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By L. L. Bolton

The Department of Mines as at present constituted has evolved from the organization which came into existence following the passage of the Geology and Mines Act by the Dominion Parliament in 1907. At the outset, it may be said that it is not a function of the Department of Mines, nor of any of its branches, to administer the mining rights vested in the Crown. The title to Crown lands in the provinces of Nova Scotia, Prince Edward Island, New Brunswick, Quebec, Ontario, and British Columbia ( with the exception of certain specified areas, such as Indian Reserves, Ordnance Lands, the Railway Belt of British Columbia, and the Peace River Black) is vested in the respective provincial governments ; the title to Crown Lands in the provinces of Manitoba, Saskatchewan, and Alberta, the Yukon and Northwest Territories, and in the Canadian Arctic, is vested in the Dominion Government, and matters pertaining thereto are (with a few exceptions) administered by the Department of the Interior, Ottawa. Nor are statistics of mineral production at present collected and published by the Department of Mines. This function did belong to the Geological Survey from 1886 to 1906, and to the Mines Branch from 1907 to 1920; but commencing with 192l this duty was transferred to the Dominion Bureau of Statistics, consequent upon the decision of Government to place the collection of all statistics under the direction of one officer.

Jan 1, 1929

By H. C. Cooke

This paper will discuss two comparatively unrelated subjects; first, a general review of the advances made at the more important properties in the last year; and second, a statement of the conditions controlling the deposition of the copper ores in the Rouyn area, as determined by last summer's field work. FIRST PART Development has been very rapid since I stood before the Institute one year ago to discuss this same subject. Then, there were many properties on which gold had been discovered, any of which might develop into a mine. Further work has eliminated the most of them as possible mines, or at least has shown that before they can attain that status further discoveries must be made on them. Then, all gold veins held forth much the same promise; now the indications are that one particular type of gold vein is of greater prospective value than others. Then, all eyes were turned toward gold as the metal of prime economic importance; now copper has taken the centre of the stage, and gold is distinctly in the background.

Jan 1, 1926

By Robert P. Dufresne

Electrolytic cells are used in electrowinning (EW) and electrorefining (ER) of non-ferrous metals such as zinc and copper, and are a critical part of the purification process. The cell is a large basin and has an electrolyte or aqueous solution, an anode and a cathode, an insulator, and incoming high amperage. Cells are exposed to unfavourable internal and external factors that have a direct impact on their lifespan. Their deterioration can be caused by incorrect polarity, insufficient magnitude, their construction, tension stress, thermal shock, corrosion and other, and their maintenance and replacement can be time-consuming, costly, difficult and environmentally unsafe. Occupational health hazards and dangers posed by the maintenance and removal of the cell should also be taken into consideration. Modifying the design and fabrication method of the cell, using chemical-resistant reinforcement, and increasing tensile and mechanical strength will defer maintenance for a very long time. This can be achieved by a double hull system that comprises full-length composite reinforcement, polymer concrete reinforced with fiberglass pultruded rods and rebars, fiberglass structural layers, and special resin matrices. This will provide protection against thermal shocks, corrosion, leakage, cracks. The design of this cell incorporates a lifting system that will afford quick and easy install without having to move a great number of cells in close proximity, since it is strong enough to stand on its own and not have to be bonded to adjacent cells. As well, the cell can be anchored with ease as it remains stable. This is especially important because space is limited to lift and manoeuver between the cell and the double-girder overhead travelling cranes. The lifting system can also prevent electrocution and loss in product quality, while increasing efficiency and safety in the workplace. Considerable savings in terms of production downtime are also part of the equation. INTRODUCTION Maintenance and replacement of electrolytic cells in electrowinning and electrorefining are operations that pose many challenges, health and safety concerns, and give rise to substantial operational costs. These problems have existed since time immemorial. Electrolytic cells are made of conventional concrete or polymer concrete, and because of the very nature of their composition and their exposure to severe and environmental conditions, their lifespan is short. Although polymer concrete is composed of high-quality materials, and has good thermal stability and resistance to chemicals, nonetheless, maintenance is frequently required in order to maintain the integrity of the cell and to ensure the quality of refined metals. Repairing concrete is a non-permanent solution as cracks will reappear, and every repair weakens the integrity of the cell a bit more, until it reaches a knock- down point and the structure is compromised. The cell needs to be replaced, otherwise the cell will collapse.

Jan 1, 2019

By D. Krippner, C. Nexhip, D. George-Kennedy, P. Gebski, R. Kaur, W. L. Ying

ABSTRACT Water-Cooled Tapblocks Are Essential Components Of Modern Smelting Furnaces. Uninterrupted Operation Of A Tapblock Is Critical For The Optimal Operation Of A Furnace. This Critical Function, Together With Exposure To Extreme Conditions, Drives The Need For An Efficient And Reliable Means For Tapblock Monitoring. The Main Objective Of Tapblock Monitoring Is To Help Optimize The Life Of The Tapblocks By Better Scheduling Inner Refractory Relining And Protecting Operators By Preventing Sudden Deterioration Of The Tapblock. A Taphole Acoustic Monitoring (TAM) System Was Developed To Meet The Above Requirements. This Paper Describes The Principles Of The TAM System And Selected Case Studies.

Jan 1, 2013

By J. R. Giegerich

THE problem of dust control in metal mines has, of late years, received considerable attention. In 1932, a detailed study of dust conditions at the Sullivan mine was undertaken and, while there are no actual data available regarding conditions prior to that date, there has unquestionably been a great improvement as a result of the investigation and of the preventive methods adopted. In attacking the problem, three main factors were considered: first, and most important, how to prevent dust from being formed; second, how to depress or collect it if formed; and third-if unable to accomplish these-what precautionary measures must be adopted to prevent inhalation of this dust. Seven distinct methods of dust control are now practised at the Sullivan. Six of these are employed underground; they are tabulated below in the order of their relative importance. The seventh method is used in the crushing plants on the surface. (1) Improved ventilation (2) General use of water sprays and atomizers (3) Curtailment of secondary blasting during shift hours ( 4) 100 percent wet drilling-primary and secondary (5) Wearing of protective equipment (6) Change from carbide to electric lamps (7) Installation of dust collectors

Jan 1, 1936

By P. Ramirez

"To achieve an optimal metallurgical performance in the flotation process the bubble diameter should be between 0.5 and 2.5 mm. To control bubble size, frothers are added, reducing bubble size and conferring bubble stability against coalescence. However, the bubble generation mechanism determines predominantly the bubble size distribution produced. In mechanical flotation cells, bubbles are produced by the shear stress generated by a rotating blade on a gas stream. This mechanism produces a log normal bubble size distribution. In contrast, in column flotation, jetting gas injectors are commonly used in Chile and the bubble size distribution is bimodal with small and large bubbles. Bubbles larger than 2.5 mm mean a loss in surface area, while bubbles smaller than 0.5 mm move with the pulp stream and therefore collide less frequently with particles. In this paper, a new device based on a jetting sparger and a deflector disc (impinging jetting) is evaluated as an alternative sparger for column flotation.The new device was tested in a rectangular acrylic cell 1 m × 0.5 m × 3 m. High-speed cinematography was used to compare bubble generation with jetting and impinging jetting at different gas velocity in the nozzle (5–50 m/s). From the image analysis, it was observed that the deflector induces a shear stress, in analogy to a rotating blade but in this case the shear results from a high velocity gas hitting a static surface. The device was evaluated in a 0.5 m diameter 3 m high column. The McGill bubble viewer technique was used to compare the bubble size generated by jetting and impinging jetting. It was found that the Sauter mean bubble diameter reduced from 7.4 mm to 2.8 mm, when the jetting sparger was modified with the deflector. In the case of the impinging jetting sparger, 70% of the bubbles were in the effective range for flotation, while for the jetting sparger, only 10% were in the effective range."

Jan 1, 2016

By Brian Hall

For some years, the mining industry has been consistently delivering returns below the market average. One of the causes is a disconnect between what is perceived to drive value creation by many industry analysts and senior corporate executives, and what actually drives the intrinsic value of mining operations. The perverse effect is that strategies that should increase value are perceived to have the potential to drive share prices down, and vice versa. This paper challenges common perceptions of what drives a mining company?s value. Anecdotal evidence suggests that the key drivers of value in the market, and hence in many boardrooms, are such things as increasing the reserves and production rate, and reducing unit operating cost. However, while the quoted reserves may satisfy ore reserves reporting code requirements to be economic, this does not imply that they are optimal. Often, a proportion of the quoted reserve reduces the potential value of the operation. Metal price increases, increased production rates, and operating cost reductions are all seen as conditions or actions that can improve value, and lead to cutoff grade reductions, thereby increasing ore reserves. However, modern cutoff theory and studies conducted by the author and his colleagues show clearly that, while breakeven cutoff grades will fall in these circumstances, optimum cutoffs may be much less volatile, and may even increase. Results from case studies indicate that value is maximised by right-sizing, not maximising, the production capacities, and by optimising the cutoff strategy. Values of many existing underground mining operations can be increased significantly by a substantial cutoff grade increase. Also, an increase in downside risk, and hence reduced returns, can occur using typical life-of-mine planning strategies if prices received are lower than predicted. Since this is often the case, low industry returns may be a direct result of typical strategic mine planning processes. Relatively simple cost-effective techniques are available to provide senior decision makers with information needed to assess the tradeoffs between their many conflicting corporate goals, and the balance between risk and reward. Often this information is not being generated at all. If it is, decisions affecting the value of the company are occurring by default at relatively low levels within the hierarchy, with senior executives apparently unaware of them or their potential impact. The paper concludes that without a re-evaluation of the way mining projects are valued, to demand proven value optimisation from mining plans by boards and mining analysts, the industry will continue to deliver below average returns.

May 1, 2003

By M. Sagedahl

The off gas from a smelter is cooled and dust removed in an electrostatic precipitator before approximately 95% of the sulphur dioxide (S02) is converted to sulfuric acid. However, the tail gas may need to be polished to remove the rest S02 to meet demands. A flue gas desulphurization (FGD) system, as usually applied to S02 removal on coal and oil fired Power Station, is suitable for polishing tail gases from copper smelters. The ALSTOM Seawater FGD process makes use of the alkalinity in the seawater to absorb and neutralize S02. Before being returned to the sea, the seawater is treated to comply with environmental regulations. As the ALSTOM Seawater FGD process uses no reagent and produces no byproduct, it is extremely cost-effective for coastal installations. The first SWFGD plant started operation in 1968. Over 60 of these units have been installed worldwide. The ALSTOM Seawater FGD process removes S02 from flue gas flows corresponding to a total of 70,000,000 Nm3 /h. Suitable for thermal power stations, smelters and oil refineries, ALSTOM Seawater FGD plants efficiently treats flue gases in the range of 300,000 Nm3/h to 2, 700,000 Nm3 /h per FGD plant, containing 20 - 6,500 ppm of S02.

Jan 1, 2007

By H. C. Gunning

In spite of the fact that mining has been more or less active in the northern part of Vancouver island since the late 'nineties', there seems to be a remarkable lack of information regarding the nature and development of the region. Recently the operations at the Old Sport mine of the Coast Copper Company, Limited, and spectacular copper discoveries in the vicinity of Nimpkish lake, have directed the attention of the mining fraternity to the district. The writer spent the summer of 1929 making a reconnaissance examination of the general geology and mining properties of the area between Quatsino sound and Nimpkish lake, and he feels that a short paper describing the nature and mining possibilities of the region should be of interest at this time. A more detailed account of the ?geology and of the mining properties will be published in the forth- coming Summary Report of the Geological Survey. A short paper dealing with the Nimpkish Lake district was presented at the Annual Meeting of the British Columbia Division, held recently in Vancouver.

Jan 1, 1930

By S. Beskri, N. Geoffroy

When metallurgical plants are designed, a lot of consideration is almost always given to material selection and possible damage mechanisms. Materials engineers are generally involved and will strive to select optimal alloys or refractories for the design conditions. Once in operation however, things often change. Equipment is overstressed to increase production, corrosive leaks are not always promptly addressed, proper welding procedures are disregarded, etc. This paper describes various cases from the mining and metals industry where serious mishaps, associated consequences, and costs could have been avoided if simple and proactive steps had been taken. It also presents a strategy, based on safety reviews, to help predict and prevent damage to critical pieces of equipment.

Jan 1, 2015

By Thomas H. Heine

"The Rabbit Lake uranium deposit is located at 58° 11’00”N.. 103°42'36""W., close to the west side of Wollaston Lake, and approximately 800 km north of Saskatoon. The orebody is hosted by Aphebian Wollaston Group rocks, initially deposited as a series of shallow-water marine sediments consisting, in part, of carbonates and possible saliferous petites. Metamorphism during the Hudsonian Orogeny, peaking at about 1850 Ma, recrystallized the sediments to upper amphibolite grade paragneisses. This was accompanied by partial anatexis. The waning stages of Hudsonian orogenesis appear to be marked by minor granitic intrusive activity.The post-Hudsonian period was marked by a long interval of physical and chemical erosion, resulting in the unroofing of the Wollaston metamorphic complex. The entire region underwent extensive lateritic weathering under tropical to subtropical conditions. Carbonates were especially vulnerable and, in the Rabbit Lake area, suffered extensive solutioning with accompanying formation of collapse breccias. Old zones of weakness also underwent periodic reactivation.It was during this period that uranium was leached from the surrounding meta-sediments by oxidizing meteoric waters, and transported into the karsted and fractured rocks of the Rabbit Lake doline.Athabasca Group sediments eventually covered the deposit, their diagenesis taking place at about 200 °C and 900 bars. This allowed the partial to complete recrystallization of the initial mineralization, resulting in a minimum age of 1281 ± 11 Major ""first""-generation pitchblende. Periodic fault/fracture reactivation modified the hydrologic regime within the deposit, resulting in episodic mobilization and recrystallization of pitchblende and other uraniferous species. This is clearly shown in the open pit at the present time: uranium is being mobilized and recrystallized on damp pit walls as bayleyite and liebigite due to the modification of the hydrologic system by mining activities.The uranium mineralization occurs mainly as fracture fillings, coatings, and impregnations within breccia zones and intensely altered metasediments. Lesser mineralization is intimately associated with phyllosilicates which form the matrix of a carbonate-col/apse mega-breccia. The primary ore mineral is pitchblende, consisting of five generations, and from which a large suite of secondary uraniferous minerals have formed. On a gross scale the metal content of this deposit appears to be simple, consisting almost exclusively of U, but minor Ni, As, Cu, Se, Fe and Co are also present. The eastern limit of the mineralization is defined by a vertically-dipping microgranite dyke - breccia complex, containing high-grade uranium values. The orebody is truncated to the west and at depth by the Rabbit Lake reverse fault. Minor mineralization occurs as fracture fillings in unaltered plagioclasite in the footwall of the ore body. Precipitation of uranium from solution could have taken place by a number of processes. A mobile reductant (methane, carbon dioxide, etc.) may have been generated from graphite present in some of the host rocks of the orebody. Sulphides are also a common accessory and may have aided in the formation of a reducing environment. Phyllosilicates may have acted as adsorbants for uranium, allowing for its fixation. This metal has also been incorporated into the phyllosilicates themselves."

Jan 1, 1986

By W. W. Muir

"The Baker Mine used a 100-ton per day conventional cyanide leach mill located in northern British Columbia. A production decision was made in early 1980 and the mill was on fine in April 1981.Ore reserves had been estimated at 100,000 Ions averaging 0.9 oz gold per ton and 18 oz silver per ton . Mineralization consists of electrum (Au/Ag) and acanthite (Ag2S).This paper will review plant design and focus on some problems associated with start-up and early operation with the intention of assisting other mine operators by indicating potential problem areas.IntroductionThis paper will discuss operating strategies employed at Baker which improved over-all mill performance. Also included are some ideas which could be steps toward a more efficient operation in a similar setting.Actual dore production by mine life was 37,606 oz gold and 742,117 oz silver.Figure 1 illustrates the relative stability attained over the mine life. Metal recoveries for gold and silver were 92% and 85% respectively.Safety at Baker was of prime importance because of its remote location. Baker received the Mine Safety Association ""Small Mines Award "" in two of its three operating years. At shutdown in late 1983 the mill had operated for over 850 days without a lost-time accident."

Jan 1, 1985

By A. E. Cameron

MR. N. T. AVARD : I would like to congratulate Dr. Cameron on his presentation of some pertinent facts about the Coal Resources of Nova Scotia. There is no question but what there is something very definitely wrong about the coal mining situation in this Province. These are times when we can with profit look facts in the face and attempt to solve some riddles. Perhaps now is the time when we can bring some of these coal mining facts into the open and look them over. Co-operatively, we might evolve some helpful solutions. However, I would like, first, to make some specific reference to the Joggins coal field, not as a mining expert, but rather as an executive who has evolved some ideas after some years of practical contact with this field. Dr. Cameron states that existing operations in this area will probably continue for a few years. As a matter of fact, under normal conditions, these mines are good for another twelve years. With the installation of more powerful equipment for hoisting, pumping, and ventilation, an additional five years could be counted on. With one exception, that pretty well clears up mining from the outcrop, hitherto the only method of approach in this field. The chief reason for this present limitation is prolific 'bootlegging' operations. It is too bad that these should have been permitted to ruin a valuable coal field. Moreover, I am cold by competent authorities that this need not have been so. At one time shortly before war broke out there were 74 bootleg operations within an area of one square mile around Joggins. However, despite the fact that these operations were illegal, I could not find any means of stopping then and I believe the same conditions existed in many other coal areas in the Province. For some reason, the eyes of the law were closed. The result is that many outcrop possibilities have been permanently ruined. The exception noted in the so-called Queen seam, which has definite possibilities for approach through the outcrop. This is probably the best coal in the district.

Jan 1, 1944

By Brian G. Pewsey

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

Jan 1, 1978

By Ed McConaghy, P. LaRochelle

The Ambatovy Nickel Project comprises the development of mine, hydrometallurgical processing facilities and necessary infrastructure in Madagascar, positioning Ambatovy as one of the world’s largest producers of nickel and cobalt from lateritic ore. SNC-Lavalin successfully provided comprehensive Engineering, Procurement, Construction Management (EPCM) services for this major capital project which, apart from its sheer size, scope, and engineering design, represented significant location, infrastructure, labour, environmental and climatic challenges. Today, the project has reached 90% of its nameplate capacity and is in its final performance optimization stage. This paper will discuss the significant project management effort that was required to successfully address the complexity of this major project. It will cover the main project management control systems and the engineering tools and processes used during the detail engineering, procurement, and construction phases to achieve optimum project execution.

Jan 1, 2015

By Gaoming Wang

Outline 1. The Gangdese porphyry Cu-Mo belt 1.1 Regional geological background 1.2 Cu-Mo-bearing porphyries 1.3 Mineralization and alteration 2. Dating methods and results 2.1 Qulong porphyry 2.2 other porphyries 3. Geodynamic implications 4. Conclusions 5. Acknowledgements

May 1, 2004

By Laura A. Sanders

Mineral scale formation is prevalent in numerous mining operations. Such scale formation can occur in the direct-contact heat exchangers ahead of an autoclave. In these heat exchangers, the incoming slurry comes into contact with steam in a stage-wise fashion, which is re-circulated from the downstream flash vessels to heat the slurry in stages ahead of the autoclave. Calcium sulfate scaling causes severe problems in mining operations where increased temperatures are involved due to rising temperatures promoting calcium sulfate scaling through a decreasing solubility. In a number of these operations, the scale formation can occur in the presence of mineral solids, where fine-grained charged particles are at concentrations in excess of 35%. Scale prevention is not difficult in standard aqueous systems; however, the presence of solids leads to significant deficiencies in the prevention of scale due to the adsorption of the polymer onto the charge solids instead of the polymer interaction with the scale. Therefore, a technical solution to prevent mineral scale build up occurring in presence of pulp slurry in mining operations is needed. Several novel antiscalant technologies were developed and evaluated which provided a substantial improvement in the scale prevention in such systems.

May 1, 2013

"5.1. IntroductionThe sample preparation requirements for bulk analyses of platinum-group elements (PGE) are different from the requirements for ore microscopy and in-situ analyses. It is necessary that the initial sample collection results in as representative a sample as possible for both types of analyses. Ingamells (1980) believes, however, that sampling is always imperfect and that there is no such thing as a truly representative sample. Once collected, the usual low content and irregularly dispersed nature of the PGE require that samples for bulk analyses be made as uniform as possible, whereas in samples for ore microscopy and in-situ analyses the PGE must be concentrated. Because of the generally high specific gravity of platinum-group minerals (PGM), certain precautions must be taken, such as mixing the sample material in the bags prior to opening.5.2. Preparation forBulk Analytical MethodsThe principal factors that determine the size of the sample required for a bulk analysis are grade, heterogeneity and grainsize. Initially, the grade and sample heterogeneity can only be estimated and a sampling methodology is developed with experience. It is essential at all times, however, that the assayers have information about the source of the sample and the purpose for the analysis. Information on the grain-size, which can only be obtained through mineralogical analysis, is also very important for PGE analyses, but, unfortunately, is often ignored.5.2.1. Samples fromUnconsolidated DepositsConcentrations of PGE may occur in eluvial deposits as well as in a large variety of alluvial deposits, including those of fluvial and glaciofluvial origin. These deposits are often difficult to map and sampling is further complicated by the wide range, from sand-size to boulders, of the non-POE-bearing constituents, and by the irregular distribution and shape of the ""pay streaks"". PGE concentrations in unconsolidated deposits are largely composed of resistant Pt-Fe and Os-Ir-Ru alloys (cf. Cabri and Harris, 1975 and Raicevic and Cabri, 1976), thus making comminution to the usual-150 to -200 mesh somewhat unreliable, due to the malleability of these alloys."

Jan 1, 1979

"SART technology is a useful tool for improving the economics of gold recovery from certain types of complex gold ores. SART liberates cyanide consumed by base metals such as copper, zinc and nickel, and enables the newly freed cyanide to be recycled to precious metals leaching while producing high-grade base metal sulphide concentrates for sale. The benefits of SART include the reduction in cyanide consumption, avoidance of cyanide destruction costs, minimization of risks of environmental non-compliance due to residues of cyanide destruction reporting to mine effluents, and generation of extra revenue from the sale of base metal concentrates. Concerns with SART typically include uncertainties around capital and operating costs and proper integration of SART into the overall metallurgical flowsheet. This paper presents two case studies addressing these concerns. The first involves actual costs of the full scale SART integrated into a gold heap leach operation and treating up to 500 m3/hr of leach solution at a mine in Mexico. The second involves field pilot testing and a preliminary cost estimate for integrating SART into a silver mine in Peru using Merrill Crowe.INTRODUCTION One of the current trends in the gold industry globally is the increasing importance of complex polymetallic gold deposits as discoveries of large Carlin type gold deposits become increasingly rare (Sceresini, 2005). The presence of cyanide soluble copper and zinc in complex gold deposits necessitates changes in traditional gold extraction metallurgical flowsheets. One of the tools available to the industry to help deal with interferences of cyanide-soluble base metals in gold extraction is the SART (sulphidization-acidification-recycling-thickening) process. SART breaks the weak acid dissociable (WAD) base metal-cyanide complexes, precipitates the metals as high-grade sulphide concentrates and makes the freed cyanide available for recycle. Although SART is a commercially available technology, it is still relatively new to the industry. Fewer than ten (10) full scale plants have been constructed in the past couple of decades. Some of these SART plants are small, most are located at remote sites, and the majority have not operated on a continuous basis. This has resulted in a general lack of information in the industry about the true costs, operability and metallurgical performance of SART. BQE Water has been involved in the design, construction, commissioning and operation of large scale SART plants in Mexico, Turkey and Chile and has conducted field testing programs as part of the technical assessment of SART integration into various metallurgical circuits. Having built and operated numerous plants utilizing selective sulphide precipitation of heavy metals, BQE Water has gained unique insight into the design and control of the sulphidization stage of SART to minimize costs and ensure high efficiency in cyanide recovery."

Jan 1, 2017

By Ross D. Lawrence

"Comparable transaction analysis is the best known of the market approaches to valuation of exploration-stage mineral properties. The analysis of option and farm-in agreements can also provide useful guidance to valuators. While such approaches can be distorted by incomplete analysis, market-based methods are capable of providing consistent, credible results when carried out carefully with due consideration paid to all factors which buyers and sellers consider when dealing in the real market.RÉSUMÉRoss D. Lawrence graduated from the University of Toronto with a B.A.Sc. (Applied Geology-1956) and an M.Comm. (Mining Finance-1959). As a student and following graduation, he worked across Canada on a variety of mineral exploration projects.In 1962, he was one of the founders of Watts, Griffis and McOuat, and has practiced as consulting engineer since then. For the past 20 years, Mr. Lawrence has headed up the WGM valuation practice, responsible for a group of professionals which has carried out scores of valuations of mineral properties and mining companies. He is a Certified Minerals Appraiser of the AIMA and an active participant in professional affairs.INTRODUCTIONMineral properties without defined resources present one of the most challenging tasks to the mineral valuator. You will hear from others at this conference about the use of cost and income approaches to the problem of valuing exploration properties. This paper will concentrate on market-based approaches. Market based-approaches are based on the principle of substitution and include such techniques as:??Comparable transaction analysis (sometimes referred to as sales comparison analysis).??Farm-in commitment analysis??Rules of thumbAre there any valuation standards available to assist the valuator? In Canada there are none that apply to the valuation of mineral assets or securities. This problem is being addressed, at least in part, by the CIMVal committee of the Canadian Institute of Mining, Metallurgy & Petroleum (CIM)1. Further, the recently established Canadian Association of Mineral Valuators will be giving consideration to the adoption of valuation standards."

Jan 1, 2003