and Safety ? Policy & Government Relations ? Knowledge and Information Services

May 1, 2008

By Ronald Molnar

"High demand for metals is driving the exploitation of lower grade and more complex orebodies. These projects are often the initiatives of junior mining companies with limited financial resources. In addition, existing operations seek to enhance revenue from their existing metal recovery operations, through the production of value-added by-product metals and chemicals. Typically, hydrometallurgical circuits, often with novel chemistry, are required to exploit these new ores, to produce the multiplicity of products that will make a marginal project economical, or to increase the product range of an existing operation. Often, the mineral processing engineer is given the task of coordinating the development of a back-end hydrometallurgical flowsheet for their mineral processing project. This paper discusses the objectives that companies have when they commission the operation of a hydrometallurgical pilot plant. The paper goes on to enumerate some of the principal differences between mineral processing and hydrometallurgical pilot plants and the effect these have on the design, operability and potential pilot plant outcomes. Important factors include working with chemically reactive solutions and pulps, elevated temperatures operation, changing rheological properties of slurries, the complexity of integrated circuit flowsheets with long hold-up times and multiple recycle streams, and the need in some cases for extreme attention to purity and cleanliness. Examples will be drawn from the extensive experience base of SGS Minerals Services at the Lakefield site, in piloting both mineral processing and hydrometallurgical process flowsheets.INTRODUCTIONWe are currently experiencing a period of strong growth in the demand for metals. This in turn is turning the spotlight on a great many smaller mining companies and mining promotion ventures trying to tap into the rising metal demand. Some of these companies want to develop their properties and recover metals while others want to develop to the point that a major company will take an interest, or in some cases buy them out completely.With the heightened interest in metals, many orebodies that have been known about for years are being reconsidered for exploitation. Often, the reason they have not been developed to date is because of difficult metallurgy and marginal grades leading to marginal economic viability. In both cases the key that unlocks the resources is often the application of a novel metallurgical flowsheet, often a hydrometallurgical flowsheet."

Jan 1, 2006

By Art Carino

"The McClean Lake operation is located in the Eastern Shore of the Athabasca Basin in northern Saskatchewan some 700-air kilometers north of Saskatoon. It is operated by Cogema Resources Inc., the major share holder of the joint venture consisting of Cogema Resources Inc., Denison Mines Limited and OURD, a consortium of Japanese utilities.The JEB mill is the first uranium mill to be constructed and licensed in North America within the last 15 years. The mill uses conventional uranium unit process but employs innovative techniques unique to the JEB mill.This paper presents brief descriptions of the various unit processes, the innovations and the commissioning strategies developed to achieve the designed production capacity in the shortest possible time.INTRODUCTIONThe McClean Lake ore body was discovered in 1979, followed by the discovery of the JEB ore body in 1982. From 1985 to 1990, a cluster of deposits named Sue A, Sue B and Sue C were discovered. Environmental Impact Assessment (EIS) of the McClean Lake project began in 1990 under a joint federal-provincial process. Following the public hearings in 1993, the governments gave approval to proceed with the construction of the project, subject to fulfilling licensing requirements.The McClean Lake ores are located in the uranium-rich geological region of Saskatchewan known as the Athabasca Basin, 700 air kilometers north of Saskatoon. The JEB mill is located near the mined out JEB open pit that is now used as the tailing depository.The approved mill has a production capacity of 6,000,000 pounds of U3O8 annually and is capable and licensed to process JEB, Sue A, Sue B, Sue C, McClean Lake, and Midwest Lake deposits. Although the EIS has been approved, Mining of the Midwest Lake deposit has not been approved at this time."

Jan 1, 2001

By A. Pratt

Portland cement is primarily used to solidify backfill in underground mine workings and it represents a major cost in mining operations. CANMET-MMSL has invented an alternative binder technology that does not contain any amount of Portland cement and is made using waste materials, such as development rock and smelter slag. The technology has been successfully tested with many types of base metal and ferrous slag. Research conducted in collaboration with several mining operations in Canada has shown that the CANMET-MMSL binder has considerable potential as a replacement for Portland cement in mine backfill. An integral part of the overall mining operation, backfill is used for two main purposes: safety and environmental remediation. Depending on the mining method used, backfill provides a working surface, stabilizes stope and pillar walls, as well as the surrounding rock mass, and controls caving of stope backs. There are several benefits associated with the replacement of Portland cement in backfill, including reductions in (i) the footprint by placement of slag waste underground, (ii) the environmental effects and long term liability resulting from disposal and containment of slag waste on surface such as acid rock drainage, (iii) GHG as a result of reduced Portland cement usage (the production of 1 ton of Portland cement produces 1 ton of GHG), and (iv) the significant costs associated with reduced Portland cement usage.

May 1, 2010

By Ike Isagon

Outline 1.Background Sudbury Backfill Operations 2.Alternative Binder 3.Alternative Binder Trial Process Flow Diagram ?Laboratory Results ?Plant Trial ?Final Evaluation and Approval ?Management of Change (MOC) 4.Economics 5.Conclusion 6.References and Acknowledgements

Nov 1, 2011

By Joseph Poplawski, Christian O’Keefe, Robert Maron

"Unique and difficult minerals processing measurement situations will be described and the application of passive array-based technology for performing these measurements will be illustrated. Examples of these situations include volume flow measurements in froth lines and flotation feed lines with entrained air, slurry lines with magnetite and other magnetic ore, slurry lines with abrasive or corrosive materials, high pressure lines, and slurry and non-slurry lines exhibiting scale buildup. Other situations include measurement of entrained air levels in pipes and in flotation columns. These measurements are achieved through CiDRA’s patented passive sonar array-based technology. This technology performs two independent measurements – flow rate and entrained air amounts. Two hardware implementations of this technology have resulted in a non-intrusive flow and entrained air meter which easily is installed on the outside of the pipe, and a submersible version for entrained air or gas holdup measurements which is used in flotation processes. Recent developments in extending this technology to solve other unique measurement problems such as valve movement confirmation will be covered.INTRODUCTIONThe minerals processing industry faces many unique and challenging process control conditions and environments. In terms of flow measurements, many of these situations are not being properly served by traditional flowmeters such as ultrasonic meters, magmeters, turbine meters, orifice plate meters, vortex flow meters, Coriolis flow meters, and venturi meters. A new class of flowmeters has been developed that solves these unique situations and flow measurement problems. This new class of flowmeter technology utilizes sonar-based processing algorithms and an array of passive sensors to measure not only flow, but also fluid composition. It does so accurately, reliably and without making contact with the fluid. These measurements are performed on practically any type of fluid within virtually any type of pipe.PRINCIPLE OF OPERATIONSonar array-based flowmeters are ideal for tracking and measuring the mean velocities of disturbances traveling in the axial direction of a pipe. These disturbances generally will convect with the flow, propagate in the pipe walls, or propagate in the fluid or slurry. First let us focus on the disturbances that convect with the flow. The disturbances that convect with the flow can be density variations, temperature variations or turbulent eddies. The overwhelming majority of industrial flows will have turbulent eddies convecting with the flow, thus providing an excellent means of measuring the flow rate as described below."

Jan 1, 2008

By Xiang Li, Xibing Li

It is paramount that the stability of rock slopes be correctly accounted for under diverse operating and environmental conditions. Owing to different sources of uncertainty entailed in such stability problems, conventional deterministic approach through the calculation of a factor of safety (FOS) cannot reflect quantified uncertainties explicitly and sufficiently. Thus it is highly desirable to invoke the reliability approach to consider uncertainties in a systematic manner. Nowadays, the current design standards have an increasing tendency to ensure rock slope stability by pre-defining a target reliability index (or target probability of failure), viz., the reliability level of a rock slope is pre-set as a target to be satisfied. In such a situation and considering the fact that the FOS used as an indicator of slope performance still has a very wide acceptance, we focus on proposing an inverse-reliability-based methodology which aims at developing a two-fold indicator strategy, i.e., using the FOS and reliability together to deal with slope stability problems. The basic idea behind it is to utilize a so-called inverse first-order reliability method (IFORM) to directly calibrate the FOS provided the target reliability index has been given. In this way, the calibration scheme relating the FOS can be rationally done by not only incorporating uncertainties, but also satisfying a desired level of the prescribed reliability. Based on this, to make the IFORM computationally feasible and also reduce its computational cost, we introduce the response surface method (RSM) to generate a surrogate for the FOS-based limit state function (LSF), considering the lengthy and complicated form of the FOS in some recognized methods (e.g., within the framework of limit equilibrium). Distinguished from the existing RSMs that potential inadequacies may arise, we present an RSM based on a hybrid approach combining support vector machine (SVM; used as a regression technique) and uniform design (UD; pertaining to experimental design). Using a representative example of rock slope stability problem, we demonstrate the feasibility and validity of the developed methodology, during which the associated sensitivity study and further discussion are also performed. By dint of such a methodology, we can establish a link between the conventional deterministic approach and the reliability approach, where a logical and realistic framework is provided, for cases achieving the specified reliability, to assist in selecting the FOS which remains adequate for rock slope stability even in the face of uncertainty.

Jan 1, 2015

By Gregg Hodges, Fred Schoenbrunn, Steve Slottee, Chad McCleary

"In December, 1999 Stillwater Mining Company (SMC) commissioned a new paste /cement backfill plant to supplement the existing sand backfill system for the cut and fill mining operation at it’s Nye, Montana mine. The new plant uses the Baker Process Deep Cone TM Paste Thickener to thicken the total concentrator tailings from 30% solids slurry to a 71% solids paste. This paper describes both general paste formation concepts and the evolution of the SMC paste plant operation from original design criteria, through problem solving and plant modifications, to the operation of the existing plant.Although the original process design was not effective for consistently producing and delivering acceptable paste to the stopes for backfill, SMC was able to make the mechanical and process modifications which allow the plant to now produce and deliver an acceptable product to the stopes. Ongoing test work is targeted at increasing the pumping range of the system, increasing the paste solids concentration from the Deep Cone Paste Thickener and reducing the operating and maintenance costs of the system.INTRODUCTIONThe authors would like to thank both Stillwater Mining Company (SMC) and Baker Process for their assistance in the preparation of this paper. Stillwater Mining Company chose not to participate directly in this paper due to time constraints, but was very helpful in answering questions concerning their approach to problem solving and specific details with regard to engineering criteria.This paper will begin with a general review of the technical and mechanical concepts in paste formation and then focus on the overall design, start-up and problem solving process for the paste backfill operation at SMC’s mine and concentrator near Nye, Montana."

Jan 1, 2001

By J. B. Brodie, C. Pelletier

"The vulnerability of Canadian and U.S. companies, their directors, officers and employees to onerous penalties associated with violations of environmental statutes and common law actions has provided the impetus for the increasing use of environmental audits. This trend is developing in direct proponion to the cost and difficulty of obtaining liability insurance. Companies operating in British Columbia should be cognizant of developing legislative and enforcement trends and their implications for individual and corporate responsibility. Canadian mining companies doing business in the U.S. should be particularly aware of the environmental exposure which may be assumed with property acquisition or by operations which produce or use any of an ever-increasing list of regulated substances.The environmental audit is now a key component of prudent business planning which will identify noncompliances and environmental liabilities, outline defensive strategies, and assist in a legal defence should charges be laid. This paper will discuss the purpose and mechanics of an environmental audit with emphasis on those features which will maximize protection against statutory and common law actions.IntroductionThe environmental audit is but one weapon in a comprehensive defensive strategy for corporate and individual survival in an increasingly litigious world. The principles of the environmental audit have been formulated as a logical response by management to an ever-growing list of environmental vulnerabilities, which often have the potential to result in plant shutdowns, prosecutions or fmancial liability of major proportions. Accordingly, the audit may play a critical role in maintaining profitability as well as assisting in the defence of a company and its employees against actions taken by regulatory agencies and citi7.cns under statute and common law. Should convictions result from these actions, the penalties are likely to be ameliorated by the demonstration of due diligence through management policy supporting the audit procedure.An awareness of environmental sensitivities, strict adherence to licensing requirements, and planning for environmental emergencies are now generally considered to be as important to profitable performance as operating costs, metal prices, and labour peace. Why is this so? The increased priority given to environmental matters is partly a result of changing attitudes amongst the mining profession, but perhaps more importantly, it is also a direct consequence of the proliferation of ever more stringent environmental legislation, the targeting of management for responsibility and the draconian penalties imposed for violations of such legislation. Contributing to this trend are recent court decisions involving disputes of an environmental nature in which the standard of care required for a successful defence now requires almost super-human diligence in environmental management. The principle of ""strict liability"" (in which negligence or permit violation does not have to be shown) is also being increasingly applied in the resolution of civil actions."

Jan 1, 1988

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