There are many aspects to resource evaluation that need to be addressed in order to determine the feasibility of a particular project. The aspects for evaluation include many topics and tools. Very broadly, they include geological, geochemical, and geophysical analysis, statistical analysis of the resource, mine modeling, and financial analysis. The purpose of this paper is to discuss these items and to provide a coherent whole in which to work for resource and reserve evaluation particularly for the rehabilitation of mines. The idea being that a set of simple financial tools can give some direction in deciding on which projects to pursue. This paper will discuss resource valuation from the discovery phase through to characterization and evaluation of older or abandoned mines or other projects associated with the mine. The topics covered will include: Geological Analysis, Resource, and Reserve Valuation Additional issues with older mine properties Mathematical and Financial Modeling of the resource and Global Standards A mathematic model for evaluating possible options for commercialization. The paper also includes a discussion of the Vardar region and specifically the Trepca Complex/ Stan Terg Mine.