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By Paul Sarnoff

The economics of precious metals -- depending upon who is involved --could be the economics of hope, of fear, indeed of profit and perhaps survival. For those investors seeking capital gains in a puzzling economy, precious metals involve the economics of hope. Those who are convinced that currency soon won't be worth the paper it's printed on turn to precious metals because of the economics of fear. Gold and silver have been a storehouse of wealth since biblical times. The economics of fear during the past 500 years on the Continent has caused almost every European family to make sure a private stockpile or hoard of gold, silver or coins is at hand in case the paper currency of their country undergoes the kind of disaster that came to the German Mark after World War I. Understandably, for mining companies involved in the production of precious metals, the elements of operations and management are directly concerned with the economics of profit -- and perhaps survival. To the American miner the price of precious metals in the marketplace is a matter of daily concern. After decades of selling silver to the US Government at 64.64 cents an ounce, producing silver mines suddenly became faced with prices breaking $5, $10 and $20 per ounce, and approaching $50 an ounce during the period 1978-1981. What should the miner expect one year in the future? Five years?

Jan 1, 1981

By Garry Keizer

The Cortez gold mine is located in Lander County, NR, about 130 km (80 miles) southwest of Elko. Cortez Gold Mines (CGM) is a joint venture between Placer Dome US Inc. (60% operator) and Kennecott Corp. (40%). The claims that supply oxide and refractory ore feed to the Cortez milling facility are located in both Lander and Eureka counties. These include the Cortez and Horse Canyon deposits, all operated by the joint venture. Other deposits outside the CGM claim area include Fire Creek, Buckhorn, Gold Bar and Tonkin Springs. These deposits all occur along the Battle Mountain-Eureka Trend. History Mining in the Cortez district began in 1862 with the discovery of high-grade silver ores. Grades in the hundreds of ounces per ton occurred in an area 7 km (4.5 miles) southeast of the current CGM mill site. Underground mining through the Garrison and Arctic tunnels provided the bulk of the ore production between 1864 and 1895. To a lesser extent, the Mill Canyon area also supplied ore until 1930.

Jan 1, 1993

By Kasimcan Koruk, Julian M. Ortiz

A geological model accounting for uncertainties possesses important advantages for resource estimation. Machine learning algorithms (MLAs) employed on multivariate geochemical datasets open up ways to new methodologies for such geological models with ease in comparison to traditional geostatistical methods. This article proposes a two-step MLA with an ensemble implementation to define geological domains and their uncertainties based on geochemical data. The proposed workflow is applied hierarchically on a dataset from a porphyry copper deposit to perform binary classification that can be attributed to alteration domains.

Mar 1, 2024

The schlieren technique describes an optical analysis method designed to enhance light distortions caused by air movement. The ability to visualize air flow has significant implications for analyzing underground mine ventilation systems, including the enhancement of surveys and models. Currently, traditional schlieren methods are impractical underground. Background oriented schlieren (BOS) provides a solution to this problem. BOS requires two primary components, a professional quality digital camera and a schlieren background. A schlieren background is composed of a varying contrast repetitive pattern, such as black and white stripes. This background allows the camera?s sensor to capture minor light diffractions, such as those caused by air flow. Although BOS shows great potential for ventilation analysis, sensitivity is an issue. This paper seeks to validate the BOS technique for imaging flow through a regulator by comparing BOS images with traditional schlieren images. This paper also outlines initial experimental efforts used for the validation.

Jan 1, 2011

By S. Grogan

Next year marks the tenth anniversary of the Surface Mining Control and Reclamation Act (SMCRA). As the U.S. coal industry scrambles to cope with serious economic difficulties, it is appropriate to examine some other difficulties that have their origin in certain provisions of that ten year old law, and that bear directly on the economic viability of surface coal mining in the west. This paper focuses briefly on three technical issues in the reclamation of surface coal mines in arid regions, and suggests that innovation can resolve these issues. The coal industry operates within a narrow legal context, defined in 1977. In enacting SMCRA, Congress listed among the purposes of the Act ?... to...strike a balance between protection of the environment, agricultural productivity and the Nation's need for coal as an essential source of energy." I maintain that such a balance has never been struck, particularly with regard to the reclamation of mines in the west. One reason is that when SMCRA was enacted its supporters were aware of uncertainties about the potential for successful reclamation of western surface mines. Over the intervening years, as a recent Congressional study report (OTA, 1986) points out, "...the risks these uncertainties may pose to the long term success of western reclamation have been reduced significantly." Unfortunately, SMCRA's enforcement agency, the Office of Surface Mining (OSM) has not yet recognized this fact, and the western coal industry is paying the price.

Jan 1, 1986

By Sean Dessureault

The ubiquity of big data, internet of things (IoT), and smart devices is radically changing society; our personal lives are being tracked, digitally motivated through gamification, where information has become an addiction at all income levels, genders, and generations. These forces should not be held at bay in mining; rather, we should embrace and take advantage of this phenomenon to improve safety and productivity. It is time to rethink long-held conventions behind Fleet Management Systems, such as permanently mounted hardware, connecting through cables and Bblack boxes^, equipment centric rather than operator-centric, wireless requirements, minimal to no feedback to the operator, and high costs. We should also reconsider how we are collecting much of our safety, training, and preoperational forms on paper that then, must be entered into computer systems for compliance, and rarely if ever used in analytics, rather than entering the data directly into a digital device. Collecting safety and location data directly digitally also unlocks the information contained in safety forms and audits enabling new data mining and analytical approaches. Managing then gaining value from this new, greatly expanded mountain of largely unstructured data, requires the use of modern tools and approaches, such as gamification and big data, as well as skill sets, not traditionally available in mines. Furthermore, tablets can now provide a better user experience as well as new sensors when compared with traditional fleet management systems (Mining Magazine 2019, 2016, 2015), at a fraction of the cost, employing the extremely esthetic and engaging visuals derived from the video game industry. Real case studies of these applications of both technology and approach, such as gamification, show that these tracking technologies can bring high visibility and large amounts of data to even the smallest operations and the challenge of making use of the data can be facilitated through the application of gamification. As with our personal smart devices, these technologies are poised to deliver huge improvements in operator feedback, tracking, and performance management, at a much lower cost per unit.

By William G. Schultz

Sylvite of Canada, a wholly owned subsidiary of Hudson Bay Mining and Smelting Co., operates an 8000 TPD potash mine and refinery located nine miles North East of Rocanville, Saskatchewan. Prior to Hudson Bay's entry in 1968 into potash mining and refining, it was one of the more traditional and conservative Canadian Mining Companies whose principal business had been for many years a successful copper-zinc mining and smelting operation located at Flin Flon, Manitoba. The potash reserves being mined by Sylvite were acquired through the acquisition of Francana Oil and Gas. This acquisition was at the time when several major potash mines were being developed or had recently been brought into production in the Province. These mines are owned by either very substantial Canadian Mining Companies or Multi-National Mining Companies with considerable potash mining experience. At that time, it became very apparent because of the new mines coming into production, potash mining and refining would quickly become a very competitive industry. Because of long term considerations, Hudson Bay decided to proceed with the development of its potash reserves, recognizing the Mine and Refinery would have to be the most advanced available in order to successfully operate. This report deals with the mining operation at Sylvite and the degree of success Sylvite has achieved.

Jan 1, 1972

By J. M. Elder, W. S. Kow

Challenges to new heavy mineral deposit developments are presented. These include land use issues, particle fineness, declining grades, and particle coating, amongst others. Industry responses to these are presented as possible solutions.

Jan 1, 2005

Ceremonies for the induction of four mining industry pioneers into the National Mining Hall of Fame will be held Saturday, Sept.9, 2006 at the Museum Convention Center in Leadville, CO. The four inductees are Earl H. Beistline (1916 to present), R.A.F. Penrose (1863-1931), Robert M. Reininger (1912-2006) and John Stanton (1830-1906). The inductions will bring to 193 the number of mining “greats” whose engraved photographs and biographical sketches are installed in the National Mining Hall of Fame.

Jan 1, 2006

By P. Sarnoff

Gold has always been a crisis investment. For centuries gold has been considered globally the money of last resort. In time of war, inflation, financial uncertainty, political upheaval there has with few exceptions always been a flight to gold. The gold paradox simply is that even though we have gone through for the past handful of years all the kinds of. anxieties that would cause the gold price to rise, it has instead dropped drastically. Figure 1. illustrates the important factors that influenced the gold price significantly up or down before 1987. Obviously, since then, even though we have had wars, inflation, financial problems involving breaking banks and thrifts let alone collapsing financial institutions, the gold price has both in the long-term and the short-term trended downwards. Figure 2. depicts the gold price path since 1987. If the presence of time-honored and time-tested factors that should have driven the gold price up didn't do the job, then logic dictates that new factors to drive the gold price down and keep it depressed arose. And they did. But before addressing these depressants permit me to turn to the arcane art of gold price prediction and fore-casting.

Jan 1, 1992

By Joe Roby

Rolling disc cutters are the business end of hard rock and mixed face tunnel boring machines (TBMs). Since their first successful employment on a TBM over fifty years ago, disc cutter technology has constantly evolved, allowing modern TBMs to excavate very hard and abrasive rock efficiently. Disc cutters have also been employed successfully on earth pressure balance (EPB) and slurry machines, cutting rock under water and ground pressure. The range of materials excavated by machines today is broader, excavation rates higher and cutter costs lower than ever before, proving the value of investment in cutter development. This paper describes recent improvements in disc cutter components including cutter ring materials and processing, as well as improvements in lubricants, bearings, seals and cutter condition monitoring. These developments have resulted in more reliable cutters capable of operating in a wide range of geological conditions. Ultimately these improvements result in a better value for both contractors and project owners.

Jan 1, 2008

Tracer gases are an effective method for assessment of mine ventilation systems, but their dispersion characteristics can differ substantially as ventilation parameters, such as flow path and velocity, vary. This research utilizes Computational Fluid Dynamics (CFD) to model a simplified full scale model mine, details a sensitivity study examining mesh size for an underground coal mine simulation, and examines gas dispersion parameters to determine the optimal model methods for simulation of tracer gases in underground coal mines. These models can be used to determine how a given tracer gas profile might be generated in a mine or areas of a mine that are not accessible, for example, immediately following a mine disaster. Accurate simulation scenarios can allow for the remote determination of the status of the ventilation network, but the sensitivity of the simulation at mine scale must be carefully examined.

Jan 1, 2012

For the third successive year it appears that demand for platinum will exceed supplies of newly-mined metal, forecasts Johnson Matthey in its "Platinum 1987 Interim Review." Based on data available at the end of August 1987, Johnson Matthey estimates that western world demand for platinum could exceed 93t (3 million oz) for the first time ever in 1987. Given a likely increase in demand of 4.3t to around 94t (140,000 oz to around 3.02 million oz), up by about 5% over 1986, there would be a 1.8- to 2.2-t (60,000- to 70,000-oz) shortfall in 1987 supply. South African mines enjoying undisrupted production last year after strikes affected Impala's output in 1986. The rate of increases in western world supplies, though, has probably not kept pace with the growth in demand. A downturn in US demand for platinum was counterbalanced by substantially increased purchases from Japanese and Western European consumers of the metal. Total imports of platinum into Japan in 1987 may have reached a record level of 45t (1.45 million oz). The largest source of demand for platinum remains its use in autocatalysts US and Japanese auto manufacturers reduced their platinum purchases in the wake of falling car production. Therefore, a small decline in overall 1987 sales of perhaps 780 kt (25,000 oz) was expected in 1987. Western European demand, however, rose strongly as a result of increased output. The spread of exhaust emission control regulations has sharply boosted the number of cars equipped with three-way catalysts containing platinum and rhodium. Western European auto makers probably needed 5.6t (180,000 oz) of platinum last year, a 50% increase over 1986. The jewelry industry, the second largest user of platinum, increased its offtake of platinum in 1987. Japan, the key to the jewelry industry's consumption of platinum, could absorb 24.8 to 26.4 (800,000 to 850,000 oz) in 1987, compared with 23t (740,000 oz) in 1986. Platinum has wide and diverse applications in industry. Other major users are the chemical, glass, electronics and petroleum industries. They were expected to increase their aggregate demand by about 1.8t (60,000 oz), or 11% in 1987. Investment demand for small platinum bars and coins of up to 311g (10 oz) dropped back in relatively inhospitable conditions. This, after rapid increases in recent years and a surge in US demand in 1986. However, Japanese investors purchasing bars weighing 500g or 1 kg (16 to 32 oz), and considered more speculative, recovered last year. Over the first eight months of 1987, platinum performed strongly on the open market with average prices well up from 1986 in dollar terms. But the increase was less marked where measured in sterling or yen. Platinum ad¬vanced by $3.70/g ($115 per oz) between Jan. 1 and mid-September with the average price having been surpassed only in the heady days of 1980. Johnson Matthey believes that supply and demand appear likely to keep more or less in step on a gently rising path. The recent open market volatility will continue with prices fluctuating widely over short periods. Writing in mid-September, and basing its view on the tangible evidence of platinum's price fall since the review was written, the company's assessment of price prospects is unchanged. Demand for platinum remains strong all-round. In October, imports of platinum into Japan were exceptionally high. And in the US and Japan there was a marked resurgence of demand from private investors. Although market sentiment may have been influenced in part by the news of several potential new platinum mines in South Africa, the full effects of these prospects on supply, even if they were all to materialize, would not be felt before the early-mid 1990s, Johnson Matthey said. According to the review, no radical change in platinum supplies is discernible in the near-term. Incremental growth from South Africa can be expected as the major producers continue to make the most of their existing resources. The Soviet Union may be keener to sell than it appeared earlier in 1987, especially if prices hold up, but a substantial increase is improbable. Canadian supplies are not capable of much variation from present levels. The palladium-rich Stillwater mine will make a modest contribution. Referring to the investment market, Johnson Matthey concluded that despite this year's reduction in sales of small-denomination investment products, platinum does appear to have established itself with private investors. Bearing in mind how business multiplied in comparatively unfavorable conditions before 1986, it is reasonable to look for a resumption of growth once the climate improves.

Jan 2, 1988

By Theodore J. Williams

Computer control has been one of the fastest moving and most glamorous fields of industrial development in the past decade. A review of this period shows some truly remarkable accomplishments in both system development and applications. In addition, work now under way promises results which will continue the rate of progress of the past. This paper will review the history and status of the field of computer control and point out the major breakthroughs which have occurred. It will analyze the present trends and extrapolate them to predict the early future developments in the field.

Jan 1, 1968

With the advent of the environmental "green" movement of the 1960s, eventually leading to Earth Day 1970, Congress responded by passage of the National Environmental Policy Act (NEPA), 1970. NEPA gave impetus to a flood of federal acts and laws in the subsequent three decades. Many of those protecting man's environment, health, and well-being also affect mining. For purposes of this chapter, a current mineral law summarization lends itself to a division into two parts: viz., Part I, General Mining Law, and Part II, Enviromining Law. The word enviromining has been coined by the author and is defined and used herein as those federal and state statutes and regulations that were created to provide protection and preservation of man's environment, health, safety, and welfare, and they have particular application to and affect on mining activities. They are listed and treated under Enviromining Laws in Part II. Mining, as a basic industry to provide the essential minerals for mankind's necessities and well-being, truly reflects the mining industry's slogan, "If it can't be grown, it must be mined." Without the basic minerals and rocks won from the earth by mining and mineral processing for their valuable physical properties or chemical constituents, man would soon be forced to revert to the cave-dwelling age. Unfortunately, for man to survive in the "manner of life to which he has become accustomed," he is caught between the demands of cleaning up his deteriorating environment and a continued supply of his basic requirements and amenities for daily living supplied by mining of the earth's minerals. He must have "clean living" at the same time with "good living;" neither is expendable. A very high pricetag accompanies this essential and critical choice which must be paid by society. The United States is internationally recognized as the world leader in environmental matters. Many countries are following suit, principally the other Anglo nations. Because US law is founded and based on English law, on occasion, Anglo-American law is referred to and cited as authority in litigation anywhere in the Anglo-American world of jurisprudence. For this reason, and because mining and the industry is international in nature and operations, some British Commonwealth cases will appear in various topics. If the case is of interest to the reader, further inquiry at a law library may be made through use of the case's style and citation given. "Style" refers to the name of the litigating parties. "Citation" refers to the law publication in which the case and decision may be found, as well as the jurisdiction and court of decision. Citation of cases from the United States and British Commonwealth nations is explained under Case Citation Explanation. Space and time limit exhaustive treatment of subjects and covering all geographic and jurisdictional areas. This chapter is intended as a broad outline and is based on the author's master's thesis at the University of Missouri-Rolla, 1992. The following Case Citation Explanation provides guidance on formatting of citations.

Jan 1, 1994

By A. Opara

The weathering of coal mine waste rock releases iron, calcium, sulfate and associated trace elements like selenium [Se], which are introduced to seepage waters. Nitrogen species, such as nitrate and ammonia, are also found in association with coal-mining drainages mainly due to leaching of residual blasting compounds. Elevated concentrations of Se are a ubiquitous occurrence in coal mining environments in British Columbia, with values ranging from below 50 to over 500 µg/L in site waters. Selenate is the most common form of selenium found in waste rock seepages, and is exceedingly mobile in aerobic freshwaters. A major concern with waterborne Se in British Columbia is the potential for its bioaccumulation in aquatic food chains. Treatment to remove Se from coal-mining wastewaters has proven to be challenging for conventional water treatment technologies. Compounding this challenge, many streams are characterized by high flows and low selenium concentrations. Conventional membrane and ion exchange treatments produce concentrated brine streams that are difficult to treat or require disposal. Conventional biotreatment systems use excess nutrients to provide the required electrons to compensate for inefficient and variable electron availability, as well as to adjust reactor chemistry. The Electro-Biochemical Reactor (EBR) technology provides electrons to the microbes directly at a low voltage potential (1-3 V), supplying a controllable and consistent supply of useable electrons to the system and microbes at low current. In this manner, the EBR technology overcomes the shortcomings found in conventional systems, as it reduces the required nutrient addition and provides a more controllable, efficient, economical, and robust biotreatment system than found in past generations of biological treatment systems. Additionally, the EBR process does not produce excess solids or biomass; therefore, solids management post-treatment is not required. Laboratory EBR bench-scale and on-site pilot-scale systems were used to treat five British Columbia coal mine wastewaters; influent Se concentrations ranged from 35 µg/L to 531 µg/L. Se treatment targets for the tested waters ranged from 5 to 10 µg/L. Mean Se concentrations in EBR effluents ranged from 0.5 µg/L to 1.4 µg/L, while reducing sulfate concentrations. The test data demonstrate that the EBR technology is an effective Se removal option for British Columbia?s coal-mining wastewaters.

Feb 23, 2014

By A. Opara

The weathering of coal mine waste rock releases iron, calcium, sulfate and associated trace elements like selenium [Se], which are introduced to seepage waters. Nitrogen species, such as nitrate and ammonia, are also found in association with coal-mining drainages mainly due to leaching of residual blasting compounds. Elevated concentrations of Se are a ubiquitous occurrence in coal mining environments in British Columbia, with values ranging from below 50 to over 500 µg/L in site waters. Selenate is the most common form of selenium found in waste rock seepages, and is exceedingly mobile in aerobic freshwaters. A major concern with waterborne Se in British Columbia is the potential for its bioaccumulation in aquatic food chains. Treatment to remove Se from coal-mining wastewaters has proven to be challenging for conventional water treatment technologies. Compounding this challenge, many streams are characterized by high flows and low selenium concentrations. Conventional membrane and ion exchange treatments produce concentrated brine streams that are difficult to treat or require disposal. Conventional biotreatment systems use excess nutrients to provide the required electrons to compensate for inefficient and variable electron availability, as well as to adjust reactor chemistry. The Electro-Biochemical Reactor (EBR) technology provides electrons to the microbes directly at a low voltage potential (1-3 V), supplying a controllable and consistent supply of useable electrons to the system and microbes at low current. In this manner, the EBR technology overcomes the shortcomings found in conventional systems, as it reduces the required nutrient addition and provides a more controllable, efficient, economical, and robust biotreatment system than found in past generations of biological treatment systems. Additionally, the EBR process does not produce excess solids or biomass; therefore, solids management post-treatment is not required. Laboratory EBR bench-scale and on-site pilot-scale systems were used to treat five British Columbia coal mine wastewaters; influent Se concentrations ranged from 35 µg/L to 531 µg/L. Se treatment targets for the tested waters ranged from 5 to 10 µg/L. Mean Se concentrations in EBR effluents ranged from 0.5 µg/L to 1.4 µg/L, while reducing sulfate concentrations. The test data demonstrate that the EBR technology is an effective Se removal option for British Columbia?s coal-mining wastewaters.

Feb 23, 2014

By Jacques B. Wertz

Recurring movements remotely connected with the Murray fracture zone and the San Andreas fault complex, together with the slow northwestward drift affecting the Baja California peninsula, could progressively have accentuated the tensional situation already connected with the anticlinorium in southern Arizona. From the fragmentary data gathered on the Texas lineament, it appears that a very mild curvature, concave to the northeast, may be present along this belt throughout Arizona. Those localities where the successive changes in direc¬tion of the strands of the lineament belt seem to occur do generally coincide with intersections of both north-northwestern and northeastern breaks. It is along the outward, southern fringe of the belt (at such structural centers like Bisbee, Baboquivari, Ajo) that the greatest impact of regional movements could be expected to have occurred through tangential-torsional stresses. Although it si accepted that the north-northwestern and more particu¬larly the northeastern fractures in Southeast Arizona are propitious to or partially responsible for mineralization, it seems undeniable that the Texas lineament belt must have greatly increased the potentialities for ore throughout the Arizona copper province. While intrusive bodies occur near major intersections, with the Texas lineament belt as a common denominator, it seems, the ore deposits are to be found close to one of the intrusive stocks, varying in distance from contiguity (Bisbee) to one or two miles away (Silver Bell orebodies).

Jan 1, 1970

By Ihor A. Kunasz

Lithium minerals occur predominantly in pegmatites that contain mineral assemblages derived from the crystallization of post- magmatic fluids or from the metasomatic action of residual peg- matitic fluids. They have been the traditional sources of raw material for ceramic and chemical industries. With the discovery of the Searles Lake deposits, brines became new sources of lithium, and, today, two brine deposits satisfy nearly one-half of the free world demand for lithium chemicals. Indeed, lithium production from pegmatites has been superseded by brines sources. In the United States, the brines of Clayton Valley, NV, have been exploited since 1964 by Cyprus Foote Mineral Company, a subsidiary of Cyprus Minerals Company. In Chile, Sociedad Chilena de Litio Ltda., an affiliate of Cyprus Minerals Company, is now producing lithium carbonate from the brines of the Salar de Atacama. Recently identified brine deposits suggest that these may well become the prime sources of lithium chemicals. In Bolivia, the government is negotiating the rights to exploit the brines of the Salar de Uyuni. The Salar del Hombre Muerto in Argentina is being evaluated as a future center of chemical production. The brines of the Great Salt Lake of Utah, the Smackover Formation, and the Imperial Valley geothermal field have been defined as important resources of lithium. In Tibet, high concentrations of lithium have been reported in several saline lakes. In the People's Republic of China, lithium may be produced from the brines of the Dabusan playa in the Qinghai Basin. The 1950s saw a great number of lithium companies develop. However, following the termination of the Atomic Energy Commission purchase program in 1959, several companies, such as Maywood Chemical Co., American Lithium Chemicals, and Quebec Lithium Corp., were forced to close their operations. Nevertheless, with the development of new applications in glass ceramics, air conditioning systems, synthetic rubber, and metallurgy (aluminumpotlines), the lithium industry grew steadily. With the potential application of lithium metal in batteries, nuclear reactors, and fuel cells, a steady growth can be foreseen. New products and new applications are likely to stimulate exploration for expanded reserves as well as the search for new sources from which lithium could be extracted economically. Presently identified reserves and production capacity are sufficient to satisfy the conventional market growth of lithium.

Jan 1, 1994

By W. A. Vine

Next year, in 1964, Butte will celebrate its Centennial. It was in May, 1864, that the first recorded mining activity took place. During that summer, several rich placers were found on Silver Bow Creek and its tributaries, and a gold rush followed. As placer mining proceeded in the creek beds, the quartz lodes on the hillsides were located and the veins were prospected. Mining in Butte entered its second phase when the rich silver mines, the Alice, Moulton, and Lexington, were opened. The silver boom lasted until the decline in the price of silver in the early 1890's forced the closure of many of the mines. An indication of the beginning of the copper mining era in Butte was in 1866 when it was noticed that green copper carbonate discolored some of the, lode material. It was not until ten years later, however, that the Anaconda and St. Lawrence claims were located by Michael and Ed Hickey. The claims were sold in 1880 to Marcus Daly and in 1881, Daly obtained financing and organized the Anaconda Silver Mining Company to exploit the vein The silver venture was a failure because of the predominance of copper which diluted the bullion to only 400 fine.

Jan 1, 1963