Once again it is time for me to butt into your lives. Gold… gold… gold!
It is making the business news as its exchange rate into dollars continues to grow. Our company owns outright some of the largest concentrations of the stuff. Our crew did not find many ounces last year, which is disappointing.
There is nothing I can do to change the location of the unmined gold within our property. It exists just as a sunken ship laded with kegs of bullion remains under the surface of the ocean. Adventurers regularly look for these documented sunken ships. With modern technology these treasure hunters are scoring victories. Congratulations go to them for enriching America’s wealth and our culture. Our company has also scored many successes; however last year we struck out. Our crew chased some very positive geological indicators and sacked small amounts of gold after many rounds; however for the dollars spent the dollar income was pitifully small. We lost money for the year.
Once again I was able to field a crew of miners all year from the sale of our stored reserves (inventory) and non-commercial loans. The demand for Sixteen to One quartz and gold remains very strong. The only other reliable jewelry-quality producer (Australia) ceased producing, which left us as the only source. To meet this demand, I added more miners during the year because we have good targets worth pursuing. Our current labor level is at sixteen. There is a good balance of experienced hard rock, small vein miners and young inexperienced individuals seeking a career in this industry. Labor shortage, as most of the large mines are experiencing, has not been a problem for us.
Our company has one significant problem. It is simple, and it has been the thorn of discomfort for several years. The Company is short of working capital. An Executive Summary designed to brief people with a taste for gold was prepare and broadcasted to suggested people. It failed to find investors or adventurers in the marketplace for gold. You already have a taste for gold, some more so than others. I also have an appetite for gold and am thrilled about the projects and income projections in our plans. If you want a copy of the information please write, call or e-mail (email@example.com). Another way to get the information is to drive up to Alleghany. A perfect time will be June 23, 2007, the date of our annual shareholders meeting.
All of our underground mining is taking place north of the Tightner Shaft. It is working out very well. There are five headings. All but one could smack into a concentration of gold with each round. The decision to concentrate in this area is based on both geological and operating factors. Creating a mine plan mirrors solving a puzzle. Old maps, reports and records are reviewed. Access and the present status of the area, including the proximity of utilities, are noted. As a general comment, morale is highest when the miners work close to each other; however, the best factor for betting our future in this section of the vein system was the gold mined recently on the 800 and 1000-foot levels. For those of you coming to the annual meeting, you will be able to see three of these headings.
Looking forward in seeing you again.
Michael M. Miller
April 24, 2007