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"The technical report form provides the headings to be used and content required when a completing a technical report to be filed in accordance with NI 43-101. The technical report is meant to be a summary of the scientific and technical information on the mineral property. The Instrument (NI 43-101) requires that technical reports be filed with Canadian provincial or territorial securities regulators to support certain disclosure of mineral exploration, development and production activities and results in order to permit the public and analysts to have access to information that will assist them in making investment decisions and recommendations. FORM 43-101F1 TECHNICAL REPORT INSTRUCTIONS (1) The objective of the technical report is to provide a summary of scientific and technical information concerning mineral exploration, development and production activities on a mineral property that is material to an issuer.This Form sets out specific requirements for the preparation and contents of a technical report. (2) Terms used in this Form that are defined or interpreted in National Instrument 43-101 Standards of Disclosure for Mineral Projects (the “Instrument”) will bear that definition or interpretation. In addition, a general definitioninstrument has been adopted as National Instrument 14-101 Definitions that contains definitions of certain terms used in more than one national instrument. Readers of this Form should review both these national instruments for defined terms.(3) The qualified person preparing the technical report must use all of the headings of the items in this Formandmay create sub-headings. If unique or infrequently used technical terms are required, clear and concise explanations must be included. (4) No disclosure need be given in respect of inapplicable items and, unless otherwise required by this Form,negative answers to itemsmay be omitted. Disclosure included under one heading is not required to berepeated under another heading. (5) The technical report is not required to include the information required in Items 6 through 11 of this Form tothe extent that the required information has been previously filed in a technical report for the property being reported on, the previous technical report is referred to in the technical report and there has not been any material change in the information. (6) The technical report for development properties and production properties may summarize the information required in the items of this Form, except for Item 25, provided that the summary includes the materialinformation necessary to understand the project at its current stage of development or production. (7) The technical report may only contain disclaimers that are in accordancewith section 6.4 of the Instrument and Item 5 of this Form."

Jan 1, 2003

By J. L. Wilson

"Many modern concentrators with VSD driven SAG mills still rely on the control room operator to manually adjust the speed in reaction to increasing bearing pressure. All too often, the problem with this strategy is by the time the operator reacts with a sudden speed increase, the SAG Mill is likely already on its way to loading up. To assist the new operators, the SAG Mill at B2Gold’s Fekola Mine in Mali needed a robust control that could handle load changes and unmeasured disturbances with minimal operator intervention. With modern Distributed Control Systems (DCS) powerful enough to run advanced control, they often have Model Predictive Control (MPC) blocks built in or available as an “add-on” license, and thus MPC can be readily implemented within the modern concentrator with a relatively low added capital cost. This paper discusses an implementation of two single output MPC controllers to control the SAG Mill at Fekola. This was implemented using the existing signals and advanced control blocks available to the installed DCS.INTRODUCTION Many modern concentrators with VSD driven SAG mills still rely on the control room operator to manually adjust the speed in reaction to increasing bearing pressure. All too often, the problem with this strategy is that by the time the operator reacts with a sudden speed increase, the SAG Mill is likely already on its way to loading up. The next step the operator may take may be to cut back the feed rate, or production until the SAG is once again stable. With this sudden reaction comes an abrupt change in SAG rotational speed and power consumption that sends a surge of material down the circuit as the mill suddenly ejects more pulp. Furthermore, choosing a higher rotational speed can lead to higher than normal liner wear as the cataract overshoots the toe of the charge and impacts the liners. After start-up at B2Gold’s Fekola Gold Mine in 2017, the SAG mill was being controlled manually. The SAG rotational speed was adjusted manually by the operator in step changes depending on whether the SAG bearing pressure was increasing, decreasing or stable. During this time of manual control, the SAG fresh feed rate was also adjusted to a tonnage setpoint with a PID controller. Generally, the SAG fresh feed rate setpoint was kept at a target value, but then the feed rate was throttled back if the SAG mill or grinding circuit showed signs of overloading. The extra challenges were that the operators had limited experience and were concurrently learning how the plant operated. Also, they were also occupied with managing situations in the rest of the plant. Often their attention was drawn away from the SAG mill and during that time, the SAG Mill would load up before they could react."

Jan 1, 2019

By Eduardo R. Rodrigues, Ankur Narang, Roberto Federico Ausas, U. T. Mello, Jose Maria Segura Serra, M. R. Lakshmikantha, Ignacio Carol, Kamal C. Das

"Modeling of big faults or weak planes of strong and weak discontinuities is of major importance to assess the Geomechanical behaviour of mining/civil tunnel, reservoirs etc. For modelling fractures in Geomechanics, prior art has been limited to Interface Elements which suffer from numerical instability and where faults are required to be aligned with element edges. In this paper, we consider comparative study on finite elements for capturing strong discontinuities by means of elemental (EFEM) and nodal enrichments (XFEM) for Geomechanical applications. For general fracture scenarios, Oliver et al. (2008) have demonstrated advantages of EFEM over XFEM for including: (a) ease of modeling in any standard finite element code due to the possibility of static condensation, (b) higher accuracy in some cases for coarse meshes, and, (c) a reduced computational cost. However, there has been no work that considers cohesive fractures in Geomechanics. We present a numerical analysis based on a linear constitutive model and linear triangular elements for the bulk and a linear constitutive behaviour for the fault for a representative set of fault planes in a circular tunnel made in rock mass. In the numerical examples we consider both well-traced and bad-traced meshes. We focus on traction profile analysis for both EFEM and XFEM, since that is crucial to understand the cohesive fracture behaviour specially rock joint. Therefore in each case, shear, normal and stress ratio are compared across the two methods along the fault plane. This is the first such work that compares XFEM and EFEM behaviour for Geomechanics problems.For the considered class of problems and the sharp penalization approach without regularizations adopted, it can be observed that accuracy and robustness of EFEM may strongly depend on the fault orientation with respect to the element edges, while, XFEM is independent of fault alignment with element edges. It has been also observed that, with mesh refinement model, stress oscillation completely removed with XFEM however EFEM fails to provide oscillation free results with finer mesh in case bad-traced model. We also performed error analysis and found that in case of bad-traced mesh the average error in the XFEM is 84% smaller than of EFEM and for XFEM the error goes to zero with increasing mesh resolution, while for EFEM the error increases with mesh resolution. Thus, we experimentally demonstrate that, XFEM performs better than EFEM in terms of accuracy and rate of convergence with marginal increase in computational cost. This work hence provides novel insights on the application of XFEM and EFEM in Geomechanics."

Jan 1, 2015

By Avi Nanda, Robert Brandt, Alex Piatkiewicz, David M. Jones

In 2010 the United States Environmental Protection Agency (UESPA) revised the National Ambient Air Quality Standards (NAAQS) by lowering the permissible value to a 1-hour average SO2 concentration of 75 ppb. In 2012, the USEPA designated the Miami area as non-attaining for the new SO2 NAAQS. A number of options were studied to assist in bringing the Miami smelter into attainment with the new standard. The chosen solution included: Installation of a large tertiary hooding system over the converter aisle; Hooding of the anode vessels and treatment of the anode gas in a baghouse; Installation of a large 2,325,212 Nm3/hr caustic scrubber to treat the captured converter fugitives and anode off-gases; Installation of a secondary ESP for the tapping fugitive off-gas treatment system; and the continuous scrubbing of all acid plant tail stack gases. The modifications have reduced smelter SO2 emissions by 85%, achieving a world class SO2 stack emissions rate of 0.45 kg of SO2/tonne Cu. INTRODUCTION The Freeport McMoRan Miami smelter has been previously described in literature (Steinborn, Pasca, Sallee, Binegar, Bhappu). For the sake of brevity a brief description is given here. The Miami smelter is located 129 km east of Phoenix, Arizona near the town of Miami, Arizona. The smelter was established in 1915 and has undergone a number of process upgrades and modernizations over the years. The present smelter consists of an Isasmelt furnace, an electric settling furnace, four Hoboken converters, two anode refining vessels & one casting wheel; and one double contact sulfuric acid plant. Concentrates are railed & trucked to Miami from four Freeport McMoRan mines located in Arizona & New Mexico. The wet concentrates, typically containing 10% H2O with a Cu/S ratio of 0.85, are smelted in an Isasmelt furnace to a matte grade of 58%. The entire output from the Isasmelt is laundered into an Elkem electric furnace (originally installed in 1972 as the primary smelting furnace) for separation into matte and slag. Slag containing 0.85% Cu is skimmed from the electric furnace and discarded. Molten matte, containing 60% Cu, is tapped from the electric furnace and processed in one of four Hoboken converters to produce blister copper. Two anode refining vessels further refine the blister copper before the final product is cast on a single, 30 mold, casting wheel. All of the anodes produced at Miami are shipped to the Freeport McMoRan electrolytic refinery in El Paso Texas for refining into cathode copper. Smelter off-gases from the Isasmelt, electric furnace and Hoboken converters are combined and treated in a double contact acid plant to produce sulfuric acid. Acid produced at Miami is internally consumed at Freeport McMoRan mines in the region.

Jan 1, 2019

By H. Feldheiser

Acid resistant brick linings are state of the art for anti-corrosion linings in tanks for high pressure acid leaching (HPAL) treatment. The design of these brick linings has to take into account the almost non-elastic behaviour of the brick lining inside a relatively highly elastic steel vessel. There must be tools and data available to determine for the steel vessels the thermal growth plus the pressure expansion and for the brick lining the linear thermal expansion and the chemical swell. Thermal shocks and pressure drops are not regular operating events but their negative influence on the lifetime of a brick lining has to be a part of the engineering study. Finite Element (FE) models as well as a lot of research and development on brick lining materials is the only way to find a path through the complex engineering work for pressure vessels.

Jan 1, 2004

By G. M. Behrend

"The mining and processing of mineral ores is a very old industry which is steeped in tradition. Rising demand for metals has recently forced the exploitation of lower-grade orebodies which require extensive beneficiation. The high capital expenditures involved, together with market pressures for high-quality concentrates and pellets, have forced the development of new process technologies which are heavily dependent on automatic process control. Development of suitable instrumentation has been rapid and it is being applied to mining processes today with a high degree of sophistication. The drive for higher efficiency and profitability goes on and has reached a level at which modern digital computers appear to be the only answer. However, the efficient application of a digital process computer is extremely complicated and is therefore approached by the mining industry with considerable hesitation.Some of the benefits promised by the digital computer can be obtained today by other means, which are more manageable and can provide immediate payoff. The result would be a building-block system which would utilize the digital process computer as its final component, to perform true plant optimization, free from routine chores."

Jan 1, 1971

By T. D. Chatwin

Acid rock drainage (ARD) is one of the most serious and potentially enduring environmental problems of the mining industry. High liability costs carried by many mining companies to cover potential obligations of ARD are a clear indication of the gravity of the problem. Unchecked, ARD can result in water quality impacts that could well be the industry's most significant financial and credibility risk. Effectively preventing acid drainage is a formidable challenge that requires the total commitment of the mining industry throughout the entire life-cycle of a mine. To achieve this commitment a strong business case for ARD prevention must be developed. This paper will address the elements of acid prevention and discuss their importance not only to the company but the entire industry as well. The International Network for Acid Prevention (INAP) is an industry-led group created to help meet this challenge. In 2009, INAP published the GARD Guide (www.gardguide.com), a web-base best practices guide for the prevention of ARD [1]. In this paper, the GARD Guide will be used to identify preventative actions for all mining industry stakeholders. It will, in turn, be used to estimate ARD management and mitigation value accrued to the company from ARD prevention, which will be used in developing a business case for acid prevention.

Jan 1, 2011

By Dean L. Millar

Measures taken by mining companies around the world to reduce their carbon footprints are becoming increasingly important in the sector securing its social licence to operate. The options for measures reduce to three categories of activity: i) demand reduction by avoiding unnecessary waste of supplied energy, ii) improving the utilization of energy that does have to be consumed and iii) adopting low carbon energy production options?including renewable energy. As well as the environmental imperative, as the prices of electricity, gas and liquid fuels increase, so the economic case for activities i) to iii) gains higher priority, especially in such an energy intensive industry. The specific energy consumption for certain upstream minerals industry operations in Canada is reported to be as follows: underground mining: 99.5 kWh/tonne mined; surface mining: 11.7 kWh/tonne mined; base metal processing: 81.4 kWh/tonne milled; gold processing: 99.6 kWh/tonne milled. Around 508 kWh/tonne (slag) of heat is reported to be available in cooling slag from 1500°C to 25°C; an amount that is simply indicative of the energy intensity of downstream smelting and refining operations. Low carbon, energy saving technology options that are available to mining industry companies lead to projects with return rates that must compete alongside other capital intensive projects considered by mining company boards. Energy projects frequently involve longer payback periods and lower rates of return than those of competing bids for capital, such as those for development of new mineral properties. For energy services companies (ESCOs) that specialize in the financing, construction, and the efficient operation and maintenance of energy projects, the same returns and payback periods may be considered acceptable or even attractive. For the ESCO, the key commercial risk mitigating factor is a securing a long term contract for the supply of energy.

May 1, 2011

By Alessandro Navarra, Kristian Waters

Mineral concentrators are designed from preliminary geological data, and are therefore subject to geological uncertainty. This uncertainty has a demonstrable impact on the mining lifecycle, and has motivated stochastic strategic mine planning algorithms. The current paper describes how these algorithms may be extended to consider mineral processing operations in conjunction with open-pit mining operations. In particular, the paper describes an effective way to incorporate variable concentrator feed grade into these algorithms, which is the first step toward more elaborate representations of mineral concentrators. The resulting framework will be able to connect geological data to alternate configurations of the downstream resources, hence comparing the benefit of each configuration, and the corresponding capital investments. Sample computations are presented, comparing the NPV and utilization for several different mineral processing capacities.

Jan 1, 2015

By P. Babak, E. Insalaco, O. Babak, P. Henriquel

"Detection of outliers is an important primary step in geomodelling. Geological datasets often contain errors due to problems such as measurement device limitations and recording glitches. In this paper, a robust Mahalanobis distance–based approach is successfully applied to particle size distributions of the Joslyn lease, an oil sands development site near Fort McMurray, Alberta, Canada. Automatic outlier detection and geological review were combined. Outliers from the Mahalanobis distance approach were compared with their respective core photographs to determine if laboratory measurements and facies classification were correct. A checking procedure for laboratory technicians is proposed.RÉSUMÉ La détection des valeurs aberrantes constitue une étape primaire importante de la modélisation géologique. Les ensembles de données géologiques contiennent souvent des erreurs en raison de problèmes tels que les limitations des instruments de mesure et des pépins d’enregistrement. Dans le présent article, une méthode robuste basée sur la distance de Mahalanobis a été mise en oeuvre avec succès aux granulométries du bail minier Joslyn, un site de sables bitumineux en développement à proximité de Fort McMurray, Alberta, Canada. La détection automatique des valeurs aberrantes a été combinée à une étude géologique. Les valeurs aberrantes de la méthode de la distance de Manalanobis ont été comparées avec leurs photographies respectives de carottes de forage afin de déterminer si les mesures en laboratoire et la classification des faciès étaient correctes. Une procédure de vérification pour les techniciens de laboratoire est proposée."

Jan 1, 2015

By George E. Cole

Introduction In view of the fact that, during the past year, two Manitoba mines-Flin Fion and Sherritt Gordon-have entered the list of producers and have materially increased that Province's contribution to the metal production of the Dominion, it would seem appropriate at this time to review the progress of the industry in the Province, with particular reference to the out-standing metal-mining developments of the past decade. That these two mines have been able to continue their operations in spite of the low prices of copper and zinc adds a touch of brightness to the industrial life of the Province. Depression in metal prices is not encouraging to the mining industry, but it does stimulate efficiency in methods and costs of production. As two thriving towns have grown around the two mines, the will of the management to carry-on is of great consequence to Manitoba, this year so hard hit by the .agricultural depression. And, much as it is a pleasant feature in the mining situation that these mines have been able to continue operations, nevertheless it must be noted, in reviewing the mining developments of the past few years in Manitoba, that the Province was fortunate enough to profit by good times, in that an industry was established which gives evidence of permanency. In the metallic field, the section of Manitoba that first received attention from prospectors was the boundary district, west of the Lake of the Woods. Several claims were staked here at the time of the gold boom in the neighbouring Ontario area. But the first real interest in metalliferous deposits dates from the discovery of gold in March, 1911, in quartz veins on the shores of Rice lake, some twenty miles east of lake Winnipeg. Systematic and organized prospecting of the pre-Cambrian areas of the Province may be said to have commenced with that discovery. The first gold discovery in northern Manitoba was made at Wekusko (Herb) lake in 1914. This was followed by the discovery of the Flin Flan and Mandy copper ore-bodies in 1915 on Flin Fion and Schist lakes, respectively.

Jan 1, 1932

By Donald L. Mordell

Introduction A very large part of the world's fuel resources are in solid form, as various grades of ?coal, but an increasing proportion of fuel demands on this Continent and else-where are having to be met by liquid fuels. Convenience and, in many cases, cost weigh heavily in favour of the liquid: fuels, and there are many fuel burning applications where the use of coal would be impractical, such as for automotive or air transport. By extrapolating the present trends one might conclude that, in future years in Canada and the United States, coal will be used only in a few power stations close to coal fields. If such a state of affairs should arise, it will obviously prove embarrassing to those accustomed to make their livelihood from the winning and marketing of coal, but it is perhaps not so obvious that it must also prove an embarrassment to the nation. The major reasons for this are two in number. Firstly, if present coal production is to be replaced by oil production, a large capital expenditure is necessary, which must inevitably be paid by the consumer; and secondly, in times of emergency, large amounts of oil fuels are required for military purposes which cannot be achieved with solid fuels. It is obviously unwise, therefore, to discontinue the use of coal for those non-military jobs that it can do. If we examine the major fuel markets we find that there are three: Domestic heating Steam generation Transport by air, sea, and land For domestic heating, the extreme convenience of oil, in spite of its greater cost, has captured much of the coal market.

Jan 1, 1952

By A. Himsley

This paper presents a review of the existing ion exchange resin systems for treating unclarified pregnant liquor, with particular reference to uranium extraction. A new concept of a truly continuous ion exchange system is described and operating details are given,of a 0.6.-m (24 in.) diameter pilot plant treating unclarified acid leach liquor.

Jan 1, 1977

By Claude K. Howse

The area covered by the present paper consists of about fifty square miles in the immediate vicinity of the settlement of St. Lawrence, which is on the Southern extremity of the Burin peninsula on the south coast of Newfoundland. Physiography Physiographically, the area is part of the Atlantic upland, equivalent to the New England province of the United States. Evidences of two erosion surfaces are to be seen truncating the intrusives and the folded volcanics and sedimentary rocks. The older erosion surface is represented by small monadnocks from 650 to 750 feet in height with the younger surface covering most of the area and characterized by rounded subdued topography with maximum relief of two to three hundred feet and numerous ponds and bogs. These surfaces have been correlated with the High Valley and the Lawrence peneplains of Newfoundland. On the Avalon peninsula, these peneplains have elevations of, respectively, from 1,300 to 1,700 feet and from 500 to 1,000 feet. Glaciation The entire peninsula has been glaciated, with lee-and-stoss slopes showing on the highest hills in the immediate vicinity, many of which have striae and erratics on their summits. The lee-and-stoss slopes, the glacial striae, and the distribution of certain rocks found in the drift and whose source outcrops are known, indicate a southward direction of ice movement.

Jan 1, 1951

By The Mill Staff

"IntroductionCOMMENCEMENT of operations at the new No. 7 shaft and 10,000-ton mill at Creighton mine was a major step in the programme of conversion to all-underground mining by the International Nickel Company of Canada, Limited. Planned ten years ago, the orderly transition has been greatly speeded-up to offset the heavy drain on production imposed by World War II and also to meet the increased demand for nickel caused by the current international situation. Development of new mining methods, and process changes in the reduction plants, have made possible the economic recovery and utilization of ore of lower grade than formerly used and of varying metallurgical characteristics. By 1953, when the Company's open-pit mining operations are scheduled for completion, the hoisting capacity of its five underground mines in the Sudbury district will have been increased to 13,000,000 tons per year, compared with 5,700,000 tons of underground ore hoisted in 1950.Two types of ore occur at Creighton. One is a breccia and stringer type that contains a high percent-age of massive sulphides and is located in sheets along shears and in large and small pockets on the underside of the main norite mass; the other type, forming the main part of the ore zone, is mineralized norite that occurs as a •sheet up to 400 feet thick overlying tl1e breccia ore. In both types of ore the minerals of economic interest are pentlandite, which is intimately associated with pyrrhotite, and chalcopyrite. Early mining was confined to the breccia ore; this ore was mined by open stoping methods. The hanging-wall was later allowed to cave, with the result that the old stopes are now filled with caved low-grade ore."

Jan 1, 1952

By L. Paulino, R. A. Camilli, J. Yamamoto, J. C. Araujo

The first paper presented on this work [1], showed how bath ratio was increased from 78% to over 95% using a structured approach to reduce bath chemistry variability. This update will illustrate the steps taken and update the results presented earlier, showing the effects of long power interruptions and several load reductions as well as load increase during the period from 1999 to 2005. Current efficiency was affected by such processes upset; however, bath ratio in range (±0.05) is still higher than 90%, even after an increment of more than 6 kA. This review will explain each of the steps taken to reach stability in this critical smelting parameter.

Jan 1, 2006

By M. Sakata, H. Hata, K. Haiki

"Most of the secondary ZnO contains fluorine (F) in large quantities. Serious troubles at the zinc electrowinning are occurred by the cathode corrosion caused by F, therefore we developed iron compounds as F-adsorbents used in zinc sulfate solution. The iron compounds can be reused repeatedly as F-adsorbents because they can adsorb/desorb F alternatively depending on the pH. Moreover, if the adsorptive capacity decreases, we can dissolve and re-synthesize them easily. In this paper, results of the experimental process which consists of five steps (leaching, F removal, Cl removal, purification and electrowinning) to produce high purity electrolytic zinc from the secondary ZnO are reported. INTRODUCTIONThe recycle material for zinc, secondary ZnO, contains large amounts of fluorine (F) and chlorine (Cl) which are halogen elements, compared with calcine obtained by roasting of zinc sulfide concentrate. The halogen elements cause adverse effects in the zinc electrowinning process and particularly F causes corrosion of aluminum cathode plates and eventually sticking of electrodeposited zinc and therefore, F concentration in the electrolyte is controlled to less than approximately 20 mg/L. There are several methods to remove F from secondary ZnO, such as leaching with Na2CO3 or NaOH solution [1-2], vaporizing in a rotary kiln by roasting at 1000 to 1200 degrees C [3-4]. However, up to the moment, there has been no effective method for the removal of F from zinc electrolyte and it has been a big obstacle in treatment of secondary ZnO in electrowining of zinc.The authors, therefore, developed an iron compound used as an adsorbent of F in the zinc sulfate solution [5-8]. This iron compound is Akaganeite that has a crystalline structure of ß-FeOOH. Akaganeite is synthesized by neutralization of FeCl3 solution containing a small amount of SO4 2- with Na2CO3. When this iron compound is immersed into weak acidified zinc sulfate solution, F in the solution is adsorbed. F adsorbed in the iron compound is removed by immersing in weak alkaline solution and the iron compound can be reused as F adsorbent."

Jan 1, 2012

By Linlin Zhang

Rare earth elements (REEs) are a group of lanthanides elements which have been widely used in the electronic, petrochemistry, metallurgy, and defense industries. Their demand has increased sharply in the past decade with the boom in electronic device production. Some countries now consider them strategic metals for the future and it has been forecasted that REEs may become a dominant contributor to global economy. In the wake of REE exploration, mining and processing, concern has grown over occupational and community health issues and risks. A portion of available literature on this topic however is written in the Chinese language, and thus research information related to health and REE mining is not readily accessible to mineral development planners in countries such as Canada, where REE mining is now evolving. As REEs also represent an important commodity, primarily stemming from Chinese production, it is important to begin to understand the potential health costs related to this mining sector. There are two main objectives of this paper. The first is to present an overview of REE mining with a focus on geological characteristics, global production and uses with particular attention to the main producer: China. The second is to present the results of a literature review (using both Chinese and English sources) on REE mining and health and identifies key occupational and community health issues that require consideration. This paper concludes by identifying some critical issues this sector needs to address to ensure the sustainable development of this mining activity.

Aug 1, 2013

By Jeffrey T. McGinty, Frank M. Wheeler

Plant layout is the arrangement of equipment, process areas, departments, infrastructure, and support facilities. Plant logistics is the flow of parts, people, resources, and information throughout the production process. This chapter: outlines key factors and provides checklists to facilitate layout development; presents risk management approaches to test the logistics and functionality of alternative layouts; and uses real-world examples to illustrate effective simulation modelling to assess plant layouts.

Jan 1, 2015

By Keith Spence

"The notion of ""value"" has always been a subjective and contentious issue. Indeed, Value is in the eye of the beholder. There are varied methods and practices for valuing property, as there are industries in which they are applied. For example, there are ""replacement value"", ""insurance value, ""salvage value"", ""appraised value"", ""book value"" and ""fair market value"", to name a few, although in the mining industry, valuations usually refer to fair market value.In the Canadian mining industry, at present, there are no comprehensive regulations or guidelines that specify which approaches or methods are appropriate for use in the valuation of mineral projects. In January 1999, The Mining Standards Task Force of the Toronto Stock Exchange and the Ontario Securities Commission recommended that the Canadian Institute of Mining, Metallurgy and Petroleum establish a committee to review and advise on approaches and methodologies for the valuation of mineral properties. Among the approaches to be considered, are included the following: the Discounted Cash Flow Approach, the Cost Approach, the Option Pricing Approach and Market Comparables Approach. In addition, methodologies differ depending on whether the project is at the exploration stage or the producing stage.The CIMVal committee expects that its final report will form the basis for a standard Canadian Code for the valuation of mineral properties."

Jan 1, 2003