It is difficult to evaluate exploration properties in a manner that is transparent, repeatable and easily re-calculated to cater for different geological interpretations, but the risk-based assessment methodology, the Geological Risk Method, developed and described by Lord et al (2001) attempts to satisfy all these criteria. This paper examines a case study example based on valuations of exploration projects conducted by SRK Consulting using this methodology, and describes some of the advantages and limitations of the method._x000D_
FORMAL CITATION:Morley, A, 2007. Evaluation of exploration projects, in Proceedings Project Evaluation 2007, pp 105-110 (The Australasian Institute of Mining and Metallurgy: Melbourne).