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Uranium was the prima donna of 1978, and the exploration pace was fast and furious in traditional uranium producing areas such as the Powder River Basin, Grants mineral belt, San Juan Basin, and Uravan mineral belt. Adding fuel to the fire were several significant discoveries: The Date Creek Basin of western Arizona, the McDermitt caldera of northern Nevada, and Tallahassee Creek in Colorado's intermontane basin. Advances in solution mining haw resulted in deeper drilling on the Texas Coastal Plain, and the price of uranium has encouraged widespread exploration in frontier areas and non-sandstone environments.

Jan 5, 1979

Industrial minerals enjoyed a fairly successful year in 1978, despite the sluggish economy, inflation, and environmental restrictions. A glance at US Bureau of Mines statistics shows that, in general, production of industrial minerals increased from + 1% (salt) to as much as 26% (sulfur, other than Frasch or recovered). A few industrial minerals showed a decline; fluorspar production, for example, registered a 23% decrease in 1978 from 1977 due to the closing of three domestic mines. Bromine, natural sodium sulfate, Frasch sulfur, and vermiculite also had production decreases of 2-6% in 1978.

Jan 5, 1979

Escalating energy costs and tough environmental standards were two major factors affecting the minerals processing area in 1978 For the most part, new startups and research and development initiatives were directed toward improving process dynamics, investigating alternative processing strategy, and lowering unit costs. In the flotation area, the trend to larger machines continued. Scientific investigation of the modeling and process control of flotation was apparent, as was the research and development of new flotation reagents.

Jan 5, 1979

The value of raw nonfuel mineral materials production totaled an estimated $19.7 billion in 1978. The record 1978 value exceeded by 13 percent the 1977 value of $17.5 billion. This raw mineral output was the basis for approximately $200 billion worth of processed materials of mineral origin. Output of both metals and nonmetals increased about $1 billion each, above comparable figures for 1977. Of the 22 metals produced quantitative output of 11 increased and the value of 13 increased. Among the 48 nonmetallic commodities produced, the quantities for 35 increased, and the values for 40 increased.

Jan 1, 1979

Houston T. Aars Carter Mining Co. Sundance Rt. Moorcroft, WY 82716 Charles R. Ahlbrecht Western States Surveying Inc. 7030 So. Yosernite Englewood, CO 801 12 Dean Albon Monsanto Co. 800 No. Lindberg St. Louis, MO 631 67 Robert Anderson Mobil Oil Producing Inc. POB 17772 Denver, CO 8021 7 Stephen P. Antony Orbital Engineering 6789 So. Yosernite Englewood, CO 801 12 David Ariotti Boyle Mining Engineering Service Rt. 1 Box 15M Helper. UT 84526 Douglas Auck Falkirk Mining Co. 103 McKinley Ave. Underwood, ND 58378 Roger Backrnan N. D. Crockett & Assoc. 3467 Sorenson Way Salt Lake City, UT 84109 Richard Bailey Continental Conveyor & Equip. Co. 602 Park Point Drive Golden, CO 80401 Earl W. Baker Baker & Co. 4965 Jackson St. Denver, CO 80216 Allen P. Barber San Juan Coal Co. 705 Ocio Farrnington, NM 87421 Edward Barker Process Equipment Builders POB 7506 Paducah, KY 42001 Larry Barton Carter Mining Co. 101 5 Teewinot Circle Gillette, WY 82716 Hugh Bastian American Carbide Corp. POB 2650 Ronald N. Batdorf Monsanto Co. Box 701 Saratoga, WY 82331 Georgetown, KY 40321 Doris A. Bauer Mobile Oil Corp. POB 17772 Denver, CO 80217 Jan Beam Blount International Ltd. 2570 So. Dayton Way #E-308 Denver, CO 80231 Mac Beaudry Falkirk Mining Co. 1029 Cannon Ln. Washburn, ND 58527 R. C. Beerbower Gates Engineering Co. Drawer A Beckley, WV 25801

Jan 1, 1982

By Robert B. Parsons

"The customary onslaught of government budgets this spring offers lots of interesting reading to the mining industry.While the favourable changes tend to get all the fanfare, there are some ""sleepers"" in the host of proposed changes which will be bitter pills for some mining people to swallow.IntroductionOn a scale of one to ten, the Canadian mining industry will probably give this year's federal and provincial budgets a score that is pretty close to five. Although some budgetary proposals are generally perceived to be favourable to the industry, there are other provisions (and lack of provisions) which are considered to be negative.This month, Tax Notes examines in a summary manner the principal features of the 1985 federal and provincial budgets which are of particular interest to this country's mineral industry."

Jan 1, 1985

By A. Rios

ENAMl's Paipote Smelter commenced operations in 1951. At present, it processes 230,000 tonnes/year of green feed in a conventional smelter, which comprises one reverberatory furnace, two Hoboken, one Peirce-Smith converters and one rotary anode furnace. The feed is composed of 83% copper concentrate and 17% metallic copper precipitates, which results in a feed average grade of 32% of copper content. The final products are 75,000 tonnes/year of copper anodes and 48,000 tonnes/year of sulphuric acid. At present, the plant is undergoing a modernization to expand the smelter capacity to 300,000 tonnes/year of green feed and increase the sulphuric acid production to 100,000 tonnes/year. This will be achieved with the installation of an El Teniente Converter and an expansion in the acid plant. The work began in November 1991 and is scheduled to be in operaton by March 1993. The paper provides an overview of the modernization plans and results achieved to-date.

Jan 1, 1993

Allis Mineral Systems ARCO Coal Company Buckley Powder Co. CALCO, Inc. Coal Magazine Colowyo Coal Company Continental Conveyor & Equipment Company Crane & Hoist Sales Cummins Southwest, Inc. Energy West Mining Company Paul J. Epley FMC Corporation The Falkirk Mining Company Fleischli Oil Co., Inc. T. J. Gundlach Machine Company Halbach & Braun Harnischfeger Corporation Hemscheidt Corporation Hyatt Regency Beaver Creek Jennmar Corporation Joy Technologies, Inc. K&P Sales Engineers, Inc. Kennametal, Inc. Kerr-McGee Coal Corporation McLanahan Corporation National Coal Association The North American Coal Corporation Northwestern Resources Company Peabody Coal Company Phillips Machine Service, Inc. Pincock, Allen & Holt, Inc. Pittsburg & Midway Coal Mining Co. Roberts & Schaefer Company Rust Tractor Company Salt River Project Santa Fe Pacific Coal Corporation Schroeder Industries Shearson-Lehman Brothers Southern Pacific Transportation Stamler Corporation Trapper Mining Inc. Wagner Equipment Company Western Energy Company Wheeler Machinery Company

Jan 1, 1992

Amax Coal Inc. Colowyo Coal Company Continental Conveyor & Equipment Company Crane & Hoist Sales Cummins Southwest, Inc. Energy West Mining Company Paul J. Epley The Falkirk Mining Company Fleischli Oil Company T. J. Gundlach Machine Company Halbach & Braun Hemscheidt Corporation GH Hensley Ingersoll Rand Jennmar Corporation Joy Technologies K & P Sales Engineers, Inc. Kennametal, Inc. Kerr-McGee Coal Corporation L & H Welding McLanahan Corporation National Coal Association The North American Coal Corporation Northwestern Resources Company Peabody Western Coal Company Phillips Machine Service, Inc. Pincock, Allen & Holt The Pittsburg & Midway Coal Mining Co. Ramsey Technology, Inc. Roberts & Schaefer Co. Rust Tractor Company Salt River Project Schroeder Industries Smith, Barney, Shearson Snowmass Resort Association Southern Pacific Lines Stamler Corporation TerraMatrix TIC (The Industrial Company Wyoming, Inc.) Trapper Mining Inc. Wagner Equipment Company Western Energy Company Wheeler Machinery Company

Jan 1, 1993

The second annual RMCMI Mine Rescue Performance Evaluation was held in conjunction with the 1993 RMCMI Convention at Beaver Creek. [ ] Six teams participated in this year's evaluation; BHP Minerals, Navajo Mine, Fruitland. NM; BHP Minerals - LaPlata Mine. LaPlata, NM; BHP Minerals - San Juan Mine. Waterflow. NM; The Coteau Properties Company - Freedom Mine, Beulah. ND; Cordero Mining Company, Gillette, WY; and The Falkirk Mining Company - Falkirk Mine. Underwood, ND. The Western Energy Company of Colstrip, MT was represented through observers and evaluators. [ ] Realistic industrial related scenarios, closely simulating the stress of actual rescue incidents, were provided by members of the Eagle Valley Ambulance Service. Five different scenarios were presented to each team on the first day of the evaluation and three on the second. Each team was given the pertinent information to solve the problem as they assembled at the scenario site. The scenarios were going on simultaneously and each team was unaware of the circumstances until they entered the scene. Interested onlookers were afforded the opportunity of viewing the actual simulated rescue operations as they occurred. The teams received valuable pointers and direction from the ream of evaluators following each scenario. They were are also given the opportunity to observe the other teams in action and to meet with the members of all the teams to share information and ideas during team meetings per the predetermined schedule. The primary goal is to recognize current rescue skills, knowledge, and abilities of participating teams. In doing this, each team was provided with individual evaluations and a path for improvement as needed. Each team was recognized for their efforts at an awards breakfast on the final day of the evaluation. New innovations in rescue equipment were introduced and demonstrated for interested teams following the awards program. The importance of progressive training such as what we are witnessing at evaluations during the RMCMI conventions cannot be stressed strongly enough. These teams are the providers of immediate rescue and medical care for victims of accidents at their respective properties. Every mining operation has the potential for very serious accidents due to immense size of equipment and mining logistics. These rescue teams must be prepared to act with the most immediate, professional and knowledgeable actions to save lives and prevent further injuries. Safety is a primary concern of every mining operation and the mine site rescue team is an integral part of that safety effort. The evaluation program is very appreciative for the financial support of the following businesses to enable this program to continue: Safety Master, Acme Welding, North American Coal, Triune. Cummins, OK Tire. Modern Industrial, The Industrial Company, Mine Safety Appliances (MSA), Biomarine, Personal Safety Enterprises, Inc., and Blattner Construction, Thank you again for your much needed assistance. Plan to be a part of next year's Mine Rescue Evaluation Program as a participant or an observer. You will be amazed at the skill levels of the Rescue Teams. See you next year! Linda G. Ash The falkirk Mining Company [ ]

Jan 1, 1993

Amercable, Inc. Andalex Resources, Inc. ARCO Coal Company Behre Dolbear & Company, Inc. Colowyo Coal Co. L.P. Continental Conveyor & Equipment Company Crane & Hoist Sales Crested Butte Mountain Resort Cyprus Amax Coal Co. Energy West Mining Company The Falkirk Mining Company Fleischli Oil Co. Inc. Halbach & Braun Industries Hemscheidt Corporation GH Henley Industries Ingersoll-Rand Co. Jennmar Corporation Joy Technologies, Inc. K & P Sales Engineers, Inc. Kennametal, Inc. Kerr-McGee Coal Corporation L & H Welding & Machine Co. McLanahan Corporation National Coal Association The North American Coal Corporation Northwestern Resources Company Peabody Western Coal Company Phillips Machine Service Pincock Allen & Holt Ramsey Technology, Inc. Rust Tractor Company Salt River Project Schroeder Industries Stamler Corporation TerraMatrix TIC (The Industrial Company Wyoming, Inc.) Trapper Mining Inc. Wagner Equipment Company Western Energy Company Wheeler Machinery Company

Jan 1, 1994

By Robert B. Parsons

"Finance Minister Paul Martin's second budget might be good for Canada's mining industry in the long run, but the budget raises a number of concerns for the industry in the near term. The budget papers suggest that the 25% resource allowance is not working as intended, and report that the Department of Finance will be reviewing this valuable allowance. The so-called ""large corporations tax"" rate will be increased. This annual tax, which is imposed on a corporation's capital even when the corporation is not in production, is particularly harmful to the mining sector.IntroductionThe Honourable Paul Martin, in his second federal budget, emphasized spending cuts and made only modest tax changes. However, two of these tax changes could have a serious impact on the Canadian mining industry: the proposed review of the 25% resource allowance; and, the increase in the large corporations tax rate.Personal Tax Measures Personal Tax Rates UnchangedThe government has been under political pressure not to increase personal tax rates. Mr. Martin's announcement that rates would not change will be popular."

Jan 1, 1995

The fifth Annual RMCMI Mine Rescue Evaluation was held June 29 through July 2 in conjunction with the 92nd RMCMI Convention. Eight teams from four states participated. They were: BHP La Plata Mine NM Capt. Jonathon Sorrell BHP Navajo Mine NM Capt. Ron Miller BHP San Juan Mine NM Capt. Albert Nelson Bridger Coal Company WY Capt. Ted Laughlin Coteau Properties Co ND Capt. Terry Davis Kerr-McGee Coal Corp WY Capt. Elvin Stanton Sabine Mining Company TX Capt. Spencer Thompson Solvay Minerals WY Capt. Ray Blaisdell Activities started with a Rope Rescue class taught by John Peleaux, from Innovative Access, at 1:00 p.m. on Saturday. The Mine Rescue Reception, Team Meeting, and Equipment Inspection was held Saturday evening. All participants received a T-shirt and cap. The Mine Rescue Evaluation started Sunday morning and ran until it was rained out around 3:00 p.m. There was a team swap meet Sunday evening at which teams bought extra caps and shirts. They also traded with other teams. [ ] The Evaluation resumed Monday morning and ran until mid-afternoon. The Evaluation was made up of seven stations. There were six scenarios and a written test. Teams were also challenged by a 14-foot confidence course wall to get their team over. The teams were evaluated by: Jack Knight Champion International, Pensacola, FL Becki Pickert Colorado Northwestern Community College, Craig, CO John Peleaux Innovative Access, Evergreen, CO Lynn Busskohl Kerr-McGee Coal Corp., Gillette, WY Lenny Altenburg Kerr-McGee Coal Corp., Gillette, WY Elvin Stanton Kerr-McGee Coal Corp., Gillette, WY Clarence Baker Kerr-McGee Coal Corp., Gillette, WY The victims for the scenarios were from the Kerr-McGee Mine Rescue-Team. They were: Dana Cooper, Doland Zink, Suzanne Ott, Mike Szuma, and Craig Moore. Also helping as a victim was Candy Cobb from Casper, WY. [ ] The program concluded Tuesday morning with the Awards Breakfast. A medical kit, donated by Strategic Supply, was given to the Solvay Minerals Team for the fastest time over the confidence wall. Engraved stone awards were given to the teams indicating the rating they achieved. Four teams received Level Ill (The highest rating) and three received Level II. The Kerr-McGee team also received an award for helping put on the evaluation. Additional stones were presented to Jack Knight, John Peleaux, Becki Pickert, and RMCMI President. Marcie Greenberg. The current plans for the 1997 Mine Rescue program are that Jim Andrews with Colowyo Coal will assume the chairmanship. Goals for next year are to increase funding and participation by establishing sub-committees or task groups. With the chair located in Colorado, coordination of the evaluation should be easier. Comments from all the teams were positive and they intend to return next year at Steamboat Springs. [ ]

Jan 1, 1996

[Mr. Scott Aberle Western Energy Co POB 99 Colstrip, MT 59323-0099 Mr. Brian L. Acton Oxbow Carbon & Minerals Inc 1601 Forum Pl-#P2 West Palm Beach, FL 33401 Mr. Laine W. Adair Genwal Resources Inc POB 1420 Huntington, UT 84518-1420 Mr. Thomas D. Aderman The North American Coal Corp 14758 Preston Rd #1100 Dallas, TX 75240-7891]

Jan 1, 1998

By Spencer R. Titley

"For his pioneering contributions to the understanding of the geology of porphyry copper systems" Recipient Of The 1997 D. C. Jackling Award SPENCER R. TITLEY Introduction The subject of this lecture, a late century perspective on porphyry copper geology, is one of current interest and importance as the search for these ores remains intense. It is presented in the belief that an appreciation of our present understanding of the subject requires it to be viewed historically, thus providing a basis for evaluating appropriate directions for continued study. At the outset, it is important to note that the technology of mining and extractive metallurgy has developed ore from these low grade orebodies, starting with D. C. Jackling, and has continued to create them as copper grade and price have diminished. But the continued search for them is a geological problem that responds to growing expectations of people and societies; exploration based upon ever increasing knowledge of the habits of the ores has been very successful. This is the story of evolution of geological thought and practice in porphyry ore search across an interval of time beginning with the bulk mining of "low grade" copper ores at Bingham and ending with late Century concepts. "How did we get here?" The lecture concerns the ideas of many different people. The ideas and events discussed reflect a bias on North American thought, where the great low grade orebodies were first recognized as such and where many of the basic geological ideas were developed. A very great number of geologists have contributed to this understanding. In no sense is it meant to minimize the contributions to the story that have evolved in the study and mining of ores of the Andes, whose development and expansion has been nearly synchronous with that in North America - nor to minimized comparable contributions made in the late century from studies of the newer discoveries of deposits in other regions, especially the southwestern Pacific regions. In expansion of this topic, I have found that many important concepts are marked by appropriate publication but some are not, or I have not been able to discover documentation. Many notions appear to have become conventional knowledge without publication, mostly being geological viewpoints developed synchronously from similar observation. Thus, apologies are extended in advance to those whose work I have might have missed and to those unknown to me whose unpublished ideas may have seeped into the pool of common knowledge without appropriate recognition. The analysis here addresses events of two time segments, an older one extending from the developments at Bingham in the early 1900s through the Second World War, ending about 1950: the second period extends from that time to the present. This separation is seen in Figure 1, which traces numbers of publications through the period as extracted from some 700 publications, again with a North American bias, from an annotated bibliography of porphyry copper geology in preparation. During the early period, exploration was "immature" in North America, that is, geologists looked for new districts and sites of the deposits. Outcrops were sought that carried the signatures of former mineralization and regional controls related to structural geology were closely studied. In the later period, North American exploration had "matured" into a study of districts, rather than a search for them. As the studies of these ores intensified during the younger period concommitant with increasing demands for the metal, they did so with a broadened understanding of some habits of occurrence, of hydrothermal alteration, mineral zoning, petrology, and geochemical and geophysical signatures. Outside of North America, search remained "immature" but closely related to the

Jan 1, 1998

By Spencer R. Titley

The subject of this lecture, a late century perspective on porphyry copper geology, is one of current interest and importance as the search for these ores remains intense. It is presented in the belief that an appreciation of our present understanding of the subject requires it to be viewed historically, thus providing a basis for evaluating appropriate directions for con¬tinued study. At the outset, it is important to note that the technology of mining and extractive metallurgy has developed ore from these low grade orebodies, starting with D. C. Jackling, and has continued to create them as copper grade and price have diminished. But the continued search for them is a geological problem that responds to growing expectations of people and societies; exploration based upon ever increasing knowledge of the habits of the ores has been very successful. This is the story of evolution of geological thought and practice in porphyry ore search across an interval of time beginning with the bulk mining of "low grade copper ores at Bingham and ending with late Century concepts. "How did we get here?" The lecture concerns the ideas of many different people. The ideas and events discussed reflect a bias on North American thought, where the great low grade orebodies were first recognized as such and where many of the basic geological ideas were developed. A very great number of geologists have contributed to this understanding. In no sense is it meant to minimize the contributions to the story that have evolved in the study and mining of ores of the Andes, whose development and expansion has been nearly synchronous with that in North America - nor to minimized comparable contributions made in the late century from studies of the newer discoveries of deposits in other regions, especially the southwestern Pacific regions. In expansion of this topic, I have found that many important concepts are marked by appropriate publication but some are not, or I have not been able to discover documentation. Many notions appear to have become conventional knowledge without publication, mostly being geological viewpoints developed synchronously from similar observation. Thus, apologies are extended in advance to those whose work I have might have missed and to those unknown to me whose unpublished ideas may have seeped into the pool of common knowledge without appropriate recognition. . The analysis here addresses events of two time segments, an older one extending from the developments at Bingham in the early 1900s through the Second World War, ending about 1950; the second period extends from that time to the present. This separation is seen in Figure 1, which traces numbers of publications through the period as extracted from some 700 publications, again with a North American bias, from an annotated bibliography of porphyry copper geology in preparation. During the early period, exploration was "immature" in North America, that is, geologists looked for new districts and sites of the deposits. Outcrops were sought that carried the signatures of former mineralization and regional controls related to structural geology were closely studied. In the later period, North American exploration had "matured" into a study of districts, rather than a search for them. As the studies of these ores intensified during the younger period concommitant with increasing demands for the metal, they did so with a broadened understanding of some habits of occurrence, of hydrothermal alteration, mineral zoning, petrology, and geochemical and geophysical signatures. Outside of North America, search remained "immature" but closely related to the

Jan 1, 1997

The sixth Annual RMCMI Mine Rescue Evaluation was held during the 1997 Institute convention at Sheraton Steamboat Resort, Colorado. The Mine Rescue committee, co-chaired by Becki Boam and Gary Cook, is one of 18 committees of the Institute. In 1997 the largest number of teams participated in the program. There were nine: BHP Minerals - La Plata Mine, BHP Minerals - Navajo Coal Co., BHP Minerals - San Juan Coal Co., Bridger Coal Co., The Coteau Properties Co., General Chemical Co., The Sabine Mining Co., Solvay Minerals and Western Energy Co. Professional evaluators who provided challenging scenarios for the 80 participants were Jack Knight of Milton, Florida; Wilson Begay, Chris Saxon, and Gaylon Yazzie all of Western States Security; Mary Bailey, Bailey Associates; Tom Bass, California Department of Corrections; and Art Saenz, BDC. Seven members made up each team plus one or more trainers and represented the states of Montana, New Mexico, North Dakota, Texas and Wyoming. Ten different scenarios were presented during the two day evaluation. Each team was given the pertinent information to solve the problem as they assembled at the site. Mine Rescue families and friends participated as victims providing realistic scenarios to simulate the stress of an actual rescue incident. Each team was unaware of the circumstances until arriving at the various scenes in and around the Sheraton resort. [ ] These teams are providers of prompt rescue and medical care for accident victims at their respective properties. The members act with immediate and professional knowledge to save lives and prevent further injuries. Sponsors who contributed financially to the 1997 program are: Argo Industrial, Antelope Construction, Fisher Safety Supply, Flanders Electric Motor Service, Inc; Intermountain Electronics, Inc.; King Energy Services, Inc.; Rocky Mountain Electric Motors, LS.; TerraMatrix and Triune Inc. On Saturday evening, June 28, a reception was held for all mine rescue participants and spouses who had advance registered for this social event. The RMCMI Board of Directors was invited to attend and meet with the teams. As convention attendees, all mine rescue participants and registered families attended the Monday night country western reception and Bar-B-Q. This was followed by an adult western melodrama. [ ] Glass awards with the RMCMI logo and a Mine Rescue figure were presented at the Tuesday Mine Rescue buffet breakfast to all nine teams, each of which had achieved proficiency at level 3. Captains of the teams pictured below are (from left standing): Ron Neff, BHP-San Juan; Ted Laughline, Bridger, Terry Davis, Coteau; Jim Knutson, General Chemical (from left kneeling): Dan Allerdings, Rosebud; Ron Miller, BHP-Navajo; Jonathan Sorrell, BHP-La Plata and Ray Blaisdell, Solvay. Gary Cook is to be commended for his solo last minute supervision of the Mine Rescue program, due to Becki Beam's unavoidable absence. The teams look forward to the 1998 convention at Snowmass Village Resort, Colorado Thursday and Friday, June 25 and 26.

Jan 1, 1997

By Donald W. Gentry

Introduction The mining industry is perhaps best characterized by the numerous and abnormally high risks associated with the business of mining and by its most basic assets - ore deposits, people and technology. At the most fundamental level, it is the quality and effective utilization of these basic assets that determine a mining company's ability to compete efficiently in the international market place. The gold industry has received much attention in recent years and especially in recent months, for good reason. This commodity serves as an excellent platform for the subsequent discussion of these three basic assets and their role in mining's future. Facets of the gold industry The fate of this noble metal in recent times illustrates some of the various risks associated with the mining industry and the importance of high-quality assets, whether they be ore deposits, people or technologies. The following comments pertaining to the gold industry help place proper focus on subsequent discussions. All monetary amounts given are in US dollars. Throughout 1997, falling gold prices broke record after record: first hitting three-year lows, then a 12-year low in July and finally an 18-year low at year's end. From Jan. 1 through Dec. 31, 1997, the price of gold fell by more than $2.57/g ($80/oz), or some 22%. The decline in gold-mining profitability and stock prices was even more dramatic. At the beginning of 1997, the 20 largest gold producers in North America had a market capitalization of approximately $44.5 billion. At year's end, this market cap had fallen to $26.2 billion, a reduction of 41%. The total market cap of all the world's gold companies fell from $71 billion to $46 billion, a 35% drop (Serwer, 1998). Analyses suggest that, at a spot gold price of $9.65/g ($300/oz), only one, or possibly two, North American gold-producing companies can make money when break-even or "total costs of production" are considered. While strong hedge positions mitigate this situation in the short term, clearly, this is an industry in desperate straits. For example, write-downs for North American producers in 1997 were approximately $2.5 billion. Speculative short positions in 1997 were near historical record highs and generally exceeded long positions by factors of 9:1 or 10:1. Much of this is driven by some US commercial banks, hedge fund managers and commodity speculators who can significantly move gold prices sharply over short periods of time by selling gold they do not own in the expectation they can buy it back at a lower price before they have to deliver. These signifcant short positions are likely to continue as long as central banks are willing to sell or loan gold to financial institutions that in turn make the gold available to speculators who hope to capitalize on price fluctuations. The Far East accounts for approximately 26% of the annual demand for gold. Including India, the region accounts for 43% of total demand. More than 85% of the physical demand for gold is for investment jewelry in Asia and the Middle East. This demand is extraordinarily price sensitive. The fairly recent turmoil in Asian markets and economies, combined with currency devaluations throughout the region, have made gold more expensive (30% to 50% in local currencies) for those peoples most likely to treat gold as a safe investment haven. Higher interest rates also have reduced the amount of money they have to spend on consumer goods such as jewelry. All of these recent Asian events are deflationary in nature. Deflation, if coincident with rising unemployment, could result in significant dishoarding of gold. There is one key fact to remember when analyzing

Jan 1, 1999

[Participating Scholarship Colleges and Universities 138 AmerCable 130 Andalex Resources, Inc 82 Behre Dolbear & Company, Inc 83 Commercial Testing & Engineering Company 86 Continental Conveyor & Equipment Co 87 Crane & Hoist Sales Inc 12 Crested Butte Mountain Resort 88 Dakota Coal Company 89 Empire Machinery Company 90 Energy West Mining Company 91 GH Hensley Industries 92, 93 Hitachi Construction Machinery (America) Corp 96 Ingersoll-Rand Company 131]

Jan 1, 1998

The seventh Annual RMCMI Mine Rescue Evaluation was held during the 1998 Institute convention at the Silvertree Hotel, in Snowmass Village, Colorado. The Mine Rescue committee, co-chaired by Becki Boam and Elliott Tsosie, is one of 18 committees of the Institute. In 1998 a record number of 10 teams participated in the program. The teams were from the four western states of Montana, New Mexico, Texas and Wyoming and were comprised of about eight members each. Teams participating were BHP-La Plata Mine, BHP-Navajo Mine, BHP-San Juan Mine, all from Farmington, New Mexico; Bridger Coal Company, Rock Springs, Wyoming; General Chemical, Green River, Wyoming; Jacobs Ranch Mine, Gillette, Wyoming; Powder River Coal Company-North Antelope/Rochelle, Gillette, Wyoming; Sabine Mining, Hallsville, Texas; Solvay Minerals, Green River Wyoming, and Western Energy-Colstrip, Montana. The professional evaluators provided challenging scenarios for over 90 participants and many observers. The evaluators were: Art Saenz and Tom Bass of Western Environmental Associates, Keith Mitchell and Jim Jennings of Emergency Services Detail; Mary Bailey of Mary Bailey Associates; and John Peleaux of Innovative Access. Teams are not given advance warning of what the problem will entail. They are provided the necessary details when they arrive at the scenario location and work to resolve the problem in an effective and efficient manner. [ ] Seven participants made up each team with an . eighth member as an alternate. Team trainers and other mine personnel traveled with the team from scenario to scenario providing support and encouragement. The teams were presented with four scenarios each day, involving High Angle Rescue, Low Angle Rescue/Medical, Hazmat, and Confined Space. All of the victims, except for one, were provided through the cooperative efforts of the Snowmass Fire Department, who also assisted with providing several evaluators. Snowmass Fire Department is to be commended for providing over 20 victims/evaluators each day to facilitate the evaluations. Training sessions were held Friday afternoon and Saturday evening to help the teams prepare for the scenarios. A swap meet was held Friday evening for teams to trade hats, shirts, belt buckles, stickers, etc. All mine rescue participants and spouses and registered families attended the Bar-B-Q on Sunday evening followed by an adult dance. [ ] Front row: Ray Blaisdell, Solvay; Gary Rasmussen, General Chemical; Spencer Thompson, Sabine; Jack Ervin, Western Energy. Back Row: Ken Kellywood, BHP Navajo; Jonathan Sorrell, BHP LaPlata; Elton Stanton, Jacobs Ranch; Travis Roy, Powder River Coal; Ron Neff, BHP San Juan; Steve Whaley, Bridger. Sponsors who contributed to the 1998 program financially were: Blue Mountain Energy, (Deserado Mine); Flanders Electric Motor Service, Inc.; Rocky Mountain Electric Motors, L.S.; and Western Environmental Associates. Glass trophy cups, with an etching of a Mine Rescue figure and the RMCMI Logo on cherry wood bases, were presented to the 10 team captains at the Monday Mine Rescue Awards Breakfast. Eight of the ten teams had a proficiency level of 3 and 2 teams achieved a proficiency level of 2.

Jan 1, 1998