Westward Explorations Ltd. v. The Queen, 2006 DTC 2443, 2006 TCC 105 -- summary under Other

An 11.12% interest in a gold mine that the taxpayer purchased was to be valued, for purposes of s. 69(1)(a) of the Act, on the basis that the whole mine, which was estimated by the Crown's expert to have a resource of 246,700 ounces (proven and probable - 29,600; possible - 25,100; and drill indicated - 192,000), and that that resource should be valued at $25 per ounce. The inferred ounces included in the valuation of the taxpayer's expert were too speculative.