Abstract: The definition of Mineral rights incorporate a right to use and the obligations of the mining environment protection and resource conservation,which are composed of exploration rights,mining rights,and marginal mineral rights.Valuation theory research indicate that the components of discounted rate in china vary from the application in foreign countries,and lack of flexibility,DCF approach does not take into account of Uncertainty and Flexibility in the process of the mining development and management.The Real Option Valuation (ROV) can compensate the defect.Case evaluation of a gold mining in Shandong further demonstrate that the Real Option Valuation is a feasible,effective and more reasonable valuation approach,also a valuable complement of DCF approach.