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By N. V. Peterson, R. S. Mason

Pumice, pumicite, and cinders are all products of explosive volcanic eruptions. Pumice and pumicite are produced by the violent expansion of dissolved gases in a viscous silicic lava such as rhyolite or dacite. Pumice is a light-colored, cellular, almost frothy rock made up of glass-walled bubble casts. It may occur as coherent, massive blocks composed of highly vesicular glassy lava in either a flow or vent filling, or it may be more or less fragmented by violent eruption. Pumicite has the same origin, chemical composition, and glassy structure as pumice differing only in particle size. Particles less than 4 mm in diam are designated pumicite. Pumice is usually found relatively close to the vent from which it was erupted while pumicite may be carried by winds for great distances before settling as an accumulation of fine-grained ash or tuffaceous sediment. Volcanic cinders are the reddish to black vesicular fragments that pile up during explosive eruptions of volcanoes of basaltic composition. Most deposits of cinders occur as cones or mounds of stratified fragments that range in size from a fraction of an inch to several inches in diameter. Individual cones or mounds of cinders may be several hundreds of feet in diameter and as much as 500 ft high. Properties The properties that make pumice and pumicite useful in industrial applications include: low-bulk density, good heat and sound insulating properties, and excellent abrasive capability. Cinders, even though less cellular and somewhat heavier, also have a variety of industrial uses. Uses The main use of pumice and cinders continues to be in the construction industry as road-surfacing material, railroad ballast, building block aggregate, in lightweight structural concrete, and as plaster aggregate. Both pumice and pumicite continue to be used as abrasives for polishing glass, metal, leather, stone, and wood. Some scouring powders and soaps also contain pumicite. Minor uses include fillers, absorbents, carriers for insecticides, catalyst carriers, filters, and soil conditioners. Pumicite is also used in sizable quantities as a pozzolanic additive in monolithic concrete where it increases the workability, strength, and durability of the concrete and reduces the heat of hydration. Volcanic cinders are generally denser and more coarsely cellular than most pumice. Markets for cinders include aggregate for road construction and surfacing and in lightweight concretes, particularly blocks. Some producers having access to both pumice and cinders offer a variety of blends of the two materials to block manufacturers. Most pumice deposits are unconsolidated and usually have a minimum of overburden. Mining is by open pit and can be easily carried out with conventional loading equipment. Sometimes air-drying precedes hauling to a crushing and screening plant which yields the size product desired. Multiple bins at railroad hauling facilities permit blending if desired. Pumice for abrasive use may require more sophisticated processing by fine grinding and air classification before being bagged for market. Block pumice in economic quantity and quality is limited to a few geologically young

Jan 1, 1975

By W. Robert Power

Petrographically these range from true granite and syenite to gabbro and anorthosite. Commercial limestone is any sedimentary rock composed predominantly of the minerals calcite and/or dolomite. Commercial marble is any crystalline rock composed predominantly of calcite, dolomite or serpentine that is capable of taking a polish. Marble comes in a wide variety of color, texture and pattern. Many commercial marbles are unmetamorphosed limestone, to the geologist or petrologist but if they take a polish, are classified as marble.

Jan 6, 1972

By Wayne D. Gould, Terry O. Arney

The Pinto Valley digital control system is a supervisory system interfaced with a conventional analog control system. The design criteria, the hardware selection, and the startup of the system in the Pinto Valley concentrator are reported in depth. Examples of data collection application, as well as the present and immediate future implementation of control strategies, are discussed. This paper is a description of the digital data acquisition and control system that is installed at Cities Service's Pinto Valley concentrator.

Jan 1, 1978

By Henry Mulryan

DIATOMS are microscopic aquatic plants of the order Bacillariaceae. They are unicellular plants with skeletons made up of amorphous opaline silica. The skeletons show highly ornate, complicated geometrical designs. Diatoms live in water virtually everywhere. They are found in clean sea water, brackish water, and fresh-water lakes and ponds. When conditions are right, diatoms propagate by subdivision in huge numbers. Alkalinity, temperature, and the presence of high concentrations of silica in the water largely control diatom life. When the diatoms die the skeletons drop to the bottom of their habitat to form oozes of varying thicknesses. DIATOMITES Diatomite, or diatomaceous earth, is composed essentially of the siliceous remains of the diatoms, although other organic skeletons are also present, especially in sea-water deposits where radiolaria, sponges and silico-flagellates are common. Impurities are generally carbonaceous material, fine-grained silt, volcanic ash and dust, and occasional coarse grains of sand. Diatomites are marine, brackish, or fresh-water, depending upon types of diatoms and their method of deposition. DIATOMS More than 8000 species of diatoms have been named and classified. Some are definitely classified as to their habitat; some are so well recognized as to their living conditions that they can be stated to be diagnostic types, and when encountered in a deposit determine the origin of the deposit. Some of the commoner types of diatoms found in the fresh-water diatomites on the Pacific Coast are: [Cymbella lanceolata Agardh Fragilaria virescens Ralfs Encyonema prostratum Ralf s Diatoma vulgare Bory Surirella biseriata Brebison Eunotia major Ehrenberg Amphipleura pellucida Kutaing Stictodiscus niagarae Ehrenberg Gomphonema geminatum Lynberg Melosira granulata Ehrenberg]

Jan 1, 1939

DETAILED programs for the Regional Meeting to be held at Boston, on Aug. 29, 30, 31, will be available on arrival at the Copley-Plaza Hotel, where registration will begin at 10 a. m. on Wednesday morning. The opening session will be non-technical in character and will be called to order at 11 a. m. Hector J. Hughes, Dean of the Graduate School of Engineering of Harvard University, and others will speak, and in the afternoon visits are to be made both to Harvard and Massachusetts Institute of Technology. Wednesday afternoon will be devoted mainly to the opening of an exhibit of geophysical instruments and methods at Tech. On the way back to the hotel a tour of Old Boston will permit the visitors to see many of the historic points of the city. A special meeting of the Board of Directors has been called to be preceded by the usual subscription dinner at the University Club at 6.30 p. m. Owing to limita-tions of room, invitations have been sent only to the usual list designated in the By-Laws, the Directors, past officers, chairmen of sections and of technical committees. The dinner and a brief business session of the Board will be followed by a technical session at the Copley-Plaza at 8 p. m. and this in turn by a buffet supper at the University Club at 10 p. m. Sep-arate entertainment is being provided for the women for the evening. Thursday will be devoted to technical sessions both in the morning and afternoon. If necessary to permit adequate discussion, an overflow session will be ar-ranged in the afternoon. In the evening, a subscription dinner will be given at the Copley-Plaza at which past-presidents John Hays Hammond and Robert H. Rich-ards will be guests of honor. It is promised that speeches will be short and dancing will be arranged for following. The women will be offered a luncheon and bridge party at one of the country clubs on Thursday, and Friday will be devoted to an all-day excursion for both men and, women. Members are asked to register promptly on arrival so that the various committees will know as early as possible for how many to provide. The major part of the technical program has been provided by the Committee on Geophysical Methods of Prospecting, and a series of papers of great value and interest in this new field has been brought together. Abstracts of substantially all of them are printed in this issue of MINING AND METALLURGY and the papers themselves will, with one or two exceptions, be avail-able in printed form at the meeting and later in the regular publications of the Institute.

Jan 9, 1928

By David Moskowitz, Ira Binder, Robert Steinitz

THE hard refractory borides of the transition elements of the 4th, 5th, and 6th groups of the Periodic System have been the subject of a number of recent investigations.'-' It is well known now that most of these elements form several different borides, and Kiessling8 has summarized the rules which govern to some extent the arrangements of the boron atoms in the various structures. Melting points of a few borides have been published." The systems Fe-B, Ni-B, and Co-B have been reported," but, as these borides are rather low melting, they are outside of the groups of boron compounds considered here. Brewer' has tested the stability of various borides and estimated a number of eutectic temperatures between different borides, but in no case was the complete system of a transition metal and boron investigated. The phase diagram becomes of special importance if the preparation of the borides from the elements in powdered form is considered; the lowest eutectic temperature will determine the first appearance of a liquid phase. Also, the knowledge of high temperature phases, if they exist, is important for the preparation of bodies from these borides by hot pressing or sintering. During the investigation of various metal borides,7 it was found that there were more boride phases existing in the Mo-B system than reported by Kiessling." They occur, however, only at temperatures above 1500°C and were, therefore, not found by him. This led to a study of the equilibrium diagram of the Mo-B system. ranging from 0 to 25 pct B and from room temperature to the liquidus. Part of this investigation was reported during the "Research in Progress" session at the 1952 Annual Meeting of the AIME.11 Raw Materials and Preparation of the Borides The raw materials used were commercial molybdenum and boron powder, both supplied by the Molybdenum Corp. of America. The molybdenum powder was 99+ pct pure? while the boron powder contained about 83 to 85 pct B. A large percentage of the impurities in this powder was oxygen, with the rest formed by iron, calcium, and unknown substances. The low purity of the boron used was, however, not considered detrimental to the final product, as most of the impurities evaporated at the high temperatures at which the borides were formed. The final product always had a minimum purity of 96 to 98 pct (figured as molybdenum and boron), with carbon, iron, and probably oxygen being the remaining products. Carbon is usually present as graphite. The chemical analyses always confirmed the compositions which corresponded to the crystallographic structures as determined by X-ray diffraction, and the boron content of the finished product agreed closely with that of the starting mixture; no boron was lost during the boride preparation. The chemical analysis methods employed for molybdenum and boron were previously described by Blumenthal.12,13 The powders were mixed by hand in the desired proportions, compressed at room temperature under low pressure, and then heated under hydrogen to about 1500" to 1700°C in a graphite crucible to form the borides. Usually, the three well-known borides Mo,B, MOB, and Mo,B,, which are stable at room temperatures, were prepared in this way, and all other compositions were made by mixing these borides in various ratios or by the addition of molybdenum or boron powders for the very low or very high boron contents. Preparation of two-phase compositions directly from the elemental powders was tried only occasionally to check whether equilibrium could be reached in this way. Experimental Procedures The stable borides were mixed in the desired ratios and heated under hydrogen in graphite crucibles to various temperatures. The well insulated crucibles were heated in a high frequency induction furnace. Special care was taken to obtain exact temperature measurement, which proved much more difficult than originally anticipated. It is believed that individual temperature measurements have an error of less than ±25ºC, while melting or transformation temperatures are accurate within ±50°C. The temperatures were measured with an optical pyrometer which was aimed at the closed end of a graphite tube extending down into the crucible. close to the samples. Attempts to measure directly through the hydrogen exit stack failed. The crucible arrangement is shown in Fig. 1. Heating was done at a slow rate to be sure that the temperature inside the crucible was uniform. The specimens were kept at the final temperature for about 30 min. For the investigation of high temperature phases, some samples were quenched. They were heated, without atmosphere protection, in a very small graphite crucible which could be rapidly removed from the high frequency coil, and dropped into water. These quenched samples were afterwards annealed to establish the equilibrium at lower temperatures. The melting points or the positions of the solidus and liquidus lines were determined by heating the specimens to various temperatures and examining them at room temperature for evidence of a liquid phase. These results were checked later on by thermal arrest curves, especially to determine the exact position of the eutectic temperature line. For this purpose about 200 g of the boride were melted in a graphite crucible, in an arrangement similar to Fig. 1. Slow cooling was assured by very good

Jan 1, 1953

By Claudio Gutierrez

It has been claimed (Eadington and Rosser, 1969) that when freshly precipitated lead sulfide is in contact with oxygen-containing water, there is an "induction period" of at least a few hours during which no detectable oxidation of the lead sulfide takes place This effect would be of the utmost importance for the adsorption of xanthate on galena in flotation mills. It was tried here to reproduce the results obtained in (Eadington and Rosser, 1969), but no "induction period" was found. Besides, reasons are given to prove that the oxidation mechanism proposed by Eadington and Prosser (1969) is not realistic.

Jan 1, 1982

By William B. Plank

ENGINEERING educators and industries are worried about the engineering manpower shortage that is predicted as a result of the increasing demand for trained engineers not only by industry but by the armed services. This is in the face of a decreasing supply, as is shown by this and other studies. Not only has the number of entering freshmen been decreasing since 1947, because of a decrease in the number of high school graduates entering engineering, but the total number of high school graduates will continue to decrease until 1958 because of the lowered birth rate during the depression years.

Jan 8, 1951

By O. W. Walvoord

To those working in the mineral industry, the flowsheet is a familiar and valuable tool, seldom used, unfortunately, to its fullest advantage. As with so many other commonplace and simple items, there is little or no attempt to expand on the forms, and types of flowsheets. A flowsheet or flow diagram may be defined as an illustration showing circulation of the ore stream in a concentrating plant. It may be further described as an explanatory graphic design or picture. A flowsheet is obtained by interpreting the metallurgists' research and ore test data, usually with some adjustments to suit the economies of the project. It brings together, in compact form, information from a number of sources.

Oct 1, 1956

By William T. Barrett, James E. Lawver, James L. Wright

One of the problems facing both the designer and the user of magnetic separators is the evaluation of the body forces acting on particles in the magnetic field of the separator. Perhaps the most elegant method of evaluating the body force associated with a drum-type magnetic separator is that recently suggested by W. F. Brown.' Brown measures the radial component of the field intensity 1/2 in. from the drum surface and fits a Fourier series in the angle about the drum axis (Fig. 1). Once the coefficients of the series are known, it is then possible to calculate the values of the radial and angular

Jan 1, 1971

By B. D. Cullity, O. P. Puri

The magnetostrictia of nickel after increasing amounts of plastic elongation was measured at field strengths up to 1500 oe. In addition, the residual stress was measured by means of X-ray line shifts. The observed decrease in magnetostriction following plastic strain is shown to be associated with residual compressive stress. If a metal bar, whose longitudinal axis is taken as the x direction, is plastically elongated in the x direction and then unloaded, X-ray diffraction measurements will indicate the presence of a residual compressive macrostress 0%. However, stress measurement by means of mechanical relaxation does not reveal any macrostress. In a previous paper1 the fictitious macrostress indicated by X-rays was ascribed to a particular distribution of micro-stress, namely, one in which the bulk of the material was stressed more or less uniformly in compression and a very small portion in tension. It was shown that this distribution would account for Neurath's measurements2 of magnetic losses in silicon steel, because of the effect of residual stress on magnetostriction. The present paper is concerned directly with magnetostriction, in nickel, and with the effect on magnetostriction of the residual stress created by plastic elongation. The residual stress was determined by measurements of X-ray line shifts. MATERIAL AND METHODS Commercially pure "A" nickel was investigated. Its nominal composition, in weight percent, is 99.4 Ni + Co, 0.2 Mn, 0.15 Fe, 0.1 Cu, 0.1 C, 0.05 Si, and 0.005 S. Magnetostriction was measured by means of SR-4 electrical-resistance strain gages mounted on specimens 1/4 in. sq and 8 in. long. Magnetic fields up to about 1500 ce were provided by a multilayer, non-cooled solenoid. A considerable amount of heat was developed at the higher field strengths, and, to avoid errors due to changes in the specimen temperature, the following procedure was adopted. Each measurement of the magnetostriction X at a particular field strength H was preceded by demagnetization and an adjustment of the strain indicator to zero; the field H was then quickly switched on and the strain read immediately. Curves of ? vs H were flat for field strengths above about 750 oe for all specimens, and this constant value of X was accordingly taken as the saturation magnetostriction ?s The X-ray measurements of residual stress were made with a Norelco diffractometer on specimens cut from flat bars 1 1/4 in. wide, 1/8 in. thick, and 12 in. long. These measurements were confined to lattice planes parallel to the surface of the specimen. Two reflections were studied: the 311 CrKß line at 28 = 157 deg, and the 420 CuKal line at 28 = 155 deg. The line centers were determined by fitting a parabola to the peak of the line, as suggested by Ogilvie3 and as modified by Koistinen and Marburger.4 The CuKa doublet from the plastically elongated specimens was first resolved by the Rachinger method5. All X-ray measurements were made by counting at fixed angular positions. RESULTS The results of the magnetostriction measurements are shown in Fig. 1 and Table 1. The magnitude of

Jan 1, 1963

By Paul L. Allsman

Butte mining district contains extensive manganese vein deposits forming a peripheral zone. Oxidation in the veins studied usually extends to a depth of about 75 ft. Secondary minerals formed by oxidation were found to be ramsdellite-always accompanied by intermixed pyrolusite-and cryptomelane. Enrichment of the gossan is accomplished by reduction of weight upon oxidation; theoretical enrichment is 32.2 pct. Additional enrichment is caused by leaching of soluble minerals, particularly calcium and magnesium carbonates. Butte mining district contains extensive manganese vein deposits in the outer zone, surrounding the copper and zinc deposits and corresponding to the well known silver zone. This article describes the mineralogy of the manganese veins, the oxidation and enrichment processes, and the use of this information in prospecting.

Nov 1, 1956

By John A. Dunn

Continued increase in electric power requirements for mining, brought on by higher capacity mining machines and total mechanization, emphasizes the importance of proper power system design and planning. How effective a mine operates to produce quality coal at low cost depends to a great extent on how well its power system is planned and how well it is maintained. To be planned well it must be adequate to serve all the needs of the mine, it should be safe, there should be a margin for expansion, and it should be easily maintained. In planning a power system for mining coal it is helpful to establish a reliable base for estimating loads. Since most mines are served electric power by utility, power bills for similar mine loads are useful in setting up a base for estimates.

Jan 12, 1964

The work of the Committee on Industrial Preparedness* is well summed up in the following letter written by Thomas A. Edison, Chair-man of the Naval Consulting Board, after President Wilson and signed the army appropriation and army reorganization bills: "The Committee on Industrial Preparedness of the Naval Consulting Board, of which committee Howard E. Coffin is chairman, after a five months' campaign in many ways unique in vigor and vision has played a very definite part in the measures for the national defense which have just become law. It is responsible for having laid the foundation for a true industrial preparedness in this nation. "Five months ago the committee, wholly non-partisan in make-up, acting with the civil, mechanical, mining and electrical engineers and the chemists of the country, members of five great scientific bodies, began its work in' every nook and cranny of the land. The purpose was to prepare American industry efficiently to support the armed forces of America in the event of war. "The public, the business men and the legislators at Washington knew little regarding the demands on industry in connection with modern war. No department at Washington was charged with the duty of coordinating the needs of the army and navy with transportation, industry, and kindred functions. The purchasing, quartermaster's and ordnance departments of the army and navy were unable to buy military supplies except by competitive offering in the open market. No one had considered the need, and no legislative machinery was in existence, for preventing the presence of skilled workers on the fighting front when they would in time of war be needed in the factories, mills and mines of the country. Neither at Washington or elsewhere was there even a list of the industrial resources of the nation in such shape as could be used for practical purposes in case war should come. "The three things, then, that the committee headed by Mr. Coffin set out to do and that now have been brought about were as follows: First, to mobilize concretely the business men of America and their output against a day of need. This meant chiefly to discover in fullest detail just what equipment our manufacturers possessed that might be swung over to supply the army and navy swiftly and bountifully from the hour the colors were raised. In a few weeks this initial task, which has been a truly colossal one, will be at an end. A complete report of the equipment of practically every concern of substantial size in the country is now in the hands of the - committee. Directly in charge of the great inventory has been W. S. Gifford, Supervising Director of the Committee. The second step was to procure legislation making possible the placing by the war and navy departments of annual orders for munitions in small quantities to American manufacturers now not producing such things, so that quietly, efficiently and thoroughly they could learn in time of peace how to supply the government in time of war. The new laws make all this possible. It should be said here that this practice will bring about a geographical diffusion of munition plants all over our country, instead of affording us only a few such concerns for the most part near the exposed seaboards, as at present. It is obvious that this system will also throttle all talk of a munitions trust.

Jan 10, 1916

By R. A. MacGregor

The Stanrock mine of Stanrock Uranium Mines Ltd. is located on Quirke Lake in the Elliot Lake area of northern Ontario, about 25 miles north of Lake Huron. The property was developed and brought into production at a rate of 3000 tons of ore per day during the uranium boom of the mid-1950's. The mine workings are from 1200 to 2100 ft below sea level. Mining was done by the room-and-pillar method with 65 to 80% extraction. The plant is located at an elevation of 1400 ft above sea level. The orebodies are conglomeratic beds, 6 to 40 ft in thickness and dipping 5º to 40º. The ore is a quartz pebble conglomerate with a pyritized sericitic matrix. The ore minerals are brannerite, frequently intergrown with anatase or rutile, uraninite, and some monazite and minor coffinite and thucolite. Sulfides constitute 5 to 10% of the ore as pyrite with minor amounts of pyrrhotite, chalcopyrite and galena.

Jan 3, 1969

By O. W. Walvoord

Mill design of the past will not necessarily dictate mill design of the future. There have been many advances and changes in the last few decades, many of which have been extensive and remarkable. Almost certainly, there will be still greater changes in the near future. Minerals beneficiation, for example, as it relates to future mill design, is likely to experience the greatest progress. Gravity separation, though one of the older arts, is in a continuous state of refinement. Flotation, having celebrated its 50th anniversary in 1961, has yet to be surpassed in its contribution to the art of mineral dressing. Ion-exchange, too, will flourish.

Jan 1, 1971

By L. A. Wright

Union Carbide Corp.'s Pine Creek mine in California is the largest known tungsten deposit in the West, and the producer of well over five million tons or ore to date. Located 21 miles northwest of Bishop on the eastern slope of the Sierra Nevadas, the mine is also a source of molybdenum and copper and it was the quest for the molybdenum which caused the mine management to undertake a pillar recovery program. GEOLOGY For a full discussion on the geology of the Bishop tungsten district and the Pine Creek mine, reference is made to Special Report 47, Calif. Div. of Mines. The deposit lies along a 3000 ft segment of the contact between quartz monzonite and the marble that flanks the west side of the north portion of the Pine Creek pendant. All the components of a typical contact metamorphic tungsten deposit are developed; these consist of tactite, light colored calc-silicate rock and quartzose rock.

Jan 5, 1964

The Library of the above-named Societies is open from 9 A.M. to 10 P.M., except on holidays. It contains about 70,000 volumes and 90,000 pamphlets, including sets of technical periodicals and publications of scientific and technical societies. Members of the Institute, with few exceptions, are forced to spend a portion of their time in localities isolated from sources of information. To these the Library, through its Library Service Bureau, can render valuable service through correspondence; letters requesting information will receive especial attention. The Library is prepared to furnish references and photographic copies of articles on mining and metallurgical subjects; to determine the existence of mining maps, and to furnish general information on the geology and mineral resources of all countries. All communications should be made as definite as possible so that the information received may be what is desired and not include collateral matter which may not be of interest. The time spent in searching for such collateral matter will be saved, and the information will be sent more promptly and in more usable shape.

Jan 3, 1918

By H. O. Olsen

MARMORA mine is located a mile southeast of Marmora village in Hastings County, Ontario, 130 miles from Toronto and 150 miles from Ottawa. Highway No. 7 passes half a mile north of the mine and Highway No. 14 half a mile west. The Canadian National Ry. branch line between Trenton and Bancroft passes through the property just east of the open pit. The iron orebody at Marmora is the result of a replacement of Pre-Cambrian limestone with zones or bands of magnetite interlaid with metamorphic rocks and cut by later intrusives. The ore and associated Pre-Cambrian rocks are overlain by 100 to 150 ft of flat-lying paleozoic limestone. It is a low grade magnetite deposit that requires concentration before it can be used economically for production of iron and steel.

Jan 1, 1957

By Michael Chender

INTRODUCTION The project financing described elsewhere in this book is available to major mining companies on the basis of a strong balance sheet, a significant equity position in a project of proven feasibility, and a demonstrated ability to bring ore deposits into production. "Junior" mining companies, which are most active in Canada, Australia, the US, and South Africa, by definition do not meet these criteria. In many cases, junior companies will need to raise money simply to cover the costs of acquiring and exploring potential deposits. In what follows we will look primarily at junior financing practices in the US and Canada, although the same general principles will apply in Australia and South Africa. The principal vehicles for junior mine company financing are limited partnerships, the private placement of securities and debentures, and public offering of securities, and property deals with stronger companies, in the form of leases, earn-ins and co-ventures. The cost (in terms of dollars or equity) and, to some extent, the applicability of using these difficult approaches varies with the stage of development of the property and with the corresponding degree of risk to the investor. Much junior company fund raising is, in fact, "interim" financing in that it allows the company to improve its properties and develop its assets to the stage where more favorable financing arrangements may become available. Companies will therefore often use several of the approaches described above during the development life of a specific property. LIMITED PARTNERSHIPS Limited partnerships and syndications are a popular way of structuring the initial private financing of mine developments because of their attractive tax consequences for the well-to-do investor. Costs of exploration and development can in many countries be passed through as deductions to the limited partners, who are thus able to gamble on a possible windfall at little real cost. In addition to private Canadian funds, much German money flowed into Canadian exploration ventures on this basis, but stopped in 1982 due to economic conditions in West Germany. In the US, recent regulations have, in the great majority of cases, taken away the ability to "shelter" income in mining limited partnerships. Deductions taken by the individual investor cannot exceed the amount of money he actually has at risk. Nevertheless, the allowable deductions are still attractive and some of the major mining companies are now beginning to look at limited partnerships as a vehicle for attracting additional exploration funding. Ranchers Exploration and Development has successfully put together several drilling funds on this basis. THE PRIVATE PLACEMENT Initial funding for the acquisition and preliminary exploration of prospects is often accomplished through a private placement of unregistered securities or, where it is not a problem to carry debt on the statement, by a private placement sale of debentures. A fledgling company wishing to do a public offering may well be advised by an underwriter to accomplish a small private placement as a precondition of the larger offering. In this way, the sale of the registered securities is not inhibited by the company starting out with a debt-ridden balance sheet and no demonstrated ability to secure the additional financing generally necessary beyond the proceeds of that offering. In the US, the securities offered in a private placement are not registered with the Securities and Exchange Commission (S.E.C.) but are restricted as to their resale, and could be further restricted by a underwriting agreement

Jan 1, 1985