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By M. Kaitz

A continuing discussion in both the petroleum engineering and economic literature is directed to the difficulties encountered in the use of discounted cash flow rate of return (DCF) as a measure of investment worth. Although useful in most Instances, DCF has been criticized because it is time-consuming in its trial-and-error solution, theoretically invalid, not adaptable to cash flow streams yielding multiple return solutions and not entirely reliable in selecting between mutually exclusive investments. The theoretical invalidity of DCF stems from the reinvestment assumption implicit in the calculation that earnings are reinvested at the DCF rate. The emerging consensus of the economic literature is that the net present value or the present worth of the net cash flow stream (discounting at the average opportunity or cost of capital rate) is more correct and reliable. Other criteria proposed have been ratios of net present value divided by initial investment or by present value of all investments in a project. All of these criteria are simple to determine and explicitly assume a reinvestment rate for [he income generated by a project. This paper develops and discusses a theoretically valid profitability criterion which is simple to compute and retains the appeal of a percent return on investment. It is called "percentage gain on investment" or PGI. It measures the gain an investment is expected to realize over like capital invested in the average opportunity and explicitly considers reinvestment potential. Why add another Concept to the large array of investment criteria now available, any one of which, or perhaps a combination of several, appears to embrace the form's (or individuals) objectives? The answer is that not one of the existing criteria provides both a readily comprehensible and theoretically valid measure of risk coverage that has general application. The proposed PGI does fulfill these requirements. INTRODUCTION An ancient expression warns that "one must yield to the times" — there are better ways of doing things. A review of the petroleum engineering and economic literature on one topic alone, measurement of investment worth, certainly is witness to this truth. In use for a number of years, the DCF has recently received attention, directed mainly to its theoretical invalidity. Several alternatives to DCF have been proposed to provide a valid, simply determined criterion to describe investment worth and to overcome the criticisms previously mentioned. This paper introduces another method called percentage gain on investment (PGI) and is proposed as but one of several yardsticks that should be used in making investment decisions. MEASURES OF INVESTMENT WORTH This paper will consider only those criteria which give weight to the time pattern of future earnings. These criteria are usually compared with an average opportunity rate or cost of capital of the firm to judge the relative worth of the investment. For purposes of demonstration, a 9 percent average opportunity rate will be used throughout this paper. Implicit in the DCF calculation is the assumption that earnings are reinvested at the DCF rate. Some argue, though, that there is no reinvestment assumption,' that the DCF rate is simply that maximum rate of interest one can pay on the investment over the life of the project and break even. The determination of DCF is accomplished by discounting the net cash flow stream at that rate (DCF) which will yield zero. The question is: why should reinvestment potential be explicitly considered in calculating return on investment or other criteria measuring economic worth? Perhaps the answer lies in consistent or equal treatment of future cash flow. It appears entirely illogical to give different present worth value to $1 received, say, 10 years from now, which is the circumstance resulting in comparing projects with different DCF returns. In fact, $1 received in 10 years has the same value regardless of which project generated the income. DCF return thus favors investment projects which are expected to provide early income as compared to those providing long-term income. Not surprisingly, the controversy on reinvestment assumption is an old one. Hoskold' discussed this same problem in 1877. He considered the future income from mineral properties as an annuity or a series of fixed future payments. (As will be demonstrated, his equation can be modified for variable income.) Prior to Hoskold, the value or what one could pay for the mine, was determined with the use of standard, single-interest tables. Here is what Hoskold said with regard to these tables. "This table, and others of its kind, to be found in most works on annuities, is constructed correctly according to

By R. Schuhmann Jr., P. J. Ensio

As a first step in a study of the physical chemistry of copper-smelting slags, experimental measurements were made of the oxygen pressure of simple iron-silicate slags in equilibrium with solid iron. The experiments consisted in bubbling CO2-CO mixtures through the slags in iron crucibles and in finding the equilibrium ratios of CO2 to CO. From the data, activities and partial molal heats of solution FeO and SiO2 in the slags were calculated. THE ternary system FeO-Fe,O,-SiO, is the simplest system which can represent adequately the important chemical properties of the slags formed in matte smelting and converting. Accordingly, the experimental study of slags in this system was started as the first step in a general research program on the thermodynamics of copper smelting. A recent paper by one of the authors' outlines this general research program and shows in some detail how information on thermodynamic properties of iron-silicate slags, especially information on oxygen activities, is essential to a full understanding of the chemistry of copper smelting. The FeO-Fe,O,-SiO, system also is the basis of slags produced in other processes, such as acid steelmak-ing processes, and is important in relation to the behavior of silicious refractories. In addition, data on the physicochemical properties of iron-silicate slags should contribute to a general understanding of the nature of slags, since at present such data for all kinds of slags are relatively meager. The principal quantitative information already available on iron-silicate slags consists in Bowen and Schairer's constitution diagram for slags in equilibrium with metallic iron,' Darken and Gurry's complete and precise thermodynamic study of the Fe-0 system,",' and Darken's study of the phase equilibria in the Fe-Si-o system. From the results of this previous work, it was clear that a complete thermodynamic study of ternary iron-silicate melts was a major undertaking which would have to be broken down into parts, including the working out of the ternary equilibrium diagram as well as extensive activity measurements on slags. The experimental measurement of oxygen activity, using CO-CO, and other gas mixtures as yardsticks of oxygen activity, was the basis of Darken and Gurry's study of the Fe-0 system. From the experimental measurements of oxygen activities over a large range of temperatures and compositions, they were able to calculate the activities of other species such as Fe, FeO, Fe,O,, etc., and also the other important thermodynamic properties in the Fe-0 system. At the start of the present investigation, it appeared that the same approach would be fruitful for the study of iron-silicate melts. Also, the experimental measurement of oxygen activities seemed particularly attractive because oxygen activity itself is a quantitative measure of oxidizing or reducing power, which is an important variable in copper-smelting slags. The slag compositions in equilibrium with yFe appeared most suitable for the first investigation of this kind, for the following reasons: 1—Good constitution data2 were available. 2—An iron crucible could be used, thus affording a simple solution to the refractory problem without introducing contarnination. 3—With Fe activity fixed, at unity with respect to a standard state of solid Fe, measurements of 0 activity could be followed by simple calculations of activities of FeO and other Fe-0 complexes and of SiO,. 4—This starting point afforded several possibilities for cross-checking with previous work,

Jan 1, 1952

By Fritz F. Prugger, Peter R. Jones

This paper considers some of the main aspects of underground mining in the flat, rich, but deep lying deposits of Saskatchewan. It briefly describes the pertinent geological features as they relate to mining and the practical de-stressing techniques used to allow productive extraction in the high stress environment present in many of the province’s mines. Mining layouts, materials handling, and the evolution of some of the world's largest mining equipment are examined.

Jan 1, 1983

By Philip E. LaMoreaux

Fluoride, generally less than 0.5 ppm, is present in ground water from rocks of Paleozoic age and older, in northern and eastern Alabama. Some of the water-bearing formations in the Coastal Plain area of the State yield water with as much as 6.8 ppm fluoride.

Jan 8, 1950

By M. Shelef, A. W. Fletcher

The effect of alkali sulfates in promoting the sul-fation of nickel and copper in a bulk sulfide flota -tion concentrate by fluidized bed roasting has been studied in the laboratory, and it was shown that the various alkali sulfates promote sulfation to approximately the same extent. The sulfation of a mixture of synthetically prepared iron and nickel oxide and of nickel ferrite has also been studied. Nickel sulfation was promoted by high ratios of Fe:Ni and by the presence of sodium sulfate. THE work described in this paper was a continuation of earlier studies into the role of alkali sulfates in promoting the sulfation roasting of nickel sulfides1,2 in an endeavor to determine how the system was affected by the presence of compounds of iron and copper. The earlier work1 showed that, in the sulfation of NiO at 680°C, the reaction was limited by the formation of an impermeable film of nickel sulfate on the oxide surface. The relative effect of the various alkali sulfates in promoting nickel sulfation varied in the order: Li > Na >Cs > Rb > K A study of alkali sulfate/ nickel sulfate interactions at high temperatures showed that the promoting action was due to the fact that the nickel sulfate product layer sintered and agglomerated only when the more active additives were present. This resulted in the formation of discontinuities in the nickel sulfate layer so that diffusion of the sulfating gases to the NiO surface was no longer impeded and the reaction could proceed to completion. A similar explanation was used for the observation that sodium and lithium sulfates promote the oxidation of NiS to NiO at temperatures below 750°C since small amounts of nickel sulfate were formed during oxidation.2 It was of interest to study the effect of alkali sulfates on the sulfate roasting of a sulfide flotation concentrate which is typical of material treated commercially. In order to control temperature it is essential to roast sulfides in a fluidized bed and this technique was therefore used, although the batchwise operation of a small-scale laboratory reactor does not reproduce all conditions which prevail in full-scale continuous plant. The results obtained are therefore only comparative, and cannot be used for predicting the optimum conditions for metal extraction. The sulfation of synthetically prepared mixed oxides of nickel + copper and nickel + iron and of nickel ferrite was also studied to evaluate the relative effects of alkali sulfates with more complex systems. SULFATION ROASTING OF A SULFIDE FLOTATION CONCENTRATE The bulk sulfide flotation concentrate used in this work contained 7.92 pct Ni, 1.74 pct Cu, 35.66 pct Fe, and 31.28 pct S. The sulfide minerals present in order of abundance were pyrrhotite FeS, pyrite FeS2, pentlandite (FeNi)S, and chalcopyrite CuFeS2. Two samples described as coarse and fine were used. The coarse sample, which was a flotation concentrate (58 pct plus 300 mesh), was ground to 100 pct minus 350 mesh to produce the fine sample. Before roasting, the sample of sulfide concentrate was agglomerated by wetting witli a solution of the alkali sulfate (or water), thoroughly mixing, and drying at 110°C. This gave a cake which was gently crushed and screened, the -18 +100 mesh fraction being used for fluidized bed roasting. A similar-size fraction had been used by the authors in pilot plant work with a 4-in.-diam fluidized bed reactor.' In this work it was found that the molar ratio of additive to the total iron + nickel + copper content of the sulfide sample should be adjusted to a value of approximately 0.06, as this was the optimum amount necessary for nickel sulfation. Experimental. The fluidized bed reactor consisted of a quartz tube approximately 60 cm long and 30 mm in diameter resting in a vertical tube furnace. The sulfide bed (30 g) was supported on a bed of -4 +12 mesh quartz particles 3 cm high, which rested on a sintered quartz disc welded to the tube. The temperature of the furnace was controlled with a variable transformer to give a final bed temperature of 680°C. The bed was fluidized with air or mixtures of air + 10 pct v/v SO2, at a total apparent gas velocity of 60 to 65 cm per sec at 680°C. The SO2 was introduced into the fluidizing air stream only when the oxidation of the sulfides was completed. At the end of the roasting period the calcine was leached with boiling water and the

Jan 1, 1964

By W. F. Stowasser

A downdraft traveling grate process to agglomerate pelletized iron ore concentrates has been successfully demonstrated in a pilot plant at Carrollville, Wis. Work there followed several years of development in the Allis-Chalmers Mfg. Co. laboratories, and the pilot plant phase was carried out in co-operation with Arthur G. McKee & Co., consultants and engineers to the iron and steel industry. End result of the process is conversion of iron ore concentrates into a form which can easily be transported and smelted in the blast furnace.

Jan 5, 1955

By William Braden

In view of the current discussion of a proposed change in the United States mining law, abolishing the feature known as the extralateral right of a lode-location, it is an interesting circumstance that in the neighboring Province of British Columbia this feature was tried for eight years and then abandoned. The results of that abandonment have been such as to disprove the proposition, so confidently advanced by many

Jan 1, 1899

By J. P. Morris

PREVIOUS investigations1,2 have shown that alloying elements in liquid iron influence the thermodynamic activity of sulphur and thereby affect the partition of sulphur between metal and slag in the desulphurization process. For example, the greater efficiency of desulphurization in the blast furnace as compared to the open hearth can be attributed in part to a higher level of sulphur activity in blast-furnace metal due to the higher concentration of carbon and silicon. In the present investigation, a short study was made of the influence of manganese on the activity of sulphur in liquid iron and iron-carbon alloys. In contrast to carbon and silicon, manganese was found to decrease the activity coefficient of sulphur; and in iron-carbon alloys it counteracts to some extent the influence of carbon. However, at manganese concentrations normally present in the blast furnace or open hearth, the effect of manganese is small. Since manganese sulphide has a limited solubility in iron, manganese can act, under certain conditions as a desulphurizing agent. Considerable data on the manganese-sulphur product in carbon-saturated melts were obtained in the investigation and have been included in this report. The experimental procedure was the same as that used in the earlier investigations on the effect of silicon' and carbon' on sulphur activity. Briefly, the method was as follows: The molten alloy, contained in a graphite or sintered alumina crucible, was brought to equilibrium at a constant temperature with a mixture of hydrogen and hydrogen sulphide of constant composition by bubbling the gas through the metal. Samples of' the melt were taken for analysis at regular intervals by suction through a 2 to 3 mm bore silica tube dipped into the metal. The experiments were run in a graphite spiral resistance furnace with melts weighing 50 to 60 g. The gas bubbling tubes were made of sintered alumina and were 5/16 in. OD, 1/16 in. ID, and 24 in. long. Equilibrium was assumed to have been attained when the sulphur content of the liquid metal reached a constant value. During an experiment there was a rapid loss of manganese from the melt by volatilization. To offset this loss, small additions of manganese were made periodically. The rate of manganese addition needed to maintain a constant manganese concentration was determined in preliminary tests. In all of the experiments, deposits of manganese sulphide formed above the melts in a cooler region of the furnace. Apparently, these deposits resulted from a reaction between manganese vapor and hydrogen sulphide in the gas. To prove that manganese sulphide did not volatilize from the melts to a measurable extent, an experiment was run in which helium was bubbled through liquid iron containing both manganese and sulphur. Although manganese volatilized rapidly in this test, there was no appreciable loss of sulphur. Volatilization of manganese sulphide from a melt would have led to an apparent equilibrium condition in which the sulphur content of the metal was lower than the true equilibrium value. The experimental results are shown in the first seven columns of Table I. The data in the last two columns were obtained from the previous work on the effect of carbon' and show what the results would have been in the absence of manganese but with temperature, gas composition, and carbon content of the metal remaining the same. Comparison of the last four columns show that, in the presence of manganese, the sulphur content of the metal increased at equilibrium and the activity coefficient of sulphur decreased. However, the results show that, for manganese concentrations below 3 pct, the effect of manganese is small. The values for activity coefficient of sulphur given in Table I were calculated from the following relations: S (in liquid metal) + H2 (gas) = H2S (gas) [l] K ph2s/?s X %S X phg = 0.00251 [2] where K is the equilibrium constant for the reaction, PH2S and ph2 are the partial pressures of hydrogen sulphide and hydrogen, respectively, and ?s is the activity coefficient of sulphur. The standard state for sulphur was taken to be a 1 pct solution of sulphur in pure iron. The numerical value for K at 1600°C was determined in the earlier work. For the purpose of showing graphically the results of the tests run at 1600°C, the activity coefficients of sulphur were recalculated so as to correspond to a manganese concentration in the metal of 2 pct in each case. In the calculation it was assumed that the increase in sulphur content of the metal at equilibrium caused by the presence of manganese

Jan 1, 1953

By E. Gybbon Spilsbury

Everybody who has had his attention turned to the gold-deposits of the Southern States, is acquainted with the undisputed fact of the existence, at least in the Carolinas and Georgia, of enormous areas of gold-bearing rocks. Long before the discovery of the precious metal in California, gold-mining on a very extensive scale mas a well-estab-

Jan 1, 1887

By John C. Smock

The question of the proper valuation of mines of iron ore was suggested to me by the difficulties experienced in getting answers for the United States Census Office, while I was engaged in the work of collecting the statistics of mines in New Jersey and New York. The answers to the questions relating to values of real estate of mine properties varied so greatly that it was necessary to revise them according to some general principles of valuation. Generally the returns of mine proprietors seemed to be too low. There were, however, examples of what would be termed excessive valuation. The subject appeared to be of practical importance, and led to the paper here presented. The following table of selected mine statistics is given, prefacing the discussion of the principles of valuation. It is in part made up of census returns and partly of data obtained directly from mine owners and managers. The mines which were selected for the several groups and mining districts include nearly all of those from which the more full and carefully filled returns were received, and are also representative of their respective districts. Hence the averages obtained from them become good types of these groups or districts. The mines of New Jersey appear in six groups, each containing from three to eleven mines, or, in all, thirty-four mines. The magnetic iron ores of New York are in four well-marked groups, and there are twenty-six mines in them. Then follow the red hematite mines of St. Lawrence and Jefferson counties; and, lastly, the brown hematite groups of Dutchess and Columbia counties, and those of the adjacent parts of Connecticut and Massachusetts. The whole number of mines represented by the table is eighty-eight, of which twenty-eight are hematite mines. The first column gives the value of the real estate; the second that of the plant; the third is the sum of these two, or the capital invested. Then follow the number of men employed, the amount of wages paid during the census year, and the value of materials used in mining and preparing the ores for market." The seventh column gives the total expendi-

Jan 1, 1882

By T. L. Joseph

A study is made of the amount of solution loss necessary to maintain the reducing power of the gas stream in the blast furnace. Curves are presented to show the effect of solution loss, moisture in the blast, and carbon dioxide from the flux on the nitrogen in the THE blast furnace process is based upon the counter flow of gases and solids. As CO, N, and H, flow upward from the combustion zones, oxygen is acquired from the descending charge. In the reduction of iron ore, a portion of CO is converted to CO, and similarly a portion of H, is converted to water vapor. The inert N,, from the air used in combustion, passes through the furnace with little change. Its concentration is, however, decreased by reactions such as direct reduction and solution loss which increase the volume of CO in the gas stream; Similarly the evolution of C02 from the limestone also dilutes the nitrogen. he purpose of this paper is to illustrate an idealized and simplified method of studying furnace processes by following changes in the gas phase between the tuyeres and the stock line. A more specific objective is to evaluate the effect of solution loss upon the CO/CO, ratio in that region of the furnace in which FeO is reduced to metallic iron. This last stage of reduction requires relatively high CO/CO, ratios to exceed the equilibrium requirements. Solution loss or the reaction of COZ with C to produce CO has a pronounced effect upon the ratio of the carbon gases and is necessary to maintain the reducing power of the gas stream if the consumption of coke is low. It will be explained later that indirect reduction followed by solution loss is stoichiometri-cally equivalent to direct reduction. Calculations will be made to show how the composition of the gas in the region of the mantle varies with coke consumption and with different amounts of solution loss. Such calculations show the condi- tions under which gasification of C with oxygen in the charge is needed to maintain the reducing power of the gas. Equilibrium conditions for FeO and the carbon gases will be used to establish a minimum CO/CO, ratio below which reduction will not proceed. The manner in which carbon is gasified in the furnace, at the tuyeres with oxygen in the air or above the tuyeres with oxygen from the charge, will be a basic feature of all calculations. It is hoped that greater interest in the use of top gas as a means of following furnace reactions will be aroused by the calculations and generalized curves which are presented. Bosh Gas Equations Subject to some alteration by the amount of moisture in the blast and by direct reduction, the gas leaving the combustion zones of a blast furnace has a definite composition. Because a relatively small amount of oxygen is acquired from the charge in the bosh and in the crucible, the products of combustion undergo little change until they enter the shaft. Bosh gas is, therefore, essentially the products of combustion of carbon in a deep fuel bed with air. The relative weights and volumes of reacting materials are expressed by the equation: 2~ + 0? + 3.76N, = 2C0 $ 3.76NZ [I] Air Bosh Gas -air = 79% N? = 3.76) 21% 02 Starting with a known mass of C consumed largely by air, Eq 1, but partly by water vapor, Eq 2, the volume and C + H2O = CO $ H? [21 composition of the bosh gas can be calculated and subsequent changes followed as reactions take place at various elevations in the furnace. As shown in

Jan 1, 1952

By Leland H. Johnson

THE Tennessee Coal, Iron & Railroad Co.'s ore mines began experimental tests with trackless mining units early in 1947. The units had many weaknesses to overcome, but are now well beyond the experimental stage and are becoming a necessity to ore seams that are amenable to this type of equipment. The development of this type of mining with the problems of increased underground supervision, maintenance, and training personnel, along with the benefits derived, are discussed.

Jan 12, 1950

By Fred K. Stieler

The largest updraft sinter machine built has a roasting area of 132 sq.m. Sinter machines with an area of over 200 sq.m. are under consideration. These large machines require new techniques with regard to drive thrust and sealing mechanism. To optimize the results of sinter plants, the charge preparation systems and the return fines circuits were improved. Special crushers were developed for crushing return sinter of up to 800 ºC to a size of minus 6 mm. Strand cooling of Pb-sinter was investigated. Different methods for plant ventilation were compared. New processes, which might replace sintering in the future, are in the stage of large - scale testing.

Jan 1, 1977

By Willis Burns

I. INTRODUCTION. These notes are submitted, not as a discussion of the modern practice of electrolytic-copper refining, but as the record of a refinery that was among the pioneers in the field and that is to-day, and has been for 17 years, operating under conditions not to be found in any similar plant in the country. I refer to the current density, which is at least 60 per cent. higher than that regularly employed elsewhere, and to the fact that the anodes treated are the direct product of the converter rather than of the reverberatory furnace. The writer has no knowledge of any other refinery treating anodes of this character.

Jan 8, 1913

By Arthur L. Crawford

PLAGER gold is perhaps the most difficult of the common mineral deposits to evaluate. Not only are the erratic pay streaks a source of never-ending uncertainty, but the spotty distribution of the gold in iso¬lated nuggets is a perpetual source of error and disappointment to the sampler. Experienced engineers have long realized this difficulty and have been wary in predicting assay values except in the most general terms, and then only after extensive and usually expensive sampling. During the past year I have had the opportunity of checking a number of gold placers, and from the results obtained I believe that the microscope may be employed to advantage in placer sampling.

Jan 1, 1933

By Chester O. Ensign

Many publications to date have advocated under- seas mining operations, optimistically overlooking the paucity of information on mineral distribution and the ocean environments in which minerals occur. Such articles (smattered with opinion, as is this article) are herein tempered by my more conservative views on the economics of mining under the seas. For purposes of this paper, underseas mining refers only to the deeper surficial deposits of the continental shelf and the deep sea floor, i.e., the deposits of phosphorite and manganese nodules.

Jan 9, 1966

By Alfred H. Bell, George V. Cohee

In 1939 Illinois produced 94,302,000 bbl. of oil—almost three times the amount of oil produced at the peak in 1908, when development in the southeastern Illinois field was at its height (Fig. I). It represents nearly a fourfold increase over the 24,075,000 bbl. produced in 1938 (Table 6). This rapid increase in oil production in Illinois is largely due to development in the Salem and Louden fields (Table I). During 1939 daily production for the state increased from 135,000 to 332,572 bbl. A notable increase in production for 1940 is expected as a result of the drilling of the Devonian limestone in the Salem and Centralia fields,

Jan 1, 1940

By Alfred H. Bell, George V. Cohee

In 1939 Illinois produced 94,302,000 bbl. of oil—almost three times the amount of oil produced at the peak in 1908, when development in the southeastern Illinois field was at its height (Fig. I). It represents nearly a fourfold increase over the 24,075,000 bbl. produced in 1938 (Table 6). This rapid increase in oil production in Illinois is largely due to development in the Salem and Louden fields (Table I). During 1939 daily production for the state increased from 135,000 to 332,572 bbl. A notable increase in production for 1940 is expected as a result of the drilling of the Devonian limestone in the Salem and Centralia fields,

Jan 1, 1940

By S. F. Emmons

In a report upon the geology of Ledville and vicinity, which is till in the hands of the Public Printer, I hare given, at some length, my conclusions as to the genesis of the remarkable silver-lead deposits of that region, and the data, gathered during a long and careful consideration, upon which my views were founded. In the brief abstract of this report, published in 1881, the bare conclusions are given, with but few of the facts upon which they were founded. Since that time, these conclusions have been variously criticized, and it has even beer] assumed that the views I expressed with regard to these deposits were intended as a theory of ore-deposits in general.

Jan 1, 1887

[RALPH ADAIR Ore Dressing Consultant Bull Mtn. d., Asheville, N. C. Phone 4-1693 JAMES A. BARR Consulting Engineer Mt. Pleasant, Tennessee Washington, D.C. BEHRE DOLBEAR & COMPANY Consulting Mining Engineers and Geologists 11 Broadway New York 4, N. Y. I. R. BERENT Engineering Consultants and Contractors Mineral Exploration, Mine Evaluation, Mine Designs and Mine Management 156, Ataturk Bulvarl-Ankara, Turkey BLANDFORD C. BURGESS Registered Professional Engineer Mining Consultant Monticello, Georgia GLENVILLE A. COLLINS Mining Engineer Uranium examinations Cable "Coins" 8 Howard-Canfield Bldg. Santa Barbers, Calif. COWIN & CO. Mining Engineers and Contractors Consulting Shaft & Slope Sinking Appraisal Mine Development Reports Mine Plant Construction I. 18th St. S. W. Wham, Ale., Phone 56-5566]

Jan 1, 1952