CIM MES Vancouver is pleased to present:

Paul T. Whillans

Principal Consultant, Whillans Mine Studies Ltd.

who will deliver a presentation on:

Underground Mining: The Difference between Optimal and Real

Abstract: An underground mining study that is done in accordance with NI43-101 or similar reporting code is generally assumed by the public to be representative, independent and impartial. However it has been well documented by academics and professionals in our industry that there is a sharp difference between the forecasts presented in underground studies and the capital costs experienced during production ramp up. Apart from capital costs, there are additional factors that are often assigned optimistic values resulting in a composite effect of optimism in mining studies.

The objective of this article and an article currently being written titled “Mining Dilution and Losses” is to:

• Explain why studies tend to report optimistic values;
• Identify specific technical points where underground mining studies are generally weak;
• Show that a number of the practices currently in use in our industry create an unacceptable level of risk to the investor;
• Describe briefly the effects of overly optimistic studies on operating mines and the industry as a whole;
• Provide a road-map for some specific changes that are necessary to overcome these challenges; and
• Stimulate discussion between readers and regulatory authorities to create better reporting procedures and standards to gain lost confidence in the way we do business.

BIO: Paul T. Whillans is a consultant for underground mines and in his 35 years in the industry he has worked in more than 50 projects and mines in Latin America, Canada and Africa. He was recently General Manager of Operations for a gold project in Colombia.

His areas of expertise and interest apart from family are:

• Underground Mining Studies
• The development of Colombia and other Latin American Countries
• Alternative economic models for mining
• Adjustment of refugees to Canada

His presentation is titled:

• Underground mining. The Difference between Optimal and Real and he has given presentations on this subject this year at mining conferences in Santiago Chile, Sudbury Ontario, Rio de Janeiro Brazil and just a few days ago at the World Mining Congress in Cancun Mexico. He has also spoken at the Mineral Economic Society in Toronto.

Thursday, 1 December 2016
4:15 – 6:00 pm

Segal Graduate School of Business – Simon Fraser University
Room 2300, Second Floor
500 Granville Street, Vancouver, BC
(corner of Granville and W. Pender)

SCHEDULE
4:15 pm – Registration
4:30 pm – Presentation and Q&A
5:45 pm – Closing Remarks

Seminar is complimentary and seats are limited. Register by Tuesday, November 29 to secure your place. Please RSVP by replying to Vancouver@cimmes.org if you are interested in attending. This is also an excellent networking opportunity and there is no charge to attend.

Thank you to our sponsor, Simon Fraser University’s Segal Graduate School of Business, for providing the space and their continued generous support!

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