June 20, 2015 is our annual shareholder meeting in Alleghany. The noteworthy event since last year was the purchase of a new gold detector from Australia. The promotion claims a 40% increase in depth from prior models. We have incorporated this tool into our exploration program at the mine. Early results prove that the depth has increased. Our basic method of selecting an area to mine is unique to this high-grade deposit. Where to explore is decided by prior production and geology. The new Mine Lab detector gives us another tool.
That overhanging water lawsuit was settled with a payment schedule. The claim for over $2 million was lowered to $230,000. I reached a point in time where securing some risk capital to go forward with an efficient program to develop the mine and company arrived. I promise nothing today but a continuing belief in this company and its gold mines. I am including some of the documents that I will be offering to individuals to join us. As fellow owners, I ask you to contact me for your suggestions in this area of business.
As always, I look forward to seeing you.
Michael M. Miller, President
April 30, 2015