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By V. Gornitz

The Orphan mine uranium deposit, Grand Canyon, Arizona, is a cylindrical collapse-breccia pipe, 70 to 150 m in diameter and 500 m deep. Pipe fill was derived from the Supai Group, Hermit Shale, and the Coconino Sandstone. Uraninite, with Cu, Fe, Pb, Zn and Ni-Co sulfides is concentrated along the pipe boundary ring fracture (annular ring) and within the central porous sandstone matrix. There is some suggestion of vertical and lateral zonation of U with respect to Cu. Reduction of ferric oxide cement from red beds and recrystallization of carbonate, with formation of kaolinite preceded major ore deposition. Early Ni sulfides, arsenides and disseminated pyrite were followed by massive pyrite, and botryoidal uraninite, which in turn was suc-ceeded by Cu, Zn and Pb sulfides. A second, later generation of uraninite was closely intergrown with hematite and base metal sulfides. Oxidation of primary minerals may have been associated with Tertiary regional uplift. The paragenetic sequence closely resembles that of other Grand Canyon breccia pipes, except for the extensive development of the distinctive uraninite-hematite association. Mineral assemblages at the Orphan suggest possible mixing of the metal-bearing solution(s) with a more oxidized fluid, containing soluble uranyl complexes. Homogenization temperatures of fluid inclusions in calcite (GO-lIO?C) at the Orphan fall within the lower end of the range observed at other breccia pipes.

Jan 1, 1987

By J. M. Mercier

Approximately seven (7) years of recent intensive mining activity in the Wasatch Plateau Coal Field of Utah has revealed distinct geologic patterns which, at times, profoundly influence reserve estimates, coal quality, mine layout, and reserve accessibility. Mine planning, economic feasibility, and resource recovery activities by Getty Coal Company utilize a multi-faceted approach by necessity when evaluating Utah properties. Two specific operating mines offer examples of the affects of adverse geologic conditions on mine operation and project economics.

Jan 1, 1984

By F. E. Heuze

This article deals with the effects of high-explosive and nuclear explosions in rock masses. We first highlight the strong influence of geological discontinuities, such as joints and faults, on ground motion characteristics. Then, we briefly introduce the Discrete Element Method, as a new technique for numerical simulations. II is shown to be far superior to continuum-based approaches, when dealing with the dynamics of discontinuous media such as jointed rocks. Finally, we simulate the ground effects from a generic contained nuclear explosion, which bears some similarity to the SHOAL event in granite. This calculation is intended to emphasize the influence of the near-source geology on the distribution of energy, and on the motion at various azimuths in the medium.

Jan 1, 1991

THE following employment items are made available to AIME members on a nonprofit basis by the Engineering Societies Personnel Service, Inc , operating in cooperation with the Four Founder Societies Local offices of the Personnel Service are at 8 W 40th St , New York 18, 100 Farnsworth Ave, Detroit, 57 Post St , San Francisco, 84 E Randolph St , Chicago 1 Applicants should address all mail to the proper key numbers in care of the New York office and include 6c in stomps for forwarding and returning application The applicant agrees, if placed in a position by means of the Service, to pay the placement fee listed by the Service AIME members may secure a weekly bulletin of positions available for $3 50 a quarter, $12 a year MEN AVAILABLE Executive Engineer, 37, married, 3 children Now Resident Manager nonmetallic underground mine and processing plant Management and operational experience in gold, copper, zinc, limestone and lime products manufacture Mine plant design and construction, underground mines and quarries Excellent references Currently employed but available reasonable notice Prefer U S M-687-426-E-5-San Francisco Metallurgical Engineer, 29, married, one child, B S Metallurgical Engineering Five years' practical experience in milling and laboratory research Available thirty days Prefer West or Southwest U S A M-689¬522-E-1-San Francisco Experienced Mining Engineer, university graduate, 40, married Twenty years' experience all phases metal mining, past 13 years as manager, excellent cost and safety record Available short notice Best references and complete professional record available upon request M-690

Jan 1, 1952

By F. S. Sinnatt

THIS paper is the outcome of an extended investigation carried out in association with Dr. L. Slater. The inquiry had been continued in various directions and a number of results are quoted from an investigation recently completed by S. H. Jenkins. In projecting the work some five years ago, the author had in view a general attack on the problem of the spontaneous combustion of coal from an angle that had received little attention. The basic idea was to obtain a "slow motion study" of the active combustion of coal. This included an examination of the conditions prevailing in a mass of coal at the moment when active combustion ceases. It was thought that, if the factors governing the extinction of combustion in coal could be definitely established, it might offer an explanation of the manner in which the spontaneous combustion of coal originates. The inquiry arose from a detailed study of the properties of fusain that the author began in 1918. Fusain seemed to possess characteristics quite distinct from the coal with which it was associated, for if it were collected into a heap and one portion were heated by a small flame the combustion would traverse the whole mass. This combustion was not accompanied by smoke and passed slowly through the heap of material. Later, it was found that coals, including anthracites, would behave in a similar manner provided they were in the form of powder and that the particles were smaller than a certain size. The limiting size of particles is a definite characteristic of the coals investigated. In view of the fact that fusain exists with coal in a state that enables it to undergo this particular form of combustion, it must be assumed, sometimes, to playa definite part in the spontaneous combustion of coal in the goaf (waste).

Jan 3, 1925

By Cleland N. Conwell

The term "tender tundra" is a myth---a well-developed myth, but contrary to the fact. Any area that supports herbivores must have a plant base to supply food, In Alaska, herds of caribou migrate and live north of the Arctic Circle. And, if there is enough growth in the moss and lichens and arctic grass to support a caribou herd, the "tender tundra" can heal after it has been disturbed by mining. Another myth is that Alaska is an ice box. Actually, many areas In the state---particularly the Interior---have a high agricultural potential. Nevertheless, the fact remains: whether it is reclaimed by advancing the productivity from forest to agriculture or is allowed to remain a wild-life habitat, Alaskan land will revegetate. Reseeding speeds reclamation, but left to nature, native species will reclaim the land whether it was disturbed by forest fires, roads, villages, or mining. In fact, it is impossible to find many of the old gold mining camps.

Jan 1, 1975

By S. Jayson Ripke, Shane Hoff

Cleveland-Cliffs’ Northshore Mining Company operates a magnetic iron ore (taconite) concentrator and pelletizer in Silver Bay, MN. These are two recent cost reduction projects: 1. Rougher Magnetic Separators were upgraded throughout the concentrator; throughput and recovery were simultaneously improved. 2. Green Ball Roll Screens on one agglomeration circuit were upgraded from 3.5-inch to 2.5-inch rolls. Throughput improved by 24% from 62 to 77 LTPH. Green ball size distribution improved as an added benefit.

Jan 1, 2005

By Marco Taipe

Uno de los mayores costos del proceso minero es el de perforación, en tanto emplea aire comprimido. Por tal motivo, la industria minera busca diferentes alternativas para reducir los costos del aire comprimido o eventualmente a través del uso del sistema electro-neumático. Este sistema es de fácil instalación y mantenimiento puesto que se basa en electricidad y agua, reduciendo costos y a su vez mejorando las condiciones de trabajo a través de la versatilidad del presente sistema.

Sep 12, 2011

By E. J. HOFFMAN, L. A. SCHOLL, J. c. W. FRAZER

The danger from coal dust in mines has been thoroughly demon- strated by experiment, and consequently the study of the inflam- mability of coal dust suspended in air, that is, the readiness with which a cloud of coal dust inflames, is of decided importance to those engaged in coal mining. Much knowledge has been gained from the work done in the large galleries constructed at official and semiofficial stations in this country and abroad, but the study of the coal-dust problem in these galleries requires so much time and is so costly that there is need of a reliable laboratory method for obtaining a classi- fication of the great variety of dusts that occur in mines. The investigation described in this paper was an attempt to devise such a method. It was a preliminary investigation, and work in the same direction is being continued by the Bureau of Mines. As Mr. Frazer has severed his connection with the bureau, it is deemed advisable to publish the results of his study substantially as he prepared them, with little attempt to draw conclusions or to show the bearing of the results on other studies now in progress. The results of these studies and a full discussion of the significance of the laboratory investiga- tions will be published in future reports of the Bureau of Mines. The reader should remember that any laboratory method, since it involves conditions that differ so greatly from those of actual mining, should be thoroughly tested, and the results obtained by it should be confirmed by experiments conducted on a scale simulating mining conditions before final conclusions are drawn. The need of a laboratory method has long been felt, and several investigators have devised apparatus and methods. The work done by Vital, Holtzwart and Von Meyer, Bedson and Widdas, Le Chate- lier, and that of the British Coal Dust Commission is of great interest in this connection. Bureau of Mines Bulletin 20 contains a sum-

Jan 1, 1913

By O. F. Brown

The use of quality materials (aggregates and asphalt binder) in optimal proportions is the key to producing optimally performing hot mix asphalt (HMA). The Superpave mix design standard in the US introduced specific volumetric and binder property requirements in HMA design. Different methods for HMA constituent proportioning have been proposed in various guidelines. The design process to determine the HMA blend is currently iterative and engineers rely almost exclusively on experience. This approach is time consuming and often does not result in cost-optimal HMA mixtures. This paper introduces a mixed integer linear programming (MILP) optimization model for hot-mix asphalt constituent proportioning. The MILP model minimizes the total mix cost while satisfying all the volumetric, binder and mix property specification requirements. The model has been successfully validated with real-life example. The aggregates and binder ratios from the model were in close agreement with those from the contractor. The Bailey ratios and the gradation constraints were also satisfied. The cost of the optimal mix was $0.804/Mg less than that of the contractors?. This marginal reduction might make all the difference in an industry that is highly competitive. The MILP model also demonstrated that adding RAP to the contractor?s design would reduce the cost of the blend by $5.74/Mg. The virgin binder content was reduced by 1% because of the recycled asphalt contained in the RAP. This work represents the first successful attempt in incorporating both aggregate and asphalt performance requirements into the optimization formulation. Applying these models will ensure the minimum cost mix that meets all constraints and will increase profit margins for plant operators.

Jan 1, 2012

By Achille Balossi Restelli, Elena Rovetto, Andrea Pettinaroli

"The Station “C13” of Warsaw Underground Line II, with tunnel crown 10m below the water table, required the excavation of three connection tunnels, underpassing a six-lane in service road tunnel, working from two lateral shafts. After the collapse occurred while digging the first tunnel, the use of artificial ground freezing was chosen to ensure the excavation under safe conditions. A complex freezing pipe geometry and excavation sequencing was necessary because of the interferences of the overlying road tunnel diaphragm wall foundations, shaft internal structures and previous grouting activities. A combined freezing method was used: nitrogen for freezing the tunnel arches, brine for freezing the intermediate wall and for maintenance stages. Sandy and silty sandy layers were frozen around the crowns and sides. No treatment was necessary for the inverts, lying in clay. A monitoring system of ground temperatures and structure movements allowed for successful completion of work in 8 months. INTRODUCTION The C13 Station of the Warsaw Underground-Line II is located on the West bank of the Vistula River. It consists of two shafts and three connecting tunnels, passing under the Wislostrada (WS) Road tunnel. According to the initial geotechnical investigation, tunnels should have been excavated in high-plasticity clay, but during the first borings non cohesive soil was encountered. Additional investigations were performed on both shafts and a more detailed stratigraphy was reconstructed (Lombardi et al. 2015). Layers of fine sand, sandy silt and sandy silty clay were present along the tunnels crown arches and in the North East tunnel they extended down to the centre line (-13.735m above the Vistula River medium level). Based on the new stratigraphy, it was decided to stabilize the crown and control the groundwater inflow from the face with jet-grouting columns extending the treatment down to the clayey soil, but a collapse occurred in the North West tunnel with soil and water inflow inside the shaft."

Jan 1, 2016

It was shown previously that chalcopyrite could be floated without using a collector when the ore samples were treated with small amounts of sodium sulfide (Na2S). The role of this reducing agent was considered to be one of a cleaning agent to remove the hydrophilic surface oxidation products. It was later found, however, that the collectorless flotation could be obtained only under slightly oxidizing conditions. This might suggest that collectorless flotation is not due to the clean surface but to the elemental sulfur which may be present as an incipient oxidation product. Therefore, a search for the presence of elemental sulfur has been made by means of ESCA, mass spectrometry, and solvent extraction followed by W spectrophotometric analysis. On the basis of these results, the mechanisms of collectorless flotation are discussed.

Jan 1, 1983

ARTHUR PHILLIPS,* Bridgeport, Conn. (written discussion?).-It is to, be regretted that the very valuable paper by Messrs. Bassett and Davis did not appear in the early war period. The data presented would have been of inestimable service to inspectors, of cartridge brass who, admittedly, had little or no knowledge regarding the relation of grain size to temperature of anneal, and no real appreciation of, the significance of the Brinell hardness test. The paper is of considerable interest to, metallurgists also. WALTER R. HIBBARD, ? Bridgeport. Conn. (written discussion§).-The writer has carefully studied Messrs. Bassett and Davis's paper with considerable interest, inasmuch as our laboratory has tested cartridge brass by means of a Brinell machine. In March, 1917, at the suggestion of the Technical Department of the American Brass Co., we started a comparison of grain-size measurements and Brinell hardness of-cartridge brass with a gage of 0.1 in. or greater. This was continued until March, 1918, when we adopted the Brinell hardness test as standard for brass 0.1 in. gage or greater, and discontinued grain-size measurements upon this metal. The data collected during the test showed that the Brinell hardness indicated more accurately how the metal acted in actual working operations. It was also more reliable because two manipulators check themselves closer by the Brinell test than by the grain-size measurements. It also consumed less time in making the tests. Alfred V. de Forest, formerly assistant research engineer of our laboratories, has described the apparatus and some of the checking results in a paper read June, 1918, before the American Society for Testing Materials.1 The writer hopes that a more satisfactory. method for testing cartridge brass and gilding in gages thinner than 0.1 in. may be devised than the present method of grain-size measurements.

Jan 3, 1919

By Alice S. Allen, James Paone

SURFACE SUBSIDENCE IN MINING The consequences of subsidence are becoming progressively more serious as the consumption of an ever- increasing quantity of minerals conflicts with the needs of an expanding population for surface land area. The inevitable result will be an increase in the amount of land area on which undermining is restricted because surface subsidence must be prevented. Designation of land areas that may be undermined, provided that subsidence is controlled and kept within specified limits, also will increase. The decisions as to which land is to be used for urban, agricultural, or other purposes clearly involve considerations that go far beyond the scope of mining technology. Under the authority assigned to the US Bureau of Mines (USBM) by the Organic Act (May 16, 1910) and its succeeding amendments and pursuant regulations (30 U.S.C. 1-1 1 ), the Bureau conducts scientific and technologic investigations concerning mining and its related problems. Subsidence-control demonstrations that have been conducted under this authority include projects in Wyoming, West Virginia, Illinois, and the Pennsylvania anthracite region. The problenls for technology arc to devise methods for extracting minerals with controlled subsidence in varying geologic settings and for calculating or predicting the amount, extent, and characteristics of the subsidence that accompanies the extraction of our principal minerals mined by high-tonnage methods so that logical choices can be made from the possible alternative approaches. Where underground minerals and fuels are mined and removed, the voids that are created underground generate strong imbalanced stresses in the surrounding and overlying rock strata. The resulting readjustments in the rock masses may cause subsidence of the ground surface. Subsidence implies vertical collapse, because the most conspicuous component of movement is downward. However, the downward component is accompanied by differential horizontal strains that may be more damaging to man-made surface structure.; than the more apparent vertical displacements. SUBSIDENCE CONTROL The most widespread method of alleviating potential subsidence problems in undermined areas has been to backfill mine voids with mine refuse or some other in- expensive material that provides lateral support to the remaining mine pillars and vertical support to the mine roof and overburden. Most USBM backfilling work has been conducted jointly with the Pennsylvania Department of Environmental Resources in the anthracite region of northeastern Pennsylvania. These joint projects were conducted under the authority of the Anthracite Mine Drainage Control Act of July 15, 1955 (Public Law 84-162, as amended), and the Appalachian Regional Development Act of 1965 (Public Law 89-4. as amended). In addition to the Appalachian and mine-drainage projects, the Bureau has either conducted or participated in demonstration projects to develop the "pumped- slurry" method of backfilling mine voids. Three of these projects were conducted in Rock Springs, WY. The first was a field test of the pumped-slurry technique, conducted in 1970 under the combined participation of the City of Rock Springs, the US Department of Housing and Urban Development, the Dowell Div. of the Dow Chemical Co., and USBM (Candeub, Fleissig, 1971). The objective was to demonstrate that a large quantity of sand could be hydraulically injected under pressure through a single borehole, and that filling of the mine voids would be essentially complete. In the earlier "blind-flushing" methods, involving sluicing material through boreholes by gravity, quantities per injection hole ranged from 15 to 765 m3 (20 to 1000 cu yd), and the mine voids were only partially filled. In the first test of the pumped-slurry method, approximately 14 900 m (19,500 cu yd) of sand were injected success- fully through a single borehole. Subsequent information obtained through 43 monitoring boreholes indicated that mine voids below 11 330 m2 (2.8 acres) had been filled. As a result of the successful initial test of the pumped-slurry process, USBM conducted additional backfilling demonstration projects using the new technique. The first full-scale demonstration was carried out in the Green Ridge section of Scranton, PA, between 1972 and 1974. This project proved the feasibility of using the new hydraulic-injection technique to back- fill dry mine voids, as well as flooded voids, and it demonstrated that crushed anthracite refuse could be used as easily as sand in the process. Stabilization was pro- vided for about 202 300 m2 (50 acres) of Scranton, having a population of approximately 1000. Additional demonstration projects at Rock Springs, WY, between 1973 and 1975, resulted in the stabilization of about 364 200 m2 (90 acres). The work was necessary to preserve the physical and economic well- being of the city, because there have been numerous occurrences of subsidence during recent years. A demonstration project completed in 1976 in Rock Springs brought the total stabilized area in that city to 647 500 m2 (160 acres). At a cost of about $3,000,000, a population estimated at 7000 persons and property values exceeding $18,000,000 were protected. Presently. USBM is participating in subsidence- control projects involving backfilling in Pennsylvania, Illinois, and West Virginia. Eleven demonstration projects were in progress by USBM in 1977-eight in the Pennsylvania anthracite region and three in bituminous areas of West Virginia (one) and Illinois (two). The estimated total property value is over $100,500,000, and the total cost of the projects is expected to be nearly $20,000,000. The demonstration projects are designed to adapt the pumped-slurry technique to a variety of subsurface conditions, to increase efficiency, and to reduce costs.

Jan 1, 1982

By Adam Moore, Peter Radziszewski, Matt Gallimore

"Stirred mill technology dates back to 1928 where the idea to use “an agitator and spherical grinding media” was presented. In the context of the mining industry, interest in stirred milling technologies has grown over the last 20 years where the typical observation reported inDespite these developments, the tumbling mills are continuing to be used in fine and ultrafine grinding applications. The main reason for this, as communicated at the Canadian Mineral Processors roundtable discussion in 2013, is that the comfort level in understanding stirred milling technologies is not at the level of that of tumbling mills.At CMP 2014, one contribution was made to explore how mill design affects power and energy in a stirred mill. While the 2015 CMP paper explored the application of one scale-up methodology to the Gibraltar case. For the CMP 2016, the aim of this paper is to contribute to increasing the general comfort level with stirred milling technologies by developing a better understanding of the different scale-up methodologies used. This will be accomplished by first completing an overview of the scale-up models found in the literature followed by a review of the different testing and scale-up procedures. This review will be supported by a number of case studies found in the literature. The paper will close with a discussion on some of the challenges that these models and methodologies have and how future research might contribute to overcoming them.IntroductionStirred mill technology dates back to 1928 where the idea to use “an agitator and spherical grinding media” was presented (Stehr, 1988). The year 1948 saw the successful application of Du Pont’s “sand mill” for pigment grinding. Subsequent years have led to the development of different types of stirred mills spanning a number of industries that require fine and ultrafine grinding."

Jan 1, 2016

As the worldÆs population and global standard of living increase, the role of metals in the economy will not diminish in the 21st century, despite substitution and dematerialisation trends. Industrial Ecology is an emerging science that attempts to bring together physical, biological and social scientists and develop the tools for good management of the planet in the long run. In engineering terms, Industrial Ecology is defined as the reconfiguring of industrial activities with full knowledge of their environmental consequences. Production and use of materials must take into account the needs of both market and environment. Dispersive uses of metals will be phased out, as is being done with lead in gasoline, and post-use recovery of materials and energy will increase. This will result in an advantage for metallurgical processes that can use as feed materials concentrates as well as metal scrap and waste streams, such as bath smelting processes and slag resistance electric furnaces. The paper also discusses how metal extraction technologies, developed in the 20th century to provide essential materials to humanity, can be applied for the benefit of both mankind and environment in the 21st century.

Jan 1, 2000

By J. Zollinger, J. R. Kennedy, J. H. Park, D. Daloz

"In order to improve the properties of cast Ti-Al alloys to replace Ni-based superalloys past the low pressure stages of aircraft engines investigations into inoculation for grain refinement were carried out. Previous work showed isomorphic self-inoculation using Ti-Al-Nb particles was effective for grain refinement, however the relatively fast diffusion of Nb in Ti-Al make it difficult to observe the mechanism of nucleation. An alternative alloy was developed in the Ti-Ta system for isomorphic self-inoculation, maximizing the Ta content to improve the particles survivability in the melt. The powder processing produced comparatively small inoculant particles which dissolved, however larger particles were seen to survive solidification. The density difference between the inoculant particles and melt resulted in an inhomogeneous mixing of the particles and the melt with larger particles found near the outer edges of the ingots. Variations on particle size and interaction time between the inoculants and the melt resulted in the Ti-Ta inoculant reducing the as-cast equiaxed grain size by a factor of two compared to non-inoculated samples as well as increasing the equiaxed fraction in the ingot.INTRODUCTION Lightweight metals are of particular interest in aerospace applications. The hot sections of turbines are dominated by blades made of nickel based superalloys. Recently the GEnx turbine introduced TiAl blades in the last low pressure stage of the turbine to reduce weight and improve fuel efficiency (Kim & Dimiduk, 1991). In order to carry these benefits deeper into the turbine the high temperature (>800oC) properties of the alloys must be improved. Current grain refinement methods to improve properties rely on boron additions which may not be applicable for all blades as brittle precipitates may be formed during processing (McCullough, Levi, Mehrabian, & Hyman, 1991). A novel grain refinement process was previously introduced called “isomorphic self-inoculation” using Ti-Al-Nb particles to successfully grain refine TiAl (Kennedy, Zollinger, Bouzy, & Daloz, 2016). In order to better understand the mechanism of this process an investigation was carried out using the same process but with a Ti-Ta alloy which is more stable in the TiAl melt than the Ti-Al-Nb."

Jan 1, 2017

By W. Q. Zhao

In order to raise the utilization rate of phosphate resource of Al-Jalamid Mine in Saudi Arabia, a flotation experiment for its phosphate rock was carried out by using WF-01collector that have been produced by Wengfu Phosphate Mine. The results showed that WF-01 collector had extensive adaptability for Al-Jalamid phosphate rock, and the grade of phosphate concentrate could be up to 33% P2O5 mixing the upper, middle and lower beds rock as well as its 80% more recovery.

Jan 1, 2014

By L. Kilburn

A survey of 281 mineral exploration agreements examines the ratios among three ways that may be used to purchase an interest in a mineral property, viz: pay cash, pay shams and make future expenditures on the property. The dollar value of the future expenditures exceeds that of cash or shams by about nine times in most of the 110 agreements that contain cash-expenditure or share-expenditure components. Results suggest that cash and shams are treated about the same in terms of value. Buyers and sellers haw opposing priorities for the way that they prefer to purchase a mineral property. These opposing priorities should give rise to a perceived 50:50 balance between cash/share payment and future expenditures to satisfy the idealized situation described by most definitions of fair market value (FMV). This balance between cash/share payments and future expenditures appears to be rationalized in negotiations to a FMV when expenditures are nine times greater than cash and/or payments. On this basis, it is proposed that the FMV of a property may be determined by aggregating the dollar amount of the cash/share payments plus one-ninth the dollar value of future expenditures, as set forth in the respective purchase agreement, and proportionately applying such aggregate to full property value.

Nov 1, 2005

By L. Kilburn

"A survey of 281 mineral exploration agreements examines the ratios among three ways that may be used to purchase an interest in a mineral property, viz: pay cash, pay shares and make future expenditures on the property.The dollar value of the future expenditures exceeds that of cash or shares by about nine times in most of the 110 agreements that contain cash-expenditure or share-expenditure components. Results suggest that cash and shares are treated about the same in terms of value.Buyers and sellers have opposing priorities for the way that they prefer to purchase a mineral property. These opposing priorities should give rise to a perceived 50:50 balance between cash/share payment and future expenditures to satisfy the idealized situation described by most definitions of fair market value (FMV). This balance between cash/share payments and future expenditures appears to be rationalized in negotiations to a FMV when expenditures are nine times greater than cash and/or payments.On this basis, it is proposed that the FMV of a property may be determined by aggregating the dollar amount of the cash/share payments plus one-ninth the dollar value of future expenditures, as set forth in the respective purchase agreement, and proportionately applying such aggregate to full property value."

Jan 1, 2005