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By B. J. Reid, J. N. Greenwood

It has been shown1 that cavities are formed in the grain-boundaries of copper and 70:30 brass (as well as in magnesium) by the application of tensile stresses at elevated temperatures. For a given rate of strain, cavities are formed in brass at a lower temperature than in copper, and they are larger; it was thought that this earlier onset of cavitation in the alloy might be caused by the distortion produced in the metal lattice by the alloying element. If the cavitation is caused by the vacancy-migration mechanism, ' the distortion of the lattice would reduce the energy required for vacancy formation, and thus provide vacancies more readily to assist in the cavitation process. It was decided to study a range of alloys to find out whether increasing amounts of an alloying element would cause any progressive increase in, or modification of, the cavitation in copper. Nickel was chosen for this purpose, since it is soluble in copper throughout the whole range of alloys. A further advantage was its low vapor pressure, which enabled the preparation of the alloys in vacuum and the consequent reduction of their hydrogen content. It has been suggested that cavities may be nucleated by the migration of hydrogen atoms to the less regular atomic spacing at the boundary, and their combination to form molecules. The latter being too large to diffuse back into the lattice, form stable cavities into which vacancies could condense. PREPARATION OF ALLOYS All alloys, ranging from pure OFHC copper to 43.7 at. pct of nickel (carbonyl), were prepared in a vacuum furnace employing high-frequency induction heating. When a charge was melted, vigorous gas evolution occurred initially, after which the pressure was reduced to 10-4 mm Hg, using an oil-diffusion pump. After remaining molten for a further 1/2 to 1 hr to aid degassing, the melt was allowed to solidify in the crucible. In this way contamination by gases evolved from the surface of a separate mold was avoided. The list of alloys prepared is shown in Table I. The percentage of hydrogen present in the OFHC copper was reduced from 0.0054 at. pct to 0.0012 at. pct, as measured by a vacuum-fusion method. The alloys were cold-rolled to 0.03-in.-thick strip, and were homogenized in vacuum for 1 hr at 900°C after every 30 pct reduction. At a thickness of 0.05 in., the strip was held at 450°C for 24 hr under high vacuum (10-5 mm Hg) in an attempt to reduce the hydrogen content still further. Tensile specimens were prepared with a gage length of 1 in., and were finally annealed for 2 hr at 800°C to give an average grain diameter of 0.1 mm. TENSILE DEFORMATION The specimens were deformed in a tensile straining machine operated by a synchronous motor at a constant rate, equivalent to 1.7 pct per hr on a 1-in. gage length. The specimen and grips were contained in a vacuum jacket. A pressure of 10-2 mm Hg was maintained, which was sufficient to prevent surface tarnishing of a specimen held at 650°C for 24 hr. Tests were made between 20. and 650°C and the temperature was controlled to within ±3° over the gage length. The load was measured by the deflection of a cantilever spring. a) Mechanical Properties-The ductility curves shown in Fig. 1 fall into two groups. Figs. 1(a) and (b) for copper and the 5 pct nickel alloy, respectively, show a continuous fall in ductility with a steep fall between 200° and 400°C. Figs. l(c) to (f) show the same sudden loss of ductility between 200° and 400°C. With higher temperatures, however, there is a recovery in ductility values to a maxi-

Jan 1, 1959

By Henry D. Hibbard

A noted ordnance engineer once said to a friend, in speaking of the production of great steel guns, " How is it ? We design our guns with a factor of safety of eight, and the guns burst." The vague way in which internal stresses and strains in iron and steel are often considered and spoken of makes it worth while to examine them, as to their nature, their causes and results, how they may, for useful purposes, be advantageously dealt with, and how, when detrimental or dangerous, they may be reduced or kept within harmless proportions. Rankine defines " strain " as a change of form or dimensions of a solid or liquid mass produced by a stress. This definition seems intended not to cover strains due to internal stresses, and it will help us in the present inquiry to consider strain as a tendency to change as well as an actual change of form. Internal strains in iron and steel are the result of stresses within the mass of the piece, some parts pulling and others pushing in resistance to them; or, in other words, some parts are in tension and some in compression, each part striving to relieve itself from strain and make the piece assume a form in which all parts are at rest. Subdivision, so that each part could relieve its strain by motion relative to the other parts, would, if carried out far enough, practically obliterate strain. The internal strains we are now to consider are not those due to the stresses of the service which the piece is rendering, either alone or as a part of a structure, which may be termed service-strains, but those which originate or at least are contained in the piece itself. Internal stresses in a piece of metal are, like action and reaction, always equal and in opposite directions. The stresses

Jan 1, 1907

By Dwain K. Butler

INTRODUCTION Characterization of a site for the prediction and simulation of dynamic events requires the determination of mechanical properties of the rock at stress/strain levels and rates and at a scale appropriate for the events and critical structures involved. The structures of interest can be on the surface, underground, or designed to impact and penetrate into the site (projectiles). Dynamic events of interest are equally diverse: seismic waves from distance earthquakes or explosions; close-in phenomena associated with earthquakes and explosions; vibrations associated with heavy equipment or machinery; and stress transients associated with impact and penetration. The complexity of site characterization depends on two factors not specifically related to the nature of the site itself: the stress levels generated by the dynamic event and the sophistication of the prediction and simulation techniques. For very high stress levels, such as occur near a nuclear detonation, and for low stress levels, such as occur during seismic wave propagation, site characterization is simplified, and often certain details of the site are not particularly important, such as shear strength variations in the case of very high stress levels. In the intermediate stress range, however, all descriptive relations are non- linear, a complete finite strain constitutive model is required, and all details of the site, such as lithology and fracture distribution, become important. The site characterization must be complete enough to support the most sophisticated prediction and simulation technique that will be applied to the analysis of the dynamic event. The procedures of site characterization are illustrated in this paper by a specific dynamic event, projectile impact and penetration, and a specific site, an outcrop of Dakota Sandstone near San Ysidro, New Mexico. The structure of interest was the projectile itself: nominally, 1.5 m in length, 0.165 m in diameter, 180 kg

Jan 1, 1984

By Caner Zanbak

Deformational behavior of a rock mass can be modeled with a constitutive law based on theories of elasticity, and plastic and viscous deformation. For most rock types, such constitutive models may be used with confidence because there is no geochemical interaction between the rock-forming minerals and water. However, if volume changes in the rock due to geochemical phase transitions are predicted, then these volume changes must be converted into mechanical parameters and must be included into the constitutive laws. In this paper, geochemical phase transitions between anhydrite (CaS04) and gypsum (CaS04-2H20) will be brought to the attention of researchers in rock mechanics. Hydration of anhydrite to gypsum may yield volume increases up to 62.6 percent and dehydration of gypsum to anhydrite may cause volume decreases up to 38.5 percent. If one were to convert the volume increases in hydrating anhydrite into strains and calculates the required stresses to restrict the expansions, the magnitude of stresses will be found at GPa levels. Such stresses on swelling anhydrite layers cannot be provided by geologic media. Therefore, the host rocks will deform under these high stresses. On the other hand, under increasing stresses, geochemical transition of anhydrite to gypsum may stop after some hydration of anhydrite, and anhydrite and gypsum systems may become stable. Changes in temperature and solution compositions in the anhydritel gypsum system also control the stability of the geochemical system, and therefore, the extent of volume changes. A similar conceptual model can be drawn for volume decreases due to dehydration of gypsum to anhydrite. In this case, stress reduction on the gypsum layer may cause extensive fracturing and changes in the state of stress in the host rock mass.

Jan 1, 1984

By Jay F. Smith

The Alan Wood BOF Shop consists of two 140 ton furnaces with a rated yearly capacity of 1-1/4 million ingot tons, he hot metal for the BOF Shop is supplied by two 18 foot blast furnaces which produce an average of 2000 tons per day, To achieve the rated ingot ton capacity with this limited supply of hot metal, the preheating of scrap is necessary. This is accomplished in the furnace by using an oxygen-natural gas burner. Piping Arrangement The natural gas and oxygen are piped into the Shop through 8-inch lines to their respective valving stations. As can be seen from Figure 1, the flow of natural gas passes through a flow control valve which is common to both furnaces, after which it divides into two 6-inch lines forming two identical and independent gas control lines, one for each furnace.

Jan 1, 1972

LAWFORD H. FRY, Burnham, Pa. (written discussion*).-As a sup-plement to the information given by Mr. Bash, a diagram is submitted showing the results of a somewhat similar experiment carried out at the ordnance plant of the Standard Steel Works Co. In this case the ingot to be heated was a nickel-steel octagon ingot, weighing 14,700 lb. (6667 kg.). This ingot was to be forged into two 255-mm. howitzer jackets. A hole was bored half way of the length of the ingot, extending into the longitudinal axis, and a base-metal thermocouple inserted in this hole.

Jan 11, 1919

By W. N. Lacey, D. F. Botkin, B. H. Sage

JOULE-THOMSON coefficients for two natural gases were determined at pressures up to 600 lb. per sq. in. throughout the temperature interval between 70° and 310°F. From these primary data and available information relating to the isobaric heat capacities of the components at infinite volume, the heat capacities of these gases were computed throughout the above-mentioned range of pressures and temperatures. The enthalpies of the gases were computed as a function of state and the results compared with values obtained by several methods of prediction currently available. The results are presented in graphical and tabular form.

Jan 1, 1942

By L. O. Howard

THE CHAIRMAN (WALTER DOUGLAS, New York, N. Y.).--I presume, gentlemen, that Mr. Howard's experience with the Great Falls basic-lined converter has been as regards the tonnage produced from a single lining, perhaps, a world's record. About 6 months ago Mr. Howard shut down and tore out what was left of the first basic-lining which was installed at the Old Dominion, the lining having produced something over 70,000,000 lb. of copper. This was due probably not only to the very excellent grade of the matte which was produced by the smelter there,

Jan 12, 1916

By E. Ryba, D. J. Michel

SAMPLES of REZn2 (RE = rare earth) intermetallic compounds prepared by a variety of techniques have been shown to exhibit an extensively twinned micro-structure.1-4 We have recently conducted compression tests at room temperature on specimens of HoZn2 prepared by a powder metallurgy technique.' The microstructures of specimens before and after testing are shown in Fig. 1. The "before" specimen, Fig. l(a), shows the basic twin structure of this material. Fig. l(b) shows the microstructure of the "after" specimen just below the fracture surface and reveals considerable cross-twinning as well as additional

Jan 1, 1970

[†Aaronson, Alfred E., Oil Producer, Pres., Tuloma Oil Cc Tulsa, Okla. '18 ¦Abad, Leopoldo F., College of Min., Univ. of California Berkeley, Cal. '23 ¦Abadilla, Quirico A., Geol. Dept., Cia. Mexicans de Petroleo "EI Aguila," S. A., Edifico "El Aguila," Esq., Calles Aurora y Comercio, Tampico, Tamps., Mexico. '20 ¦Abbey, Robert Graham, Student, Case School of Applied Science Cleveland, 0. '21 Abbott, Clarence E., Gen'l Supt., Iron Mines Div., Tenn. Coal, Iron & R. R. Co., 1405 Minnesota Ave., Bessemer, Ala. '04] [ ]

Jan 1, 1925

Erwin S. SperRy, Bridgeport, Conn.: The analysis of refined copper is a subject of great importance, and has not received the attention it deserves. Copper metallurgists, therefore, will welcome the paper of Mr. Heath with satisfaction. The state of the art of the chemical analysis of copper has been such that consumers, if they could not afford to run any risk, have been obliged to buy copper from the smelter having the best reputation, and a specification for copper to meet certain requirements could not be drawn up by the mere giving of the chemical constituents. Mr. Heath has brought the analysis of the copper to such a state that when a specification calls for copper " equal to Lake copper " one will know immediately what percentage of the pure metal to expect. It seems to be a pretty well established fact that the copper of Lake Superior is practically free from antimony and bitmuth ; and, with the exception of arsenic, the other elements are easily separated from copper by electro-deposition in an acid solution. The authorities differ in regard to the question whether antimony is deposited with the copper in an acid solution. Classen* recommends the employment of a solution containing 10 per cent. of free nitric acid, sp.gr.1.21, and the strength of the current from 0.3 to 0.4 ampere, in order to prevent the other metals from being deposited with the copper; and for this reason, I presume, the method has been generally used. I, myself, have been accustomed to use such a solution for the analysis of copper-alloys, but have found that for such alloys only a small quantity of nitric acid is necessary, if sulphuric acid is present in sufficient amount to give the solution the required conductivity.

Jan 1, 1898

NEW MEMBERS. The following list comprises the names of those persons who became members during the month of April, 1913: BARNES, BLAKESLEE, Min. Engr Burrwood, La. BOYLSTON, HERBERT M., Cons. Met. Engr 26 Abbot Bldg., Cambridge, Mass. BUEHLER, HENRY A., State Geol Rolla, Mo. CASTO, WILLIAM H., JR., Mining Bonanza, Idaho. COHEN, MAXWELL B., Mill Operator Miami, Ariz. EVANS, MILTON R., Shop Draftsman 92 Division St., Kingston, Pa. HARPER, WALTER S., Asst. Treas 42 Broadway, New York, N. Y. JAMES. JAMES S.. Min. Engr Telluride. Colo.

Jan 5, 1913

By T. D. Thomas

In this paper, major attention is given to misfires in mines where electric multiple shot-firing is the system used. Misfires are sometimes caused by one action or condition and at other times by a combination of two or more. They may be divided into two classes: (1) those caused by workers in the mines, (2) mechanical or manufacturer's causes. The second cause will be discussed first. Misfires Caused by Faulty Detonators The important part of an electric blasting cap, to the user where multiple shot-firing is done, as in the steep-pitch, thiek-vein, anthracite mines, is the bridge wire. In single shot-firing this factor is not apparent, but in mines where multiple firing is done any variation in the resistance of the bridge wire, where full or even rated battery capacity is required, will most likely cause a misfire. The reason for this is obvious. If the resistance in the bridge wires is not the same, some of the detonators will fire because of their greater comparative resistance. Variance in resistance of bridge wires is caused by a slight difference in the diameter of the bridge wire, also by a difference in the composition of the bridge wires. Again, where the bridge wires have become rusted, there will be a variance in resistance. About the year 1922, one of the large coal companies was greatly alarmed by the number of serious and fatal accidents caused by misfires. The general manager issued an order that these accidents must be greatly reduced, and if possible, entirely prevented. The officials at the mines had to determine the various causes of misfires and have them corrected. The rock contractors who use large quantities of 60 to 80 per cent. explosives and do all firing electrically were thoroughly instructed as to the proper methods of doing their work, and closer supervision was given to their work. The manufacturer's representatives stressed the importance of the use of galvanometers; accordingly these were purchased and used. Larger firing lines were installed under the supervision of a demonstrator of the company manufacturing the caps and explosives. However, misfires again occurred and it was evident that the source of the trouble was not wholly

Jan 1, 1930

By George W. Bain

The good work of the surveys supported by the different branches of the government needs little mention to geologists but is underappreciated by people at large. Geologists and engineers realize their usefulness and yet even from this group one hears occasionally an undercurrent of discontent about their work or the distribution of it. The very fact that discontent arises within and without this group and has drawn attention of legislative bodies of the country in the present time of stress means that a large number of people do not receive or do not realize that they receive benefit from these public works. This seems to be a clear indication that more than the relations between government surveys and the mining industry is involved and that if the mining industry is interested in continuation of the work of these surveys on the past scale they must consider the other survey divisions and their activity. Also, relations between government surveys and certain specialized types of mining have not been as close as they should be. I have been employed in almost the entire range of fields offered to geologists and have studied closely the feeling of people towards geological service. Recently it has been a pleasure to be closely associated with men who were as deeply interested in civic welfare and affairs of state as in the financial success of a large industry developing natural resources. Previously I had seen service in a national survey, a state survey, summer employment by a large mining company exploring new property and detailed geological work for a large corporation. Major responsibility as a college instructor has left me free to view each of these assignments in unprejudiced fashion and at the same time study the relation of government surveys to large natural resource industries, average industrial and construction work and service to nongeologists and laymen. Considerations Governing Geologic Public Service Three groups of people must be satisfied by the surveys if dissatisfaction is to be dispelled. First there is a large group of people who pay taxes to support the government activities and must receive some service

Jan 1, 1935

By George W. Bain

The good work of the surveys supported by the different branches of the government needs little mention to geologists but is underappreciated by people at large. Geologists and engineers realize their usefulness and yet even from this group one hears occasionally an undercurrent of discontent about their work or the distribution of it. The very fact that discontent arises within and without this group and has drawn attention of legislative bodies of the country in the present time of stress means that a large number of people do not receive or do not realize that they receive benefit from these public works. This seems to be a clear indication that more than the relations between government surveys and the mining industry is involved and that if the mining industry is interested in continuation of the work of these surveys on the past scale they must consider the other survey divisions and their activity. Also, relations between government surveys and certain specialized types of mining have not been as close as they should be. I have been employed in almost the entire range of fields offered to geologists and have studied closely the feeling of people towards geological service. Recently it has been a pleasure to be closely associated with men who were as deeply interested in civic welfare and affairs of state as in the financial success of a large industry developing natural resources. Previously I had seen service in a national survey, a state survey, summer employment by a large mining company exploring new property and detailed geological work for a large corporation. Major responsibility as a college instructor has left me free to view each of these assignments in unprejudiced fashion and at the same time study the relation of government surveys to large natural resource industries, average industrial and construction work and service to nongeologists and laymen. Considerations Governing Geologic Public Service Three groups of people must be satisfied by the surveys if dissatisfaction is to be dispelled. First there is a large group of people who pay taxes to support the government activities and must receive some service

Jan 1, 1935

By A. Rosen, P. Wynblatt, J. E. Dorn

The temperature, strain rate, and structure dependence of the flow stress in a poly crystalline Fe-2 pct Mn alloy was investigated between 77" and 370°K. It was possible to identify the low-temperature data from 77° to 160°K with Dorn and Rajnak's theory of the Peierls mechanism of plastic deformation. Above 160°K one or more thermally activated mechanisms must he operative; however, these were not identified in this investigation. The mechanistic basis for the rapid decrease in the flow stress of bcc metals with an increase in temperature over the low-temperature range is yet being debated. Various dislocation mechanisms have been suggested in the past but the agreement between the various proposed theories and the experimental results have not been definitive. In the present paper, the authors will demonstrate that the plastic behavior of polycrystalline iron containing 2 wt pct Mn plus interstitials agrees excellently with predictions based on the Peierls mechanism from 77" to 160°K whereas from 160" to about 370°K other as yet unidentified thermally activated mechanisms take over. Undoubtedly, the overlap of these mechanisms with the Peierls mechanism contributed to the difficulties of rationalizing the low-temperature behavior of iron and its alloys. I) EXPERIMENTAL TECHNIQUES AND RESULTS Although extensive data are now available on the effect of temperature and strain rate on the flow stress of various bcc metals and alloys, it was, nevertheless, deemed necessary for the objectives of the present study to obtain highly accurate data of the type most pertinent for checking the theories on a series of well-documented work-hardened states. Iron containing 2 wt pct Mn was used in this investigation in order to obtain a lower ductile to brittle transition temperature than that for iron.' The additional elements present were 0.004 pct C, 0.05 pct 0, 0.004 pct S, 0.003 pct P, 0.006 pct N, and 0.001 pct Si. The as-received 3/8 by 3/4 in. bars were cold-rolled to 0.100-in. thickness, recrystallized under argon for 30 min at 1073"~, further cold-rolled to 0.063-in. thickness, and finally recrystallized under argon for 30 min at 1000°K. This treatment gave a stable reproducible equiaxed grain structure having an average grain diameter of about 90 p. Prior to the final recrystallization treatment, the sheet was machined into tensile specimens 1/4 in. wide having a 1.625-in.-long gage section. All specimens were tested in controlled-temperature baths on an Instron Testing Machine. For convenience in the theoretical analyses the data will be given in terms of the shear stress for flow, 7, the shear strain rate, f, and the shear strain, y. A series of three standard strain-hardened states were obtained by prestraining specimens at 300°K and at a shear strain rate of 7.68 x lo-' per sec to three stress levels of 6.89 X l08, 10.3 X lo8, and 14.5 x 10' dynes per sq cm, respectively. Immediately following this prestrain the temperature bath was changed and each specimen was pulled in tension at either f = 7.68 X lo-' or f = 3.06 X 10"3 per sec. In terms of the accuracy that was achieved, the values obtained did not deviate more than *0.1 X 10' dynes per sq cm and * 1°K from the reported values of stress and temperature and not more than *5 pct in the reported values of the strain rate. The tensile stresses were converted to shear stresses using a factor of 1/2. The shear stress for the initiation of flow at the test temperature was determined by taking a y = 6.16 x 10'3 offset. from the modulus line at which point good accuracy could be achieved in determining y and the associated flow stress 7, with only a negligible increase in the pre-

Jan 1, 1965

By W. A. Boyer

Mine hoisting ropes can be loaded to capacity only when the strength of each component is exactly known. Characteristic curves provide this information. When load and rate of acceleration are specified for an individual rope, the characteristic curve assumes a predetermined shape. The factor of safety is the value derived by dividing the breaking strength of the rope by the total stress on the rope where it goes over the sheave wheel. Total stress is made up of the weight of skip and cage, weight of ore, weight of rope between sheave and rope clevise or attachment, friction load, and acceleration force. Bending stresses are neglected in this discussion, as sheaves and drum diameters are assumed to be large enough to reduce these stresses to a negligible value.

Mar 1, 1956

By F. V. Lenel, G. S. Ansell, M. J. Salkind

An experiment is described in which the growth of interparticle necks in an array of loose spherical silver powder at temperatures near 300°C was determined by measuring changes in the electrical resistance of the array. The activation energy for neck growth of contacts was derived by abruptly changing temperature and noting the change in the rate of neck growth. Since the experiments were run under an external load, the changes in activation energy with stress could he determined. The activation energy was found to decrease rapidly with increasing stress. It is concluded that the material transport in the experiments is one of plastic flow by dislocation motion. The variation of activation energy with stress is typical for cross slip of dislocations, an important material transport mechanism in the temperature range investigated. THE process in which powder compacts or aggregates of loose powder are held at an elevated temperature under an external load is called hot pressing or sintering under pressure by powder metallurgists. In this investigation the early stages of this process as applied to loose spherical silver- powder aggregates were studied. The powder particles were approximately 100µ in diameter and the temperature was near 300°C, i.e., below one half of the melting point of silver in degrees Kelvin, where volume diffusion is not expected to contribute to sintering. In the process, the contact or neck areas between powder particles grow. Since this involves plastic deformation of the particles under a constant external load (even though not under constant stress) it would be termed creep by mechanical metallurgists. On the other hand, the growth in neck area observed in compacts or loose-powder aggregates held at elevated temperature without the application of an external load is termed sintering by powder metallurgists. During sintering the major driving force is the stress due to surface tension. However, even when no load is placed on the compact or powder aggregate, an external stress, i.e., gravity, plays an important role in sintering in addition to those stresses arising from surface tension, as was shown in two previous investigations.'" It is therefore postulated that no sharp dividing line can be drawn between the phenomena of "creep" and "sintering". Different material transport mechanisms may be involved in either of these phenomena, but they will depend upon the temperature and the level of stress, but not necessarily upon the nature of the driving force: surface tension or external load. At the low temperatures of this investigation, an external stress much higher than the stress due to surface tension is necessary to obtain measurable rates of neck growth. In order to avoid misunderstanding this phenomenon will be called "creep". The rate of growth in contact area in the loose silver-powder aggregates was determined by meas-

Jan 1, 1965

By Fred H. Brooks

INTRODUCTION The toughest job for any mining company, large or small, is to locate and identify a property which it feels has the potential for development and which can be tied up through location, lease or option under terms within their means. In the case of a small company, this precludes grass-roots exploration with its attendant high costs and the extended time required to develop a prospect to the point of being a project. The small mining company, therefore must limit its search to known properties which, for various reasons, have been shut down or were never thoroughly developed at the time of discovery. These types of prospects are located either through literature search, familiarity with many mining areas in general, or through contacts and submittals from a variety of sources. In order to develop a marketable presentation to any investor, the basic requirements are the same: - the property must demonstrate the potential to provide a satisfactory return on investment - the evaluation study must be thorough and professionally developed. In order to promote any mining property, it is first necessary to know what you have. INFORMATION DEVELOPMENT We normally begin with a detailed literature search of the district, assembling all available data on the basic geology, production records, and old reports of this or neighboring properties and any other information which can be found. This will aid in the general understanding of the basic geology and hopefully allow a fairly detailed knowledge of the specific occurrence. With this information one can begin to speculate on the reserve potential and develop some high and low figures for estimating purposes as to mining method, production rate, metallurgy and begin developing estimated capital and operating costs. Cashflow runs are developed for varying tonnages (high and low), estimated high and low grades of metal and at differing market prices for the product. FINANCE CONTACTS Brooks Minerals, from its inception, has been an operating company and we have been able to assemble a small but experienced operating staff. For this reason we try to put together projects and joint ventures where we can be the operator and maintain a certain degree of control. Whether due to familiarity with many colleagues in the mining industry or due to unfamiliarity with the banking houses and securities markets, the approach to raising finance has generally been to contact the established mining companies. This requires a familiarity with the corporate philosophies of these companies with respect to their development goals and financial capabilities. A common mistake is to shotgun the proposal to many companies of different sizes and goals in hopes that one might be interested. It is more beneficial, when possible, to tailor a proposal to each company, stressing the positive points where the specific proposal best meets their interests. One company may be more interested in a development program with fairly certain and conservative return potential. The property may well contain both possibilities but a lack of understanding of the individual company's method of operation could spoil the deal. In another instance, one company may look at a property as a moderate income producer over an extended life, yet a second may elect to high-grade the deposit over a shorter period in order to provide early cash flow or take advantage of a favorable market situation. MAKING THE DEAL There are as many types of deals as there

Jan 1, 1985