While independent mineral operators have traditionally been confronted with a scarcity of risk capital for mineral development, willing investors have often experienced equal difficulty in locating responsible mineral operations in which to invest. The exploration fund, a means of channeling risk capital furnished by high-bracket taxpayers into mineral exploration, is one answer to this dilemma. In this article the author deals extensively with the mineral, tax, business association, and securities law problems involved in the organization and operation of such a fund.