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By A. Taylor, E. Thorn Corthay, J. Farrell, L. A. Westfall, S. Borchardt

Mining and metallurgical industries need to minimize their greenhouse gas (GHG) emissions; Hatch specializes in conducting mining and metallurgical energy management assessments and optimizing productivity. Projects executed have demonstrated that there is a wealth of energy management, waste reduction, and process efficiency improvements that require no or low capital investment. Typical energy cost savings are on the order of 5% to 12%, with similar reductions in GHG emissions. Hatch generates Marginal Abatement Cost Curves to optimize the implementation pathway, maximizing carbon abatement and minimizing cost. The findings of a practical case study from Cameco are presented.

Jan 1, 2010

By C. Díaz, M. Barati

Prof. Torstein Utigard's untimely death, in the spring of 2012, put an abrupt end to a meritorious career in the field of high temperature chemical process metallurgy. As an academic in the Department of Materials Science and Engineering of the University of Toronto, Torstein made solid contributions to the advancement of knowledge pertaining to production and refining of both nonferrous and light metals, and to the development of inquisitive and innovative young people in extractive metallurgy. In this profile, the authors highlight aspects of Torstein's rich personality and of his contributions to his field of expertise.

Jan 1, 2015

By C. J. Newman, K. Molnar, A. G. Storey, G. Macfarlane

"The Kidd Creek copper smelter started operation in June 1981 using the Mitsubishi Continuous Smelting Process. A steady increase in plant production rates has been demonstrated, and the annual tonnage of concentrate smelted is now double the original design rate. This paper summarizes recent modifications made to increase concentrate feed rates, increase on-line time, reduce copper losses and control the impurity level in anode copper. It includes improvements made to furnace design, improvements to reduce downtime f or boiler cleaning, and improvements made to the acid plant to allow handling of increased gas flowrates and higher gas strengths while maintaining low acid plant emission rates. IntroductionThe Kidd Creek Division of Fal conbridge Limited operates a base-metal mining and metallurgical complex, located in Timmins, Ontario, which includes an underground mine, a 13 500 tonne/day concentrator, a 130000 tonne/year zinc plant and a copper smelter and refinery, The copper smelter and refinery were commissioned in 1981, with an installed capacity of 59 000 tonnes/ year of cathode. The smelter, utilizing the continuous smelting technology of the Mitsubishi Process, has subsequently been expanded in production capacity, and in 1991 produced 113 500 tonnes of blister copper The capacity of the refinery, which uses Onahama No. 3 tankhouse technology, has been increased to 96 000 tonnes/year of cathode. The capacity increase at the smelter has been realized through the input of additional oxygen to both the smelting and converting furnaces, without increasing the process off-gas flowrate through the associated waste heat boilers.In this paper, a brief review of smelter operation and modifications in the period 1982 to 1987 is presented, together with a more detailed discussion of operation during 1988 to 1991, and a discussion of future planned improvements."

Jan 1, 1992

By Michael Harley, E. Guy Charlesworth

"Abstract - Bedding-parallel thrust-hosted gold veins are developed in the Sabie-Pilgrim's Rest goldfield, eastern Transvaal, South Africa. The reefs display a complex history characterized by temporally and spatially overlapping events of similar mineralization and deformation. Recognition of the episodic reactivation of these low angle (5° to 10°) thrust faults implicates high fluid pressures (equalling or exceeding lithostatic pressures). Geochemical constraints limit the amount of fluid-rock interaction and the occurrence of transgressive mineralization within the Archaean granitoid basement suggests that the high pressure fluids originated at depth beneath the Transvaal Basin.Similarities exist between gold deposits of Sabie-Pilgrim's Rest and Telfer, Western Australia as well as Passagem de Mariana, Minas Gerais, Brazil. All deposits are sub-parallel to the enclosing bedding which is shallowly inclined. Furthermore, they are also hosted by contractional deformational structures and are clearly epigenetic in origin."

Jan 1, 1994

By G. Graves, J. A. Walker

"Abstract - The Mount Fronsac North volcanogenic massive sulfide deposit is the most recently discovered massive sulfide body in the Bathurst Mining Camp. The deposit occurs within a sequence of intercalated fine-grained felsic tuff and sedimentary rocks (Little Falls member), at the top of the Nepisiguit Falls Formation. Aphyric to sparsely feldspar-phyric rhyolite and related volcanic rocks of the Flat Landing Brook Formation overlie the host sequence. The massive and semimassive parts of the deposit have a north-south strike length of 525 m and a dip of ~45°E; the deposit is continuous downdip for 600 m, and thickness varies from 2 to 20 m. The deposit contains an estimated geologic resource of 14 Mt of low-grade, semimassive (>60%) to locally massive sulfides, and includes a high-grade zone of 1.26 Mt grading 7.65% Zn, 2.18% Pb, 0.14% Cu, 40.3 g/t Ag, and 0.40 g/t Au. The semimassive to massive sulfide intersections occur in an envelope of quartz-sericite±chlorite schist, which is interpreted to be intensely deformed felsic tuff. This sequence has a maximum thickness of 140 m and contains significant (up to 50%) fine- to coarse-grained disseminated pyrite. The pyritic envelope has a strike length of 900 m and extends over 1000 m downdip. Massive sulfides are found throughout this alteration envelope, but more commonly occur at or near the upper contact. The significance of the discovery of this deposit is that it represents a near surface discovery of a large tonnage sulfide body in a mature mining camp, one in which the possibility of discovery of a new shallow deposit had been all but discounted. This opens the possibility for future discoveries in this part of the Bathurst Mining Camp. Sommaire - Le gîte de sulfures massifs volcanogènes du Mont Fronsac Nord est la découverte de sulfures massifs la plus récente dans le Camp Minier de Bathurst. Le gisement est situé dans une séquence de tufs felsiques à grains fins interlités de roches sédimentaires (membre de Little Falls, au sommet de la Formation de Nepisiguit Falls. La partie massive et la semimassive s’étendent du nord au sud sur 525 m et ont un pendage de ~45°E; le gisement est continu sur 600 m en angle de chute et son épaisseur varie de 2 à 20 m. Le gisement contient une ressource géologique évaluée à 14 Mt de sulfures semimassifs (>60%) localement massifs à basse teneur, incluant une zone à haute teneur de 1.26 Mt titrant 7.65% Zn, 2.18% Pb, 0.14% Cu, 40.3 g/t Ag, et 0.40 g/t Au. Les intersections de sulfures semimassifs à massifs se situent dans une enveloppe de schiste à quartz-sericite ± chlorite interprétée comme un tuf felsique intensément déformé. Cette séquence contient une quantité importante (jusqu’à 50%) de pyrite disséminée dont le grain varie de fin à grossier et son épaisseur maximale est de 140 m. L’enveloppe pyriteuse s’étend latéralement sur 900 m et a été tracée jusqu’à 1000 m en angle de chute. Des sulfures massifs sont trouvés partout à l’intérieur de cette enveloppe d’altération, mais ils sont plus fréquents près du contact supérieur. L’importance de cette découverte tient à ce qu’elle est un exemple d’un gisement à fort tonnage nouvellement découvert à une faible profondeur dans un camp minier mature, i.e., un camp ou l’on ne croyait plus qu’il était possible de trouver un gisement près de la surface. Ceci ouvre la porte à la possibilité d’autres découvertes dans cette partie du Camp Minier de Bathurst."

Jan 1, 2006

By L. Newman, R. Wyrick, R. Berezowsky

The Stillwater Mining Company operates an integrated mines, mill, smelter and base metals refinery complex in Montana, USA for the production of a high-grade platinum group metals (PGM) bearing concentrate, nickel sulphate crystal and cathode copper from the PGM-containing nickel-copper converter matte. The complex was constructed in stages over several years, starting with the mine and the mill, followed by the smelter and finally, a base metals refinery, which was commissioned in 1996. Due to the relatively small quantity of matte production, a straightforward refinery process was initially selected to extract the base metals, which reported to a mixed nickel-copper solution for further treatment off-site, and yielded a high-grade PGM concentrate suitable for treatment in a PGM refinery elsewhere. Subsequently, as a result of increased matte production, the process was modified to separate the nickel and copper, and to produce a nickel sulphate salt and cathode copper. This paper describes the design and operation of the original and the modified processes utilized in the base metals refinery (BMR).

Jan 1, 2004

By R Thomson

The use of uranium metal in non-ferrous metallurgical practice is dis-cussed with reference to its alloying behaviour and chemical activity. It is suggested that the more promising applications are in the treatment of molten metals to combine with impurities. Mines Branch work along these lines is described for copper, zinc, magnesium, aluminum and nickel alloys. It is shown that a cop-per-uranium master alloy (25 per cent U) successfully deoxidizes molten copper without detriment to the electrical or mechanical properties of the product at residual uranium levels of up to 0.8 wt. per cent. Additions of uranium to alpha brass in amounts greater than the lead impurity content were found to remove the deleterious effect of lead on hot-workability. Similar deoxidizing and malleableizing effects were found with uranium additions to nickel. It is thought that uranium forms stable intermetallic compounds with many impurity elements. A significant malleableizing effect can therefore be expected in the presence of other elements besides lead.

Jan 1, 1963

By R. Matusewicz

The key drivers for the copper smelting industry are a complex mix of economic and "human" factors which combine to drive technology in new directions and can provide a strong indication of future industry trends. Recent examples have been the drive to achieve increased scale of production and resultant cost efficiencies by using a single furnace high intensity smelting vessel, and the broad acceptance of Top Submerged Lancing (TSL) technology for this duty. The development and adoption of continuous converting processes to counter the increased pressures faced by the Peirce Smith converting process is another example of the need for innovation. This paper discusses the merits of the continuous converting process, describes how the Ausmelt TSL batch converting process has been adapted to the new Ausmelt Continuous Copper Converting (C3) process in response to these industry trends and examines the Ausmelt continuous converting flowsheet options available to the end user.

Jan 1, 2007

By Jim Excell, Jim Rothwell, Mike Rylati

"LocationThe Ekati Diamond mine is located at Lac de Gras, Northwest Territories.Brief Description of OperationBHP Diamonds Inc. has developed Canada's first diamond mine in the Northwest Territories (NWT), Canada. BHP Diamonds Inc. is part of the BHP World Minerals Division ofBHP Minerals. The project is a joint venture between manager and operator BHP (51%) and the Blackwater Group (49%). The Blackwater Group comprises Dia Met Minerals Limited, Charles Fipke and Stewart Blusson.Production at the NWT diamonds project began in October with the mine officially opened October 14, 1998. The project is situated on an 853 000 acre claim block located in the Lac de Gras region of the NWT. It is about 300 km northeast of Yellowknife and 100 km south of the Arctic Circle. The seasonal winter ice road to the Echo Bay Lupin mine passes along the eastern margin of the project area. This allows road access each year from mid-January to mid-April. For the remainder of the year, the project is accessible only by air.HistoryIn 1980, Charles Fipke traced indicator minerals east from the Mackenzie River area. He discovered indicator minerals in the Lac de Gras area and staked mineral claims in 1989. A joint venture was formed between BHP and Dia Met in 1990, and in 1991, the first diamonds in the NWT were discovered at Point Lake by BHP and Dia Met. This initiated the largest staking rush in Canadian history. The joint venture launched an aggressive exploration program.Koala, Fox, and Leslie were identified in 1992 as potentially economic pipes.As soon as the project's potential was established, it was recognized that an enormous amount of work had to be completed in several areas before a mine could be developed, namely: technical evaluation of the resources; environmental and socio-economic evaluation to procure the necessary permits for the development; and engineering design to optimize mining and processing of the resource and to comply with specific environmental requirements."

Jan 1, 2000

By Robert B. Parsons

"Once all the hullabaloo about Finance Minister Wilson's April 27 budget died down (or was it an April 26 budget?), the pain of the budget papers began to sink in. Individuals and corporations will have to dig deeper and pay more taxes - and government will continue to dig deeper and spend more. The irony of the situation is that higher tax rates actually make flow-through shares more attractive as a tax-deferral investment - a bittersweet ""bravo"" for the mining industry.INTRODUCTIONFor the first time in Canadian history, a major budget address has taken two days to deliver. Of course, it's not a case of long-windedness, but rather a case of a hastily called press announcement on April 26 in response to a budget leak, followed by a formal budget speech on April 27.The general reaction of the business community to the budget was to the effect that the tax hikes are acceptable, but the government's failure to curb spending is less than acceptable. Mr. Wilson's reported response indicated that the government had never promised to cut spending, and that increased government spending would actually benefit the country. That age-old debate will doubtlessly continue for generations.In any event, three noteworthy components of the budget papers are:• Personal income tax rates increase effective July I, 1989;• A ""large corporations tax"" (in effect 'a corporate ""minimum tax"") is effective July I, 1989; and• Federal sales tax increases are effective from June 30, 1989, to be replaced by a national sales tax in 1991.A brief overview of these and other budget proposals follows."

Jan 1, 1989

By H. C. Horwood

INTRODUCTION THE Argosy Gold Mines, Limited, which joined the ranks of active Ontario gold producers during the summer of 1936, holds a group of 21 claims on Casummit lake, in the Patricia portion, district of Kenora, northwestern Ontario. The Company is developing and mining goldbearing quartz veins that occur in a series of greywackes and slates of probable Keewatin age. The writer made a geological examination of the property and the surrounding area for the Ontario Department of Mines during the early part of the field season of 1936. This paper is a report on the general geology, structure, and ore deposits at the mine and is based almost entirely on data compiled during the examination. HISTORY Mineralization was first discovered on the property in May, 1929, by A. F. Hewitt, who, with J. A. Borthwick, decided that the country had prospecting possibilities and commenced work in April. Mr. Hewitt staked, and with his partner, J. Ziyone, still holds the group of claims lying immediately east of the present Argosy holdings. Mr. Borthwick staked six claims, K.R.L. 9,681 to 9,686, inclusive, adjoining Hewitt's on the west and later added claims K.R.L. 9,733 to 9,740, inclusive, to his holdings. F. Fiskness, who was also prospecting in the region, discoveted No. 1 vein on Borthwick's claims, and with his two partners, L. Parth and H. Jones, staked claims K.R.L. 9,758 to 9,763, inclusive, to the northwest of Borthwick's and Hewitt's ground. In July, 1929, the Casey Mountain Operating Syndicate, which held ground to the northwest, secured an option on Borthwick's claims. The Fiskness-Parth-Jones property was added in January, 1930, to protect the west dip of the veins. During the winter of 1930-31, the veins were explored by diamond drilling, No. 2 for a length ?of 900 feet and a vertical depth of from 51 to. 375 feet? and No. 3 .t~ a slope depth of 175 feet. I~ August, 1.931, after the msrallat10n of a miming plant, the Casey Summit Gold Mmes, limited, was incorporated to take over the property from the Syndicate. The Maple leaf Mines optioned a controlling interest in the stock in August, 1933, and on September 17th, 1934, brought a 50-ton amalgamation mill into production. From early in October to December 27th, 1934, when the mill was closed down, 4,094 tons of ore were treated to yield 887.89 ounces of gold and 87 .26 ounces of silver( ! ).

Jan 1, 1937

By P. T. Bloomer

Introduction Mining of the orebody of the Sullivan mine, which is owned and operated by the Consolidated Mining & Smelting Company of Canada, Limited, has reached a point where pillar extraction is rapidly becoming a major part of the operation. Very few of the larger pillars have been completely extracted; consequently, this paper contains much that is theory and expectation. Due to early mining methods and the physical characteristics of the Sullivan deposit, similar conditions may not exist in other older mines facing the problems of pillar extraction, but it is thought that the methods employed and those contemplated may be of general interest. History The Sullivan orebody, which is at Kimberley in the Fort Steele mining division of the East Kootenay district of British Columbia, was discovered in May, 1892, by Messrs. Sullivan, Smith, Cleaver, and Burchett. After passing through the hands of several owners the property was optioned in 1909, and purchased in 1910, by The Consolidated Mining and Smelting Company of Canada, Limited. Early mining was highly selective, the objective being a clean, high-grade silver-lead ore. By 1923 the difficulties of milling the very complex ore had been overcome and the first unit of a concentrator was completed with a capacity of 2,500 tons daily. Capacity was increased by stages to the present rate of 8,500 tons per day. Concentrates are shipped over the Canadian Pacific railway ? to the Company smelter at Tadanac, British Columbia, for final treatment. Approximately 45,000,000 tons of ore has been mined to date.

Jan 1, 1948

By R. Scheepers

"Abstract -Mineral deposits and prospects of the Pan African Saldanian orogenic belt in the south­ western Cape Province South Africa, are reviewed. Despite the entire absence of operating base or precious metal mines in the area, this study has established at !east four metal associations that offer enticing exploration potential .The poly-phase deformed, low-grade metamorphosed volcano-sedimentary Malmesbury Group constitutes a complex, poorly understood supracrustal sequence that has been loosely subdivided into the Tygerberg, Swartland and Boland tectono-stratigraphic terranes by northwesterly trending fault zones. Syn- and post-tectonic granitoids of the Cape Granite Suite selectively intruded these terranes. Early S-types preferred the Tygerberg terrane whereas the later I-types dominate the remaining areas. Anorogenic A-type granites, however, occur in all three domains. Known metallization is directly or indirectly related to the intrusives, yet syngenetic deposits are conspicuously absent from the supracrustals. Four metal associations have been identified.•,Cassiterite-wolfrarnite (± Au, Cu, Mo, Fe-sultides) in quartz and quartz/aplite veins hosted by tourmalinized and locally greissenized S-type granite. Similar exo-granitic veins occur in proximal metamorphites.•,Juxtaposed disseminated, stockwork, breccia and vein style Cu-Mo-Fe-(Au)-sultide mineralization hosted by matie to intermediate intrusives of high K calc-alkaline, 1-type affinity.•,Cu-Mo-Au-sultides hosted by hydraulic breccia pipes, stocks and veins occurring in anorogenic A-type alkali feldspar granites and amphibole quartz syenites.•,Scheelite with minor Cu-Mo-sulfides and Au-associated with endo- and exo-skarns spatially related to I-type monzogranite, granite and alkali feldspar granite .The first three associations occur along the Yzerfontein-Helderberg-Zone, a 180 km lineament in the Tygerberg terrane, a zone exploited by syn-, late- and post-tectonic intrusives and their related mineralization. The fourth association is typical of the Boland terrane. The spatial and temporal relationships between the various metal associations is interpreted as the result of sequential intrusion of relative early high level S-type, followed by intermediate level I-type and finally anorogenic A-type granitoids during the evolution of a contracting continental margin arc and its inner arc. This plate tectonic setting suggests subduction in an easterly direction underneath the Kalahari craton. The spatial configuration of the various terranes at the present erosional levels is the result of rifting and significant differential vertical displacement following cessation of subduction, a terminal tectonic event possibly synchronous with intrusion of the A-type granitoids.Near surface preserved roof zones and cupolas of both S- and I-type granitoids in the Tygerberg and Boland terranes, respectively, render these areas extremely prospective for Sn, W, Mo and Au mineralization. The presence of intermediate to mafic volcanics, a diversity of calcareous lithotypes and favorable plate tectonic setting of the Malmesbury Group suggest potential for the thus far elusive VMS, MVT and Sedex base metal and minor precious metal deposits."

Jan 1, 1994

By G. C. Mackenzie

At the last Annual Meeting of the Institute, Dr. C. V. Corless sketched the potential mineral wealth of Canada so clearly, graphically and with-all so entertainingly that one's imagination was fired with the promise held out to future generations for the tremendous expansion of the mining industry in the Dominion. Posterity will undoubtedly witness the fruit of much of the geographical search and survey that is now carried on by our government mining departments. Year after year the work advances, slowly but surely, new areas are . explored, older areas are surveyed in detail, the information being compiled in maps and reports of incalculable value to the prospector, the engineer and the general public. The immensity of the task of exploring, geologically, the outlying portions of the country, with the ultimate view of making valuable mineral discoveries, may be visualized from a study of Dr. Corless' paper and the subsequent discussion which took place and one becomes impressed with the fact that three-quarters or more of the problem can be included under the word "transportation". For instance Dr. Corless said, "The few geological explorers who have penetrated to these remoter regions . . . . . . have as a rule been compelled to stick closely to canoe routes,"; Dr. Goodwin remarked, "This barren Laurentian granite, which is put down on the maps as covering the greater part of this area, is the best guess the geologist could make from travelling along watercourses Within the next few years . . . . . . the Timiskaming and Northern Ontario railway will undoubtedly be extended to James Bay . . . . . . In order that we may be prepared for the probable influx of prospectors when transportation facilities to tidewater are provided, I think all available information on this district should be gathered together in handy form." All three-Corless, Goodwin and Cole-emphasize the well-known fact that explorers, geologists and prospectors working in new country must stick to the watercourses and that transportation by rail, road or water has always been the all-important deciding factor in facilitating the exploration and development of remote districts. Dr. Corless did, however, suggest other means of transportation in stating, "The aeroplane will be of assistance in future study of some parts of these remote areas."

Jan 1, 1924

By A. R. House, G. W. Shepherd

Newmont USA Limited owns and operates the Phoenix Mine near Battle Mountain, Nevada, USA. The existing milling facility has operated since 2006 (House, 2010). Following the startup of the milling operation, and coupled with the upswing in the copper market, Newmont realized that Phoenix had no process option to treat transition and oxide copper ores. This meant that potentially revenue generating ore would be mined as waste. With no system in place to treat the transition and oxide copper, work began to determine the most feasible approach. After evaluating multiple options, the flow sheet was set for a runof- mine (ROM) heap leach pad and solvent extraction/ electrowinning plant (L-SX/EW). This paper will discuss the eight years of successes and challenges with developing the copper L-SX/EW plant and achieving commercial production of copper cathode.

Jan 1, 2014

By Bernhard Schwab

A popular rule in the mining industry is that a property should only be developed if average unit production cost is less than a given proportion of the estimated long-run price of the mineral. This paper provides a comparative analysis of the average cost approach (ACA) with the use of net present value (NPV) as an investment criterion. It is concluded that the ACA is an easily understood and easily applied rule of thumb which may serve as a rough first screening device, for example in the early stages of deposit exploration. Its operational convenience is at the expense of accuracy and validity, and the NPV provides a sounder method of making decisions, especially in the case of marginal deposits.

Jan 1, 1978

By A. G. B. Hayes, C. L. Renzoni

"AbstractThis paper provides a rough outline of economic expectations for the near future and then goes on to discuss their effect on the expected demand for metals, using zinc, copper, nickel and aluminum as detailed examples.IntroductionMINING, as you are all painfully aware, is a cyclical business. We believe that it will remain so as long as there are economic cycles.The fortunes of the industry are tied to those sectors of the economy where decisions can be postponed until more favourable times: automobiles, housing, appliances, inventory building and capital spending. Over the past two years, while U.S. GNP fell by 3.8%, automobile production declined by 31 %, from 9.7 million units in 1973 to 6.7 million in 1975. Housing starts plummeted some 43% from 2.1 million units in 1973 to 1.2 million in 1975. Little wonder that U.S. copper consumption fell by 37% and zinc consumption by 38% over the same period.With the rest of the world's economies moving in unison with that of the United States, it is also not surprising that times have been tough for mining.Arthur Burns, chairman of the U.S. Federal Reserve, contends that each recession sows the seeds of its own recovery. The worse the recession, the better the subsequent recovery. If this is true, then the lot of the mining industry should improve significantly over the next two to three years."

Jan 1, 1977

By George K. Foster

The Jeffrey mine of the Canadian Johns-Manville Co., Limited, is in the town of Asbestos, situated approximately 100 miles northeast of Montreal and about the same distance southwest of Quebec, in Richmond county, Quebec. Mining operations were started in 1881 on outcrops on a hill, as a side-hill cut, followed by a second and third cut. This development was the forerunner of the present large open-pit operations, the mine now ranking as the largest open-pit asbestos mine in the world. Operations were first carried on by hand, then by horsepower and later by stem cableways. By 1914, the derrick spans, 2,000 feet or more long, became unwieldy. To overcome this, and also to eliminate hand labour as much as possible, steam shovels and railway haulage were introduced. The steam shovels were replaced in 1928 by larger electric shovels of the full-revolving type.

Jan 1, 1946

By Horst Konig

This paper illustrates that, with the application of new processes, smaller steel plants using local raw materials can be economical and advisable. It also introduces the problems connected with the direct reduction processes, which use non-coking coal or gas as reducing agents, and which are employed in connection with conventional reduction to produce excellent results. Electric smelting is also discussed, and some practical examples of operating plants are given.

Jan 1, 1970

By K. Spence

"The notion of “value” has always been a subjective and contentious issue. Indeed, value is in the eye of the beholder. There are as varied methods and practices for valuing property, as there are industries in which they are applied. For example, there is 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 (CIM) 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 the market comparables approach. In addition, methodologies differ depending on whether the project is at the exploration stage or the producing stage.The CIM Special Committee on the Valuation of Mineral Properties (CIMVal) expects that its final report will form the basis for a Canadian code or standard for the valuation of mineral properties."

Jan 1, 2002