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• • <br />Division of Minerals & Geology <br />Permit No. M -84 -014, JD -8 Mine <br />January 15, 1997 - Page 2 <br />Beginning in approximately 1980, the world market for <br />vanadium, as well as many other metals, went into a rapid <br />response to the conditions, large world inventories glutte <br />and greatly decreased demand sent metal prices into a s <br />spiral. Widespread and large scale layoffs occurre <br />producers, including Cotter, radically cut or curtailed p <br />downsized their operations. The uranium and vanadium mi <br />went into a true depression. During this period of decline <br />mining industry, the JD -8 Mine was forced to lay off employ <br />development activities. <br />The Mines development activities were suspended in 1986, b <br />continued to conduct activities which are now defined in <br />Rules and Regulations as mining operations. Accordingly, t <br />produce ore from the Mine and process it through a milling <br />been actively maintained, thus allowing the Mine to r <br />intermittent operation. As such, the operation is maintain <br />state with an ability to come on -line quickly and produce <br />dictates. <br />While there is a definite future for the uranium/van <br />industry as reflected in recent price increases, and spec <br />JD -8 Mine, that future will be subject to the world eco <br />world market for the product. In addition, the abilit <br />competitively on a highly efficient smaller scale will i <br />future of the industry and the Mine. With the recent cha <br />laws and the recent price increases, a turnaround could o <br />as evidenced by the changes within the primary copper ind <br />late 1987 and 1988. Thus, Cotter must be prepared to alt <br />and short -term duration of operations at the Mine on a very <br />in order to efficiently meet changes in market demand fo <br />vanadium. With this change of events, it is evident tha <br />Plan section of the permit no longer accurately refl <br />realities at the Mine site. Therefore, the decision was m <br />to revise the existing permit through the technical revisi <br />order to update and to more accurately characterize the <br />operation and its synchronization with present and f <br />activities and, accordingly, terminate its temporary cessa <br />Mining Operations Since 1987 <br />Since 1987, many activities have been undertaken at the JD- <br />constitute mining operations according to the current defi <br />Mineral Rules and Regulations. Over the most recent ten <br />$578,764 were spent at the mine (an average of $57,876 <br />activities of this nature as well as mine maintenance. T <br />which constituted mining operations included: surface and <br />drilling, determining ore reserves, radiometric scanning, o <br />mine mapping, mine feasibility studies, geological report <br />mine surveying, timber installation, repair and ground <br />preparation for mining, ventilation fan installation for <br />survey projects. <br />uranium and <br />decline. In <br />t the market, <br />eep downward <br />t as metals <br />oduction and <br />ing industry <br />in the metal <br />es and cease <br />t Cotter has <br />the Mineral <br />� e ability to <br />facility has <br />main. as an <br />d in a ready <br />s the market <br />dium mining <br />ifically the <br />omy and the <br />to operate <br />fluence the <br />• e in import <br />ur rapidly, <br />stry during <br />the extent <br />short notice <br />uranium or <br />the Mining <br />cts present <br />de by Cotter <br />n process in <br />resent Mine <br />ture mining <br />ion status. <br />B Mine which <br />ition in the <br />year period <br />er year) on <br />e activates <br />underground <br />r e sampling, <br />reparation, <br />control in <br />g eologic and <br />