Selected Mineral Appraisal Valuation Clients and Engagements

APPRAISAL/VALUATION: Recent engagements have included complete and limited appraisals of gypsum, geothermal resources, mixed use surface and mineral rights, precious metals, mica and feldspar, high purity silica, chemical limestone, construction materials, complex base metals, and high density crushed stone mineral properties, mining businesses, and royalties for purposes of sale, purchase, bank lending, equity investment, IRS estate valuation, bankruptcy, divorce, mineral trespass, standard of care/malpractice, litigation support, and financial reporting. All appraisals in conformity to the Uniform Standards of Professional Appraisal Practice (USPAP) and Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA).

ROYALTIES: Advise clients, attorneys and accountants on mineral royalties and mining leases for litigation, negotiation, and performance/reporting compliance. Served as Consultant-in-Charge of Royalty Valuation and Acquisition for a major public company specializing in purchasing and creating precious metal royalties. Assignments include valuation of total and partial interests from pre-development to production, for surface and underground mines using conventional, heap leaching, and refractory milling processes.

MINERAL RESOURCES/RESERVES: Independent reserve testing and auditing have included geological, mining, processing, economic, financial, in-situ, and recovered grade parameters, for capital budgeting, operating performance, litigation, and investment decision making. Extensive experience as part of inter-disciplinary teams for conventional and geostatistical reserve estimations and feasibility study analyses of domestic and foreign surface and underground mining properties.

DUE DILIGENCE: Perform and manage due diligence and performance compliance on mineral property (fee simple, private/ government mining leases, and unpatented mining claims) held by public and private companies, including mineral / surface title, land status, reserves, production, financial and environmental criteria for property owners, attorneys, accountants, mining investment groups and operating companies.

CONSULTING: General mineral property, mining business, and royalty consulting engagements include: mineral property and mining business appraisal review for litigation; mining geology; mineral potential analyses for land exchanges; mineral property marketing and sales; acquisition, merger and divestment analysis; production, operating income and royalty forecasting and planning; mineral exploration and mine development planning, and; royalty based financing analysis.

Bank IV - Kansas	Bricklemyer, Smolker & Bolves
Estate Valuation - Unpatented Mining Claims with Gold Reserves	Eminent Domain by Public Utility - Undeveloped Sand and Gravel Deposit

Bureau of Land Management	Carelli & Miller
Mineral Potential Analyses / Land Exchanges	Divorce - Leased Crushed Stone Deposit

California Department of Justice	California Portland Cement
Mineral Trespass	Creditor in Bankruptcy Filing

California State Lands Commission	Cook & Frank
Industrial Mineral Lease and Royalty Analysis	Attorneys - Property Tax - Base Metals

E. L. K. Investments	Euro-Nevada Mining Corporation
Undeveloped Gypsum Deposit with Proven Reserves for Sale, Financing, or Exchange.	Consultant-in-Charge of Royalty Valuation and Acquisitions - Precious Metals

Greyhound Financial Corp	Internal Revenue Service
Mineral Property Evaluation - Foreclosure	Appraisal Review- Base Metal Sulfide Deposit

Investors Gold Stock Report	Mountain Gate Limestone
Mining Company Stock Analysis	Bank Loan - Cement Grade Limestone

P. W. Gillibrand Company	Jones, Waldo & Holbrook
Debtor in Bankruptcy Filing - Unpatented Placer Claims & Federal Salable Minerals	Precious Metals Royalty Buyout Dispute Mineral Trespass and Inadequate Disclosure, Underpaid Royalties

Kris D. Knudsen, Esq	Meckler & Thomsen - Attorneys
IRS Estate Tax Dispute - Partial Interest in Precious Metals Royalty	S Corporation Dissolution - Operating Crushed Stone Mine

Riverside Cty Habitat Conservation Agency	Redding Bank of Commerce
Mineral Potential Analysis: Precious/Base Metal, Geothermal - Multiple Parcel Land Exchange	Loans - Undeveloped Chemical Limestone and Operating Crushed Stone Deposits

Reno Energy Company	Shamrock Materials
Geothermal Resource for Large Heating District. Project Financing Purposes	Mining Lease and Royalty Analysis for Replenishable Sand and Gravel Deposit

Sheppard, Mullin & Richter	TMB Associates
Sand and Gravel Deposits and Ready-Mix Concrete for Bankruptcy Creditor	Mineral Production Royalty Buyout Dispute - Precious Metals

Wells Fargo Bank	Yuba Silica/Western Water Co
Geothermal Resource for Electric Power and Dehydration. Financing for Expansion	High Purity Silica Mine Financial Reporting And Possible Project Sale

Placer Dome, Ltd - Cortez Joint Venture	Rio Algom Corp
Chief Geologist - Exploration, Surface Mining Geology, Mineral Reserves, Production	Chief Geologist -Underground Mining Geology, Stope Development, Ore Reserves, Production

Parker, Poe, Adams & Bernstein
Mining Business Valuation Review for Appraiser Malpractice/Standard of Care

Discuss your mineral property appraisal, mining business valuation, or other mineral industry related concerns with Mineral Business Appraisal: Michael R. Cartwright michael@minval.com
Five Claret Court, Reno, NV 89512-4744
Tel/Fax: 775-322-9028