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By D. C. Rance

"The Quintette Coal Limited property is located in the north east coal area of British Columbia. A basic agreement with the Japanese steel industry was ex ecuted on January 27, 1981 for the sale of 69.5 million tonnes of Quintette metallurgical coal over a 14.5-year period. This contract period can be extended by Jive years by mutual agree ment. Sale agreements have also been signed for the sale of 19.4 million tonnes of oxidized coal over a 15-year period. Work started on site development in the late summer of 1981, and at present, two of the four eventual pits-the McConkey and Frame-are under development. The pits are currently in a pres/ripping phase. These pits are notable for the stripping volumes that have to be removed from relatively small pit areas. in order to provide for the required detailed rapid short-range planning of these pits, engineering will be computerized, as will the truck dispatch system. The mining area lies 21.1 km from the plant site by road and the transport of raw coal LO the plant is by means of a highspeed conveyor system which has a total length of 13.4 km with a vertical drop of 740 m. The surface plant facility was designed on a modularized basis to facilitate maintenance, and is designed to enable the use ofgravity flow ofraw coal and heavy media in the plant to minimize the use of pumps. The construction of the plant and mine site facilities is on-going, and the first coal production is scheduled for early December 1983. Introduction Quintette Coal Limited is a Canadian company incorporated in the province of British Columbia in 1971. Denison Mines Limited is the manager of Quintette's activities. Equity in Quintette Coal Limited is held by several shareholders, with interests as follows: Denison Mines 'Limited, 500Jo; Charbonnages de France International S.A., 120Jo; and Japanese interest, 38%. The project will develop almost 120 million tonnes of coal for marketing during its first 20 years of production. All of the planned production tonnage has been committed to Japanese markets. Most of the coal will be metallurgical grade, and the remainder will be a high-quality thermal coal. The Mcconkey and Frame pits, which will initially provide the mine's production, will commence production in early December 1983 and will, in 1985, reach the full annual production of 5 million tonnes clean metallurgical coal and 1,380,000 tonnes of clean thermal coal."

Jan 1, 1985

By V. (“Viv”) R. Forbes

[ ] INTRODUCTION "The Liberal Party believes that the State's mineral resources belong to the people of Queensland and therefore it is essential that the state, on their behalf, obtains maximum benefit from the development of those resources." (Liberal Party, 1980 "Mineral Resources Policy" p.2). "Unless sound policies are implemented.... increased production of minerals will benefit only the already wealthy and the lucky few... A resources tax is essential to ensure that above normal profits are shared by the whole community.... Labor policies on taxation must ensure an adequate return from mining developments to the Australian people." (Labor Party Policy Paper, May 1982 "National Issues relating to rapid expansion of mineral production during the eighties". p.1, 37, 47). Judging from these statements, key political parties in Australia believe that mining profits are lightly taxed and that shareholders get most of the benefits. THE REALITY The Government Share of Income statement in Table 1 attempts to measure the government share of the income generated by the "Big Five" Australian mining companies - Broken Hill Pty Ltd. (BHP), CRA Limited, Utah International, MIM Holdings Ltd., and Western Mining Corporation ("WMC"). These companies control over 70% of Australia's mining industry including all the most profitable mining operations. They dominate the mining and processing of iron and steel, aluminum, manganese, coal, oil and gas, copper, lead, zinc, silver, nickel, gold, ferro-alloys and salt in Australia. They are also major world exporters of most of these products. They are thus a representative sample of the profit-earning side of the Australian mining industry. In their two most recent financial years these five companies had income before tax of A$6,980 million. The Government share of this income was A$6,285 million or 90%. The total market capitalisation of the Big Five is about A$8,480 million. (December, 1982). Governments thus consumed the equivalent of 82% of their total value in just two years. This was taking place while the politicians drafted the above statements calling for an "adequate" share for the people.

Jan 1, 1985

By S. C. Termes

To help develop the basis for new fine-particle separation methods, the Bureau of Mines has investigated the use of cross-linked starches containing four chelating groups--carboxylate, iminodiacetate, dietha-nolamine, and xanthate--as flocculants for selected metal oxide and hydroxide mineral fines. It was found that those starches capable of interacting with the mineral surface by a chemisorpti,on mechanism (as indicated by zeta potential measurements) produced the highest recover-ies and'grades of the metal oxide or hydroxide when flocculated from a binary mixture with quartz. The effects of pH, dispersing agent, stirring rate, stirring time, and starch dosage on selective flocculation were studied for binary mixtures of hematite and chromite with quartz. Floc strength becomes important in achieving maximum recoveries by mechanical postflocculation separations.

Jan 1, 1985

The Morley Coal Measures (Upper Cretaceous) at Ohai Coalfield were deposited in an intermontane basin alluvial environment of entirely terrestrial aspect. Within this regional setting, three distinct types of depositional environment are recognised; these are: (i) a sand-dominated (South Saskatchewan type) braided river system characterized by channel-bed dunes and possibly compound bars; (ii) a well-drained floodplain environment frequently subject to crevasse-splay and overbank-flow sedimentation; and (iii) a poorly-drained, commonly peat-accumulating backswamp environment locally traversed by tributary drainage systems and occasionally inundated by crevasse splays and overbank flows. All major coal seams of the Morley Coal Measures originated within forest moors under predominantly telmatic (periodically inundated) conditions. The peat-forming vegetation comprised largely arborescent forms (dominantly conifers), in addition to pteridophytes and bryophytes. In-seam vertical variations in coal type indicate groundwater levels initially decreased and then increased during the lifetime of a particular peat swamp, possibly in response to a change in the migration direction of an adjacent fluvial system. The proposed depositional model for the Morley Coal Measures has the potential to be utilised during exploration programmes and mine development to impart greater objectivity to predictions concerning seam geometry and continuity, trends in coal type and quality, and likely roof and floor conditions.

Jan 1, 1985

By R. V. Ramani

This volume is the first of a four-volume final report on research carried out under a contract from the U.S. Bureau of Mines on the development of a computer simulation model for surface mine reclamation planning. The other volumes are titled as follows: Volume II: Dragline Model, Volume III: Mine Coordinate Generator System, and Volume IV: User's Manual for OPMHS/2. This report deals with the development of a geological model for surface mine planning. The most common orebody modeling techniques are described. A brief review of geostatistical theory and concepts is presented. A geostatistical option for orebody modeling is developed and validated. Computer programs and sample outputs are appended.

Jan 1, 1985

By C. E. Brechtel

This project describes the design and testing of large face ventilation systems for oil shale mining. A design data base was generated by reviewing general industry practice, oil shale industry planning, and technical literature. Conceptual designs for seven different systems were developed and evaluated for suitability. A large, free-standing, jet fan and reversible fan with rigid duct were selected for fabrication and testing. The two systems were field tested in a dead-end heading 55 ft wide by 30 ft high and 320 ft long. System performance was optimized using measurements of air flow direction and air velocity. Total system performance was then measured using SF6 tracer gas released to simulate blast fumes, hot diesel exhaust, methane layering and methane from a blasted muckpile. Field testing indicated that both systems delivered similar performance. The jet fan offered some clear advantages because of its mobility, ease of oper-ation and lower power requirement. It also offered some functional advantages in ventilating for methane because of it high average velocity.

Jan 1, 1985

By William W. Aljoe

This report summarizes the Bureau of Mines noise-control research program from 1972 to 1982. Each segment of the mining industry--under- ground coal, underground hardrock, surface mining, and processing plants--has different noise-control problems because of vast differences in working procedures, equipment, and workplace design. The Bureau has identified the most serious noise problems in each segment and has developed strategies for attacking these problems. This publication points out the need for noise control in the mining industry, discusses Federal regulations governing worker exposure to noise, and describes the Bureau's overall approach to mining noise- control research. It traces the history of noise overexposure in each segment of the mining industry and discusses the major noise sources. It provides detailed information on noise-control research efforts in the Bureau's major areas of emphasis, including the results of these efforts. Finally, the report discusses the Bureau's future role in research on mining noise control, emphasizing the need to expend more effort on long term in-house investigations into the noise problems that have been identified in past programs as the most serious ones.

Jan 1, 1985

By W. L. Cooley

A significantly different method of evaluating mine ground system safety is investigated. The method measures touch and step potentials around ground beds and grounded equipment resulting from a series of extremely small simulated faults. The values are then scaled for a full-scale fault. The method should be particularly useful for large ground beds and under conditions where the ground bed cannot be isolated from the rest of the ground system in order to make traditional ground bed resistance measurements. Instrumentation for making the alternative measurements is evaluated under rigorous field conditions. A step-by-step procedure is proposed for evaluating a surface mine ground system. This procedure was subject to several field tests at eastern metal/non-metal mines. The final evaluation procedure is written as a stand-alone document for use by MSHA inspectors and mine operating personnel, and is included as an appendix to the report. The authors conclude that the procedure is effective in evaluating ground system safety and recommend that it be further evaluated in the field.

Jan 1, 1985

The contract objective was to evaluate sources of airborne quartz and research control methods that would assist underground mine operators in complying with respirable dust standards which have been reduced because of quartz in the dust exceeding five percent. The work involved: Phase I -evaluate sources of quartz dust at the roof bolter work location; Phase II -evaluate the relationship between the quartz content of the coal and adjoining rock strata and quartz exposure at the roof bolter and continuous miner locations Phase III -conduct laboratory tests to determine performance parameters for roof bolter dust collector systems. The underground surveys for Phases I and II determined: (1) the continuous miner typically is the greatest source of quartz exposure for the miner and roof bolter operators when single-split ventilation is utilized, (2) a statistically significant relationship be­tween quartz content in face material and operator exposure was not determined and data suggested mining equipment and procedures may be more critical. The Phase III lab tests indicated the use of dust hog-type bits, filter cartridges, maximized collector airflow, and reduced bit rpm should be utilized to minimize dust liberation at the roof bolter.

Jan 1, 1985

By Budiselic C, Hefter G

The uptake of gold by activated carbon from acid chloride solutions involves the reduction of gold(IIl) to metallic gold. Deposition occurs only on the surface of the carbon at localized active sites at first, and subsequently at less active areas. The rate of uptake depends on the surface area of activated carbon, which confirms results from a recently published study (de Siegel and Soto, 1984). Increased rates of uptake were observed at higher temperatures and lower chloride concentrations due to the decreased stability of AuCI4-, the major gold(IIl) species present. Recoveries of gold approached 100 per cent for a contact time of 60 minutes at 20°C in a well stirred solution initially 5 ppm in gold(III) and containing 0.5 per cent w/v coconut-shell carbon. The presence of 0.25 Mnitric acid or 100 ppm iron(IIl) had no detectable effect on either rate or efficiency of gold uptake.

Jan 1, 1985

By N. T. Lowe

This Bureau of Mines publication presents salient deposit information in abstract form on 119 principal mineral deposits in the State of Nevada. Commodity coverage addresses 17 critical and strategic commodities that appear to have commercial production potential in the State. The core of the deposits described is taken from those properties evaluated d under the Bureau of Mines Minerals Availability Program (MAP); additional deposits are included to provide a more complete coverage. Institutional and infrastructural factors affecting mineral development are also discussed.

Jan 1, 1985

By Michael R. Yenchek

Contacts with energized conductors are a major cause of electrocutions in underground coal mines. Sensitive ground fault interrupters (GFI's) installed on in-mine three-phase ac utilization circuits would probably prevent the majority of these deaths. A sensitive GFI is a protective device that detects and interrupts small deadly ground currents in the milliampere range before those currents can cause ventricular fibrillation in humans. Commercially available three-phase sensitive GFI's have not been specifically designed for application in coal mines. The Bureau of Mines therefore tested three commercial GFI models to determine their worthiness for mine power systems. GFI design and construction, transient immunity, reliability, and time-current characteristics were evaluated in laboratory tests. No commercial device was found suitable for mine use without design modifications. The tests results will serve as a basis for the development of a mineworthy sensitive GFI in ongoing Bureau research.

Jan 1, 1985

By R. W. Lawrence

"Biological leaching can be used to enhance the recovery of gold and silver from refractory ores, concentrates and tailings. The method liberates precious metals associated with sulphide minerals such as pyrite and arsenopyrite making them amenable to cyanidation. The chemistry and features of biological preoxidation leaching is discussed. A summary of the results obtained on various ores, concentrates and tailings is presented.INTRODUCTIONRefractory precious metal ores in which gold and silver are finely disseminated in sulphide minerals such as pyrite and arsenopyrite are becoming more important to the mining industry. This is due both to a depletion of simpler, free-milling ores and to a significant increase in the price of gold in recent years. Whereas many ores can be directly cyanided with gold solubilizations over 90% obtained, the refractory ores respond poorly to direct cyanidation and require decomposition of the precious metal-bearing sulphide minerals to increase recoveries.Decomposition of sulphides by oxidation prior to cyanidation can be carried out by several means. The oldest method is roasting which removes unwanted ore constituents by high temperature oxidation and volatilization. In Canada, for example, roasting is used at Giant Yellowknife (Connell and Cross, 1981). Another method gaining increasing acceptance is pressure hydrometallurgy which uses aqueous oxidation conducted at high temperature and pressure. Homestake Mining Company have recently completed construction of a plant incorporating pressure oxidation at their Mclaughlin property in California (Guinivire, 1984)."

Jan 1, 1985

By Simon D. Strauss

INTRODUCTION The changes in ownership, management, and operation of the non-fuel minerals industry since the Second World War have been dramatic. World-leading enterprises have lost their identity; host countries have taken over operations from multi-national firms; marketing practices have been drastically altered - and yet the world industry is supplying minerals on a scale far greater than had been anticipated in projections made at mid-century. The world's known mineral resources have been enormously expanded, despite the doom sayers who for decades have been predicting that depletion of non-renewable resources would impose limits to growth. PALEY REPORT One can set the stage by reviewing how the minerals outlook was regarded in a thoughtful and comprehensive analysis made in the years 1950 and 1951. During the War years, President Harry Truman of the United States had come to appreciate the decisive role played by minerals resources through his chairmanship as a U.S Senator of a committee that investigated the procurement and allocation of natural resources. In 1950, in the Cold War era that resulted in actual military conflict in Korea, he appointed a prestigious five-man commission to study the problems of Materials Policy over the following quarter century. Their findings, published in five impressive volumes in early 1952, became known as the Paley report. The text was prepared by expert scientists and economists who spent 18 months assembling statistics, making projections of future demand, and interviewing leaders in industry, academia, and government. [ ] The Commission had correctly foreseen that aluminum would replace copper as the largest volume non-ferrous metal, but it had fallen short of reality by a wide margin indeed for all three materials. Even though the Commission's expectations for growth proved to be extremely understated, it had concluded its report with grave foreboding about the effect of its estimates of demand in relation to supply, as follows: "Consumption of almost all materials is expanding at compound rates and is thus pressing harder and harder against resources which, whatever else they may be doing, are not similarly expanding. This materials problem is thus not the kind of 'shortage' problem, local and transient, which in the past has found its solution in price changes which have brought supply and demand back into balance. The terms of the materials problem we face today are larger and more pervasive." With respect to some minerals, the Paley Report expressed scepticism that, in fact, supplies would be forthcoming regardless of price. Because the Paley demand forecasts understated the actual growth in demand for virtually every mineral, one could logically have expected frequent and protracted shortages in the years since 1950.

Jan 1, 1985

By W. S. Urbanski, A. L. Devernoe, R. W. Stuart, M. S. Walker

"Although many investigators have successfully achieved separations using variations of a concept wherein particles are buoyed upwards against gravity in a magnetically attracted fluid, none have succeeded in separating fine particles in a manner that is practical tor mineral beneficiation. This paper describes laboratory tests and preliminary economic analyses for a new mineral separation process which provides enhanced magnetic buoyancy and separation capabilities. The process provides a means of gravity separation in a regime where conventional gravity separation is inadequate; that is for small differences in mineral densities and for very fine particles. Although early interest centers on gravity separation, the process has also been successfully used for precise magnetic separation.Tests were conducted on a variety of mineral mixtures, ore samples and concentrates including; a sphalerite ore, pyrochlore ores and concentrates, cassiterite pre-concentrates, a chromite pre-concentrate, and heavy mineral placer samples. Separations requiring high discrimination between fine particles narrowly different in density or weak magnetic properties were obtained. Of particular interest is the ability of the process to concentrate or remove oxide minerals or gangues, especially silicates. Potential applications are discussed."

Jan 1, 1985

By R. F. Sheldon

The discovery of the Carlin deposit was the result of discriminating geologic research and prospecting devoted to the objective of finding a gold deposit that could be mined by open pit methods. By the late 1950s, Newmont Mining Corp. was becoming increasingly concerned about the trend of rapidly rising underground mining costs unless bulk mining methods could be applied. The desirability of finding an open-pittable gold deposit was apparent. The attention of Newmont geologists was directed to Nevada by the publication of two papers: "Paleozoic rocks in North-central Nevada" (1958) and "Alinements of Mining Districts in North-central Nevada" (1960), both authored or co-authored by Ralph J. Roberts of the United States Geological Survey. John Livermore, geologist of Newmont Exploration Ltd., attended a talk given by Roberts in Ely, Nevada in the summer of 1961. These papers and the address by Roberts gave details concerning the Roberts Mountain overthrust, a 483 km (300-mile) long, shallowdipping fault which pushed clastic and volcanic rocks of early and middle Paleozoic age eastward over younger marine formations. Subsequent uplift and doming with consequent erosion had locally removed the upper plate strata exposing windows of lower plate carbonate rocks. Roberts noted that the principal mineral deposits of the region, including gold, were associated with these windows which exhibited a preferred alinement. In the summer and fall of 1961 Newmont's exploration geologists John Livermore and J. Alan Coope began a systematic examination of gold occurrences associated with these windows, aided by further discussion with geologists of the US Geological Survey. Attention was directed to the Lynn and Carlin windows, particularly to those formations lying immediately above and below the Roberts Mountain fault. It was appreciated at the time that many of the gold occurrences in the region were unusual in that no colours were obtained even when panning high grade samples. A large number of rock samples were collected and analysed using fire assaying procedures, and background values for gold were established. This systematic rock sampling resulted in the identification of a distinct area of anomalous gold values, and a block of claims was staked in late October, 1961. These claims, plus an adjoining optioned 32.4 ha (80 acres) of ground, cover the main area of the present Carlin gold mine. Prior to snowfall that winter, one of the bulldozed assessment pits required to establish a claim's discovery exposed 24 m (80 ft) of mineralization assaying 0.007 kg/t (0.22 oz per st) gold. In the spring of 1962 a program of trenching, sampling, and geological mapping followed by rotary drilling was underway. Other properties in the area were acquired. The generally undistinguished nature of the dolomitic siltstones and silty dolomitic limestones hosting the micron-sized gold particles, coupled with the lack of visually associated guide minerals, made identification of the gold bearing areas very difficult. The entire drill column had to be assayed to ensure that values were not overlooked, as very often sections that might be assumed to be waste turned out to be high grade. On September 10, 1962 a high grade intersection of 24 m (80 ft) assaying over 0.03 kg/t (1 oz per st) gold was encountered in the third hole drilled. An expanded program of both rotary and diamond drilling led to the further delineation of the ore body. By December 1963, the exploration program had established an initial reserve of 10 Mt (11 million st) grading 0.01 kg/t (0.32 oz per st) gold. A 1.8 kt/d (2,000 stpd) processing plant was constructed and the first gold bullion was poured in May, 1965, just two years and eight months after the discovery hole was drilled. REFERENCES Roberts, R.J., Holz, P.E., Gilluly, J., and Ferguson, H.G., 1958, "Paleozoic Rocks in North-central Nevada," Bulletin American Association of Petroleum Geologists, Vol. 42, No. 12. Roberts, R.J., 1960, "Alinements of Mining Districts in North-central Nevada," Professional Paper 400-B, US Geological Survey, Article 9.

Jan 1, 1985

By C. A. Natalie

Prediction of average residence times for different particle size intervals during sulfide roasting was investigated. Calculations were done to predict average residence times using a model which employs empirical correlations for elutriation constants. Experimental average residence times were determined using a continuous., six inch diameter,. fluid bed roaster and compared with calculated residence time values. Comparison of calculated and experimental data showed that geometry effects may have .been significant when attempting to apply elutriation data to this roaster.

Jan 1, 1985

By Robert L. Virta

The Bureau of Mines examined a fibrous talc sample from the Gouverneur talc district in New York by transmission electron microscopy (TEM) and polarized light microscopy to determine the mineralogical relationship of the fibrous talc to the amphiboles present in the sample. Two am-phiboles, anthophyllite and tremolite, were present in the sample. Tremolite occurred as a separate mineral phase, which was blocky in habit. Only a few composite tremolite-talc grains were observed. An-thophyllite, however, was present only in the fibrous talc grains. Mi-crodiffraction study of the fibrous talc grains containing anthophyllite showed that the anthophyllite was intermixed with the talc on a fine scale and that there was a crystallographic relationship between the talc and anthophyllite lattices in the fibrous talc grains. A mechanism similar to the process that forms biopyriboles could explain the structural defects, the fibrous habit of the talc, and the structural relationship between the talc and anthophyllite in the fibrous talc grains. Because of these characteristics, phase contrast microscopy and a provisional TEM technique for monitoring asbestos exposure would not distinguish between fibrous talc and fibrous amphiboles. TEM techniques employing electron diffraction and energy-dispersive X-ray analysis are recommended to positively identify the fibrous phases for regulatory purposes.

Jan 1, 1985

By Harry R. Cedergren

Properly designed drainage systems can be of great benefit to many kinds of Civil Engineering works, including embankments, and often are the most economical way to protect such works from the damaging effects of water. To function properly, drains must be able to remove water without also removing soil or becoming clogged with soil or erodible rocks. The first criterion to be used in designing drainage systems, called the filter criterion, can prevent all such problems (erosion and clogging) when properly fulfilled in design and construction. The second requirement of drains is that they must be capable of removing all of the incoming water without the build-up of large amounts of head that can damage the protected works. To insure this kind of perfomance, the discharge capabilities of drains should always be verified by appropriate hydraulic and seepage calculations. This paper describes these two basic drain design criteria and also gives examples of application of seepage principles to the evaluation of the potential benefits of drains and to the design of drains for mine waste embankments.

Jan 1, 1985

By Robert L. Davidoff

INTRODUCTION The impact of taxation differs substantially from state to state in a complex fashion that depends on both the physical characteristics of a mineral deposit and on the price of the mineral commodity relative to its costs of production. A comparative analysis of the tax structures of eight states (Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah and Wisconsin) showed wide variations in rates of return for any given type of mineral property, with no state having either the most burdensome or least burdensome tax structure under all circumstances. Three hypothetical mineral operations were analyzed: a producing open-pit copper property, a non-producing underground platinum operation, and a non-producing underground gold operation. None of them corresponds exactly to an existing property. Each of these property types is further defined to have ore feed grades at three different levels, leading to three potential profitability levels, referred to in this paper as "economic", "marginal" and "subeconomic". Thus the differential impact of state tax structures is measured for mineral properties of different types, as well as for different profitability levels. Montana is used as the base case. This study does not address the topic of corporate structures or tax consolidation. There are no costs assumed external to the operation of the deposit (e.g. exploration to locate additional deposits). Two types of analyses were performed for this study. The first calculates the total cumulative tax payments in each state using all applicable taxes (including U.S. federal income taxes and examines the resultant differences in discounted cash-flows rate of returns DCFROR's amoung the eight states. The second is a sensitivity analysis that examines each type of state tax separately (i.e. state income, property, and severance taxes) in order to isolate and examine the differences in tax payments that are due to the difference in rates and methods of computing specific types of taxes in each state. The results of this study serve to illustrate the complex nature of interactions among various taxes. For example, property tax is a deduction in calculating severance tax in some state. Changes in property-tax and severance-tax payments both enter into the calculation of state and federal income-tax liability. This, in turn, could change the timing and usage of tax-loss carry forward amounts and investment tax credits. Additionally, the physical characteristics of a property, the method and costs at which the mineral will be extracted, and the profitability level at which each property operates will affect tax treatment. Each mineral operation was evaluated at three different predetermined profitability levels, referred to using the terms economic, marginal and sub-economic. These three profitability levels are defined by the ore feed grades of the primary commodity that yield in constant terms, approximately an "economic" 18% DCFROR, "a marginal." 10% DCFROR, and a "sub-economic" 5% DCFROR, respectively, under the Montana tax structure. In the analyses, the mining and processing parameters for each of the three types of properties were assumed to be identical for each of the eight states. It was assumed that each operation produces at full operating capacity throughout its life. This implies the level of mineral commodity demand will support the inferred commodity price, such that each operation will be able to sell all its output. The analyses performed for this study were done using a comprehensive economic evaluation simulator that is used in the Bureau of Mines, Division of Minerals Availability MAS program to perform DCFROR analyses. All economic evaluations performed upon these data (see appendix 2) were in constant January 1981 dollars. By-product prices used for the analyses were: [Gold $425.00/troy ounce Palladium$200.00/troy ounce Silver $ 10.00/troy ounce] Typical cash-flow calculation layout is given in Appendix 3. The initial step for each evaluation is to define an "economic" profitability level scenario. An 18% DCFROR rate in Montana was considered the

Jan 1, 1985