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By C. David Mann

Metal prices continued to improve in 1964, resulting in the opening of new mines and re- activation of old ones. Larger and deeper shafts are being bored. At the AEC's Nevada Test Site, a 72-in. diam shaft is being bored to 3200 ft. In New Mexico a 1650-ft shaft was bored with a 48-in. bit, then reamed to 124 in. to 935 ft, and 102 in. to 1650 ft. Deviation was only 26 in. In California a shaft sinking machine has been developed which combines drilling and mucking equipment into one mobile, integral unit.

Jan 2, 1965

Executive DONALD B. GILLIES, Chairman WILLIAM WRAITH, Vice-Chairman ERLE V. DAVELER PAUL D. MERICA W. H. PEIRCE Finance H. G. MOULTON, Chairman H. T. HAMILTON HENRY KRUMB Admissions CHESTER A. FULTON, Chairman GEORGE D. BARRON, Vice-Chairman A. B. JESSUP PHILIP KRAFT EDWARD MEAGHER Alternates P.B. BUCKY SAMUEL HASKELL F. T. SISCO

Jan 1, 1939

The election of the following officers of the Council for the fiscal year 1919-1920, was confirmed by the Council on June 12th, 1919. President, S. E. Doane; vice-president, Wm. J. Clark; general secretary, Clarence L. Law; treasurer, L. B. Marks; directors, E. C. Crittenden, F. E. Cady, R. B. Ely. The membership of the Council for 1919-1920 will therefore be as follows: S. E. Doane, G. H. Stickney, George A. Hoadley, Wm. J. Clark, H. A. Horror, Otis L. Johnson, H. K. Morrison, Clarence L. Law, L. B. Marks, Adolph Hertz, S. C. Roger, P. S. Young, John C. D. Clark, Evan J. Edwards, James J. Kirk, E. C. Crittenden, F. E. Cady, R. B. Ely.

Jan 7, 1919

By Thomas T., Read

E DUCATION for the mineral industry was at first a single comprehensive curriculum, but it was early recognized that the main basis of mining is physics, while that of metallurgy is chemistry. The first school to offer curricula leading to degrees in mineral industry education in the United States (1853) had separate ones in mining and metallurgy. The Columbia School of Mines (the first really successful one) had only a single curriculum when it opened in 1864, but within a few years had so reorganized its work that it offered curricula in mining, metallurgy, geology, chemistry, and civil engineering. Interest in the metallurgy or geology curricula was slight at first, and for the next 30 years the great majority of Columbia students took the mining curriculum, probably partly because it contained nearly as much geology as the geology curriculum, practically all the metallurgy, and most of the chemistry, and partly because of the degree awarded for it. Other schools kept their mining curricula equally broad, and as late as 1900-1910 men were graduating as mining engineers who were practically as well prepared to make geology or metallurgy their life work, as they were for mining. Gradually, however, the subject matter of mining geology and metallurgy became so enriched through research and development that separate curricula in them became worth while; their progressive development is the subject of another chapter. Mining curricula also began to be somewhat diversified, and schools in areas where coal mining was of outstanding importance began to offer options in coal mining, the earlier curricula having been chiefly aimed at metal mining. The petroleum industry began its meteoric rise about the same time as mineral instruction in this country, but little more of applied science attended its birth than had attended such ancient practical arts as copper and iron

Jan 1, 1941

NORTH AMERICA ALASKA Anchorage.-Neitzert, G. H. Strandberg, H. Candle.-Robbins, J. S. College.-Barber, R. J. Burns, W. T. Coats, R. R. Fox. E. F. Joesting, H. R. McAnerney, J. M. Colorado Station.-Beyer, A. Stanford, J. V. Douglas.-Cahill, W. E. Carlson, L. Fairbanks.-Crawford, J. D. Earling, R. B. Fowler, D. A. Greves, J. H. Henton, H. M. Herbert, C. F. Hopkins, J. E. Kreitlow, E. J. MacDonald, D., III Mathews, T. C. McCarty, W. J. McNair, W. H. Metcalfe, J. B. Mikami, H. M. Mize, R. J. CANADA ALBERTA Calgary.-Johnson, R. V. Link, T. A. Marple, L. E. Slipper, S. E. Thorne, B. L. Thorne, H. L. Vissac. G. A. Edmonton.-Ball, -M. W. Lilge, E. O. Pitcher, N. C. Nordegg.-Shanks, J. BRITISH COLUMBIA Allenby.-Lindsay, W. R. Bralorne.-Almstrom, A. A. Bosustow, R. Currie, J. M. Gibson, S. Schmitt, D. E. G. Wilson, G. H. Bridge River.¬Botterill, T. C. Crane, G. A.

Jan 1, 1939

The Mineral Industry, Published by McGraw-Hill Book Co, New York, N Y. The Mineral Industry is an annual review of the mineral industry It is a standard and complete reference on the mineral industry for the year covered Through the cooperation of the A I M E its publication in 1933 was made possible Mineral Industry for 1930 contains sections devoted to the production, consumption, trade, market, uses and technology of the following headings: Abrasives, aluminum and bauxite, antimony, arsenic, asbestos (b), asphalt, barium and strontium, chromium (b), coal and coke, cobalt (b), copper, diatomite, fluorspar, gold and silver, graphite, gypsum, iron and steel (b), lead, magnesite, manganese, mica, molybdenum, nickel, petroleum and petroleum products, phosphate rock (b), platinum group metals (b), potash, precious and semiprecious stones (b), quicksilver, radium (b), uranium and vanadium, slate (b), sodium salts, sulfur, pyrite, sulfuric acid, talc and soapstone, tin, titanium and zirconium, tungsten (b), zinc, minor metals, minor nonmetals, ore dressing and coal washing (b). Sections marked (b) have appended a bibliography of recent literature on the subject. Each section is written by an acknowledged expert. Other volumes contain similar material Prices -The Mineral Industry, 1892-1930, vols. 1 to 39. Complete sets of this work, uniformly bound, except vols 25 and 26,

Jan 1, 1933

By William E. Ford, Edward Salisbury Dana

URANINITE. Cleveite. Broggerite. Nivenite. Pitchblende. Isometric. In octahedrons (o), also with dodecahedra1 faces (d) ; less often in cubes with o and d. Crystals rare. Usually massive and botryoidal; also in grains; structure sometimes columnar, or curved lamellar. Fracture conchoidal to uneven. Brittle. H. = 5'5. G. = 9'0 to 9'7 of crystals; of massive altered forms from 6'4 upwards. Luster submetallic, to greasy or pitch-like, and dull. Color grayish, greenish, brownish, velvet- black. Streak brownish black, grayish, olive-green, a little shining. Opaque. Comp. -A uranate of uranyl, lead, usually thorium (or zirconium), often the metals of the lanthanum and yttrium groups; also containing the gases nitrogen, helium and argon, in varying amounts up to 2'6 p. c. Calcium and water (essential?) are present in small quantities; iron also, but only as an impurity. The relation between the bases varies widely and no definite for- mula can be given. Radium was first discovered in this mineral and it has been shown that it and the helium present are products of the breaking down of the uranium.

Jan 1, 1922

Executive Committee Board of Directors L F Reinartz, Chairman, H DeWitt Smith, Vice-Chairman, T B Counselman, M L Haider, Philip Kraft Finance Committee Board of Directors Andrew Fletcher, Chairman, A B Kinzel, D Wilson Endowment Fund "X" G F Moulton, Chairman, Erle V Daveler, '55, Philip Kraft, '56, I Brigden, '57 Honorary Memberships W M Peirce, Chairman, '56, M L Haider, ex officio, Andrew Fletcher, ex officio, John M Lovejoy, '55, D H McLaughlin, '57, Henry Krumb, '58, L F Reinartz, ex officio Investments Erle V Daveler, '57, Chairman, W M Peirce, '55, Henry Krumb, '56, G F Moulton, ex officio as Treasurer, Andrew Fletcher, ex officio as Chairman Finance Committee Local Section Appropriations A B Kinzel, Chairman, M L Haider, W S. Cumings, Fred J Meek

Jan 1, 1954

By J. Alfred Berger, O. M. Katz

The Zv-Hf-H ternary system was studied between 500° and 900°C at pressures less than 1 atm of hydrogen gas between 1 and 60 at. pct H. A new and unique microgravimentric apparatus was used. Cizanges of slope on pressure-hydrogen composition isothernis delineated phase boundaries. These boundaries separatecl the three regions, a, 0, and y—so designated to correspond to the regions of the Zr-H binary system—from the multiphased areas between them. A eutectoidal decomposition was found with the ß region phase or phases decornposing into a lamellar product on quenching to rool ter,zperatuve. Reproducible decomposition-pressure hysteresis occilrved lnainly at lower hydrogen cornpositions and at lower temperatures across multiplzase vegions between a and 0 and a and y. Tire effects of hqfniur7z on the hydriding charactevistics of zirconiurrz weYe as follows: 1) stabilization of the a and y vegions while destabilizing the 0 region; 2) a/?preciable elevation of the decomposition pressrkres in the multiphase region between the a and /3 field; 3) ~nouenzent of the eutectoid reaction to high te~nperatures; 4) reduction in the total qiiantity of hydrogen absorbed under one atmospheve of Hz p7-essure; and 5) introduction of a split deconzposilion at the eiitectoiclal poinl in pa?? of the ternavy. Assuru~ptions based on an ir-2terstitial vandonl-solulion rtioclel 0.f hydrogen in metals slzowed that the bindit~g energy between solute sites prednnzinatecl at low /i?!dvogen concentrations. However, at high hydrogen contents the entropy was the predorninatlt factor in determining the stability of the Zr-Hf-H al1o.s. This was interpreted to mean a scarcity of filrtlzer itltevslilinl solute sites caused by hydrogen-hydvogen intet-actions in the metal lattice. INTEREST in the reaction of hydrogen with metals has increased in the past few years for the following reasons: 1) the formation or use of high hydrogen potential environments in nuclear reactors; 2) the reaction of hydrogen with alloys in nuclear reactors with the accompanying deleterious effects on the mechanical and corrosion properties; 3) the theoretical implications of thermodynamic data on the theory and rules of alloy formation in the metal-hydrogen systems; 4) the use of hydrogen-containing fuels in rocket engines; 5) the need for a process of making fine metal powders of high-melting reactive metals; and 6) the beneficial impregnation of superconducting alloys with hydrogen. In nuclear pressurized-water reactors, the problem exists of limiting the hydrogen pickup of zirconium alloys which are utilized as fuel cladding, heat shields, and support members. In general, zirconium alloys have good mechanical and corrosion-resistant properties in high-temperature water. However, hydrogen is absorbed from the corrosion reaction between metal and water, greatly accelerating the formation of the corrosion product ZrOz as well as mechanically embrittling the underlying metal. In addition, recent observations1 at zirconium to hafnium welds showed that secondary elements in zirconium can have an appreciable, and somewhat unexpected, effect on hydrogen absorption. This paper lists the thermochemical data in the range 500" to 900°C for the equilibrium reaction of four high-purity Zr-Hf alloys with hydrogen. Phase boundaries and thermodynamic functions are determined while the structural data will be presented in a future paper. In general, the Zr-Hf-H system approximates the well-known, eutectoidal, Zr-H diagram2,3 with modifications introduced through the behavior of hafnium.4,5 The Hf-H system,' published while this work was in progress, provided a consistent trend with the Zr-Hf-H data. PREPARATION OF Zr-Hf ALLOYS Table I presents a complete flow chart of the preparation procedure. The zirconium and hafnium crystal bars were completely immersed in high-purity kerosene and slowly cut into thin wafers. Wafers were then cold-sheared into approximately 1-g pieces, thoroughly cleaned, weighed, and inserted into the furnace. The alloys, B-2, B-4, B-6, and B-8, were then nonconsumable arc-melted under 500 mm of purified argon. Additional purification of the argon was accomplished by melting a large titanium button each time an alloy was re-melted or a different alloy melted. Each alloy button, which weighed 25 g, was remelted four times in an approach to complete homogeneity. Material losses were less than 0.02 wt pct. Alloy buttons were alternately cold-rolled and vacuum-annealed into 10- and 20-mil sheets. Table I1 gives the composition of the four alloys used. Very little elemental segregation existed be-

Jan 1, 1965

By H. W. Becker, C. C. Frye, A. V. Degau, A. Masuda

Natural gas containing 25.65 per cent hydrogen sulfide and 4.75 per cent carbon dioxicle is gathered frorn eight \veih arid tratzsporrcd 26 miles at a flow rate of 160 MMcf/D and at operating pressures of frotrl 1,200 to 1,800 psig. Dry desiccant dehydrators at each wellsite tnaintaitz the dew point of the gas below 17F. Telemetering facililies permit control of field operations from a central instrunlent console. Corrosion control ineasures, design coilsiderations and material specifications pertainitz to these specia1 conditions are cliscussed. INTRODUCTION Natural gas containing 25.65 per cent H2S and 4.75 pcr cent CO, is produced from the Pine Creek field, Alta. It is dehydrated at wellheads, gathered at 2.200 psig and transported 26 miles to the Windfall field where it is delivered to the inlet of injection compressors at 1,800 psig. The daily average volume of gas transported is 160 MMcf. The project is believed to be unique in its combination of percentage of hydrogen sulfide, operating pressure and transportation distance. This paper describes the project and presents details of some of the design features, corrosion control program and centralized automatic operational control. The Pine Creek field project is one phase of a joint operation of two fields—thc other being the Windfall field. The two fields lie about 30 miles north of Edson, Alta. and 20 miles west of Whitecourt, Alta., respectively, as shown on the map (Fig. 1). They are owned by the same interests and operated according to a plan for maximum economic recovery of products. The Windfall Leduc D-3 reservoir contains a rich condensate-bearing gas containing 15.5 per cent HIS. The gas from the Pine Creek field contains only very small quantities of butane and heavier products. The Windfall reservoir is being cycled to obtain maximum condensate recovery using gas from the Pine Creek field as the displacing fluid, while producing the residue sales gas for both fields from the Windfall field. The Pine Creek field development and gas-gathering facilities are shown on the map (Fig. 2). The producing formation is the Leduc D-3 reef at a depth of 11,300 ft. The original reservoir pressure was 4,590 psia at 7,400 ft subsea and the temperature is 245F. Eight wells are equippcd with dry desiccant dehydrators with the following capacity ratings: three at 35 MMcf/D; three at 20 MMcf/D; and two at 10 MMcf/D. WELLHEAD EQUIPMENT Dry desiccant dehydrators were designed to reduce the water content of the saturated wellhead stream to 2.5 lb of water/MMcf at 2,000 psig. This specification was necessary to prevent hydrates and corrosion forming in the pipeline which will operate at temperatures as low as 20F. A typical flow diagram is shown in Fig. 3, and Fig. 4 is a photograph of one of the wellhead installations. Some of the design details given below are subject to modification in the field. The well-stream flowing temperatures range from 135 to 170F. Wellhead flowing pressures up to 3,200 psig are reduced to the dehydrator-operating pressure of about 2,100 psig by throttling through a pressure control valve. The gas is then passed through an aerial cooler where its temperature is reduced to 105F. thus removing over half

UNIVERSITY OF ALABAMA University, Ala Mining and Metalliaigical Society* G L Roberts, President T G Patterson, Vice-President B B Copeland, Treasurer K F Stark, Secretary G T Bator, Faculty Sponsor F H Crockard, Counselor

Jan 1, 1949

By Michael S. Koleda

Less than two years ago, the, Congress, with broad bipartisan support, passed the Energy Security Act of 1980. A decade marked by ten- fold increases in world oil prices and two major interruptions in oil flows from the Middle East had ended. An all-out national commitment to transform America's vast tar sands, oil shale and coal resources into conventional fuels had begun. The national synfuels effort was to be public-private cooperation at a scale unmatched in peace time. Private industry would own and operate the synthetic fuels facilities. Government would reduce market uncertainties to acceptable levels. The potential government commitment was substantial. Up to $88 billion would be available through the Synthetic Fuels Corporation, principally in the form of contingent financing. Billions more would be spent through Department of Energy programs. Additional incentives for alternate energy development were contained in the Energy Tax Act of 1978. The Energy Security Act clearly specified national synthetic fuels production objectives: 500,000 barrels per day by 1987 -- 2 million barrels per day by 1992. Finally, said Congress, Uncle Sam was going to do something about rapidly rising oil prices, uncertainties of energy supply, and the resulting disruption to the U. S. economy. Simply put, the purpose of the Energy Security Act of 1980 was to provide government guarantees sufficient to get synthetic fuels projects off the private sector drawing boards and into commercial production. Because of their huge cost, technological uncertainty, and lengthy pay-out period, these projects were always second place to projects of smaller size, known technology and more rapid pay-out. The Energy Security Act was the legal expression of public policy to bring the free-market synfuels timetable into line with the faster paced political timetable in the interest of national energy security.

Jan 1, 1982

By A. M. Beebee

IN the present century the coal and manufactured gas industries have been eclipsed in public interest by oil, natural gas, and hydro- electric energy, which have had the benefit of rapid development and novelty. I sometimes wish that our social- order were such that hydro power had been developed first, that the use of gas from coal had never been seriously considered, and that our domestic energy requirements were supplied by other fuels. Sup- pose the manufacture of gas from coal should then come on the scene at the present time with the current plight of the railroads, coal regions, and labor generally, presenting the fact that it could increase the amount of coal mined and shipped by the railroads by some 16,000,000 tons, and increase the coal used at existing u plants five times. Imagine the great public interest that would be manifested; it would supply the cooking and water-heating requirements of a community with a superior character of service at a cost to the customer approximately half that which had obtained previously. Would not such a situation be heralded as the salvation of our country and all help be given it?

Jan 1, 1940

By D. M. Clippinger, J. J. Eidel, J. E. Frost

At Ithaca Peak, one of three peaks situated on Duval Corporation's Mineral Park property, a 'Single pulse of quartz monzonite magma intruded the isoclinally folded Precambrian Cerbat complex consisting of schist, quartzfeldspar gneiss, and amphibolite. The magma reacted with the Precambrian rocks, yielding a quartz-diorite rim. As the magma crystallized within the rim, it produced, progressing in'ward, annular bodies of quartz monzonite porphyry, quartz porphyry, and a distinctive quartz porphyry containing abundant podiform, tabular, and irregular quartz masses. These quartz masses are spatially associated with discontinuous crenulate and tabular quartz veinlets. Following crystallization, the Ithaca Peak stock and part of the surrounding Cerbat complex were fractured, producing a stockwork of predominantly northwest and northeast-trending fractures. The stockwork was then mineralized during a period of decreasing temperature by: ( 1) quartz-pyritechalcopyrite veinlets without distinct selvages and with distinct alteration envelopes in which orthoclase was altered to quartz and sericite; (2) quartz-pyrite-chalcopyrite veins and veinlets with distinct selvages and without distinct alteration envelopes; and (3) pyrite-chalcopyrite- galena-sphalerite veins. The Ithaca Peak stock was pervasively sericitized or argillized. The Mineral Park property is surrounded by a zone of propylitization Alteration and mineralization are coextensive in space and were, at least in part, coincident in time. The Mineral Park property possibly was elevated and exposed twice prior to its present exposure. The protore has been enriched by a factor of three. The Ithaca Peak supergene ore body is conformable with present topography and lies above the present water table. The shape of the ore body was controlled by erosion and oxidation of the previously enriched mineralization. Hematite, goethite, and jarosite present at the surface indicate a high primary pyrite environment, but it is possible to recognize that a small proportion of veins and veinlets contained greater amounts of chalcocite and chalcopyrite than pyrite. The igneous facies on Ithaca Peak are the products of differentiation within a solidifying rim according to Bowen's Reaction series. The innermost facies contain more quartz and orthoclase than the outer facies. Late magmatic quartz in the case of Ithaca Peak contains small amounts of pyrite and molybdenite. It is suggested that this quartz-sulfide mineralization, may also have been the product of differentiation the product of differentiation, may indicate that the later hydrothermal mineralization may also have been the product of differentiation.

Jan 1, 1968

PROF RICHARD ÅKERMAN Stockholm, Sweden ANDREW CARNEGIR New York, N.Y. PROF HANS HOEFER Leoben, Austria PROF HATON DE LA GOUPILLIERE Paris, France PROF HENRI LOUIS LE CHATELIER New York, N.Y. M FLORIS OSMOND Paris, France PROF DIMITRY CONSTANTIN TSCHERNOFF St Petersburg, Russia PROF DR HERMANN WEDDING Berlin, Germany

Jan 1, 1910

By AIME AIME

THE papers on geophysics were roughly divided into two groups*, those presented Monday morning being of a more technical and theoretical nature, whereas the afternoon session was principally taken up with discussions of a predominantly geological flavor. Thus it was made possible for those of a mathematical turn of mind to indulge their penchant for formula and differentials before lunch, leaving the field comparatively free, after lunch, for the geologists to learn of practical applications. The advantage of this classification is evident, and it is to be hoped that in some future meetings it will be possible to hold joint sessions of the geophysicists and mining geologists, to consider the overlap of the two fields.

Jan 1, 1931

By Morris M. Fine, Norwood B. Melcher

It is out of the question, at this time, to select any one prereduction process as superior to the others. It is apparent that several share a basic similarity and that within the groups listed in Part 1, the reduction vessel is sometimes the only significant variable. Claims as to the virtues of one machine over another are difficult to substantiate: one may be rapid, another thermally frugal. Based on published data, however, all seem to be performing adequately. It would appear that processes based on carbonized pellets are most applicable to foundry iron at low production rates. Adaptation to large scale manufacture of blast furnace hot metal or to agglomeration of fine concentrates at the mine site is much less likely.

Jan 8, 1966

By J. E. Harris

By elimination of other possible nucleation processes, it has been demonstrated, for commercially pure magnesium and a Mg-Al alloy, that at stresses less than that necessary for triple-point cracking creep cavities are most probably nucleated heterogeneously at second-phase particles. Evidence for the existence of such particles is presented and the role of grain boundary sliding in the nucleation process is examined quantitatively. DURING creep deformation of polycrystalline magnesium and its dilute alloys in the temperature range 0.45 to 0.7 Tm (Tm = absolute melting temperature) cavities form mainly along grain boundaries oriented normal to the stress axis and failure eventually occurs by their growth and impingement.' The possibility of low-ductility creep failure of magnesium-alloy reactor cans during service has prompted a number of studies of cavity formation in these materials.2-5 In this paper divergent theories of cavity nucleation6-10 are examined critically and conclusions drawn regarding the most probable mechanism of formation of cavities in magnesium. The paper is divided into two parts. The first section consists of the review and quantitative assessment of the possible role of grain boundary sliding in the nucleation process. In the second part an experimental program is described where an electron-microscope technique has been used to determine if second-phase particles exist in as-received commercially pure magnesium and in a magnesium alloy 1) THEORETICAL REVIEW Possible nucleation sites for creep cavities are: a) high-angle grain boundary triple points,11-14 b) subboundary/grain boundary intersections,15-18 c) ledges in the grain boundary, 19-25 d) second-phase particles. 9,26-30 Each of these possibilities is now considered with special reference to deformation of magnesium. 1.1) Triple-Point Cracking. The stroh31 condition to nucleate fracture is: " > vr [1] where ss = applied shear stress, ? = surface energy, C = shear modulus, L = length of sliding interface. This relationship is independent of the nature of the interface and it is possible to calculate the stress concentration at the end of a sliding high-angle grain boundary and thus deduce, approximately,* the minimum applied stress necessary to nucleate triple-point cracking. Such theoretical predictions for Nimonic alloys have been made by McLean13 and found to agree quite closely with the minimum stress determined by experiment. Stresses capable of nucleating triple-point cracking should also be sufficient to nucleate fracture at a grain boundary due to intragranular slip, for the lengths of sliding interface in the two cases are approximately equal. Thus the minimum stress for triple-point cracking should represent a demarcation between failure due to general "cracking" and that due to cavitation. Hauser, Landon, and Dorn32 have demonstrated that for polycrystalline magnesium in the temperature range 78° to 298°K the fracture stress is inversely proportional to the square root of the mean grain diameter. As pointed out by stroh31 this result indicates that Eq. [I] describes the fracture characteristics of magnesium at low temperatures. Heal3 has reported that for rapid deformation (112 pct hr-1) of polycrystalline magnesium the transition from cracking to cavitation occurs in the temperature range 175" to 275°C. He also presented the fracture-stress values for the same material tested under similar conditions. From Eq. [I] taking G = 1.3 x 10" dynes , ? = 600 ergs . cm-2,33 and L = 0.017 cm, a Stroh-McLean13,31 tensile stress of -266 kg. cm-2 is calculated, corresponding to a transition temperature of -190°C; this is in

Jan 1, 1965

By Carroll C. Bailey, William F. Boericke

Mine financing, or providing adequate capital for developing and bringing a mining property into production, is an essential requirement for a successful operation. Today it presents a different picture than even twenty-five years ago. The day appears to be gone when a mining property could pay its own way from grass roots to production. The country has been quite thoroughly combed for surface showings from which sufficient initial profit could be immediately garnered to pay for further development and production facilities. The four M's for success in mining-mineral, market, management, and money-are still essential; but doubled or tripled wage costs and steep advances in cost of equipment and supplies throw increased emphasis on adequate capital funds for bringing in a prospect and making it a producer. Consequently, the old picturesque, although seldom rewarding, grub- staking procedure where a single venturesome citizen might advance funds to a prospector on a fifty-fifty basis for whatever discovery he might find, has largely disappeared. Its place, to some degree, has been taken by the small syndicate of venturesome members who band together for furnishing funds to a group of prospectors for the same general purposes. Such a syndicate has a definite organization and is usually assured of sufficient initial funds, or flow of funds, to carry on work for several years. It is headed by an engineer-promoter who has had considerable field experience as well as personal knowledge of his prospecting crews. For the owner of a potential mining property who has ample capital, the problem is to determine (1) justification for the necessary investment in exploration and development, and (2) the economics of the enterprise as to size and degree of integration of the final operating entity. If the owner of such a property has little or no capital, he also faces these same basic problems but, in addition, must be able to present the findings of fact and persuade the prospective investor that the enterprise will produce

Jan 1, 1959

Jan 1, 1985