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This summer the mine hopes to begin work on a new shaft at our Red Star mine. It is not an original idea, but one that has been discussed for 85 years. The underground access will expose the central portion of our claims beneath the thick lava cap. The shaft will pass through the rich dead auriferous river called the Blue Lead. Personally, I am smacking my lips about this placer target. Once passing into bedrock we will sink on the Sixteen to One vein about 300 feet through virgin quartz. Upon studying the geology of our properties, one finds a noteworthy trend of high gold deposition that strikes to the north and dips upward towards the surface. The Red Star shaft will open a substantial and material block of vein in a location with proven gold production. Perhaps the miners will break into the mother of all pockets, beating the 83,000 ounce concentration slightly lower and to the south.
Our company owns a large underdeveloped area in the Alleghany Mining District. There are always numerous choices of where to mine. I look for collateral benefits when evaluating which areas to develop. The Red Star shaft gives us plenty. It is the gateway to the veins of Bald Mountain to the north. It will provide ventilation and direct access for the miners to reach their underground headings. Work can be completed in a reasonable time, and success can be immediate. The plans are drawn. The one thing prohibiting breaking ground is money. Without working capital it will remain a dream as it has for so long and for so many.
Even though the company has fought all of the government abuses, the bank is broke. We are insolvent. My role as president now turns toward solving the shortage of working capital. Question. Are there any men or preferably women in the country with the money and courage to take a risk and go after the Red Star gold? If so, how do they find us or how do we find them? Your assistance is welcomed to find eight people with $1,000,000 available to join the hunt for gold. I do not know of another investment where the probability of success, times the importance, dividend by the effort creates greater value than the one we have at our fingertips. Stock speculation in mining is considered a reasonable risk. Without this speculation, no mine that did not pay from the commencement of working could be prosecuted successfully except by the wealthy few. Through corporations or partnerships the wealthy continue to play the game. Legitimate corporations such as ours give an opportunity to every human to “take a hand in the game” for gold mining is but a game of chance. No human being can tell what a mine contains below where it has been explored. This old established axiom has crumbled somewhat due to our use of gold detection and the years of valuable information the company has accumulated about the gold deposition in our claims.
Question. What will our company look like shortly after the infusion of capital?
Outright ownership of the Sixteen to One mine complex in Alleghany, the Plumbago mine and the Brown Bear mine. A unique gold collection. A vibrant public market place. Other assets are standing timber, equipment, a gold producing operation, good will and human resources. Plus we will be building the world’s finest gold detector and have a healthy cash balance on which to build our future. Finally, you, the owners, and our dedicated crew are invaluable.
None because the company will be debt free and free from the persecution of the past.
After funding, the company will have issued approximately sixteen million of the thirty million authorized shares.
Question. How is the company going to find a public market for OAU shares? The National Association of Stock Dealers, the Securities Exchange Commission (SEC) and Bulletin Board marketers plan to open a new market for small or low priced companies this year. It sounds appealing because the market would be structured to minimize manipulation that surfaces on the Pink Sheets or existing Bulletin Board. The concept is in a holding pattern with no announced starting date. The Vancouver market and others will be investigated as well.
The company faces some important problems which will negatively impact it. It lack funds to pay for last year’s SEC independent audit. The amount due is $31,000. The accountants are prohibited to audit our 2002 financial statements until the bill is paid; therefore, the company will become out of compliance with the SEC on April 1, 2003. Realizing this likelihood we completed the year-end physical inventory audit on January 2, 2003. Once paid the audit will proceed. Since our stock is not on an exchange, the effects are minimal.
The shareholder annual meeting is scheduled for June 21, 2003, in Alleghany. In addition to an underground tour, we plan to operate a surface dredge and set up a station for shareholders to pan some of the gold ore from the mine. Jewelry, slab and gold specimens will be offered for sale. If you have a four wheel drive or have the time to ride with someone who does, there will be a late afternoon trip to the Plumbago mine about 40 minutes beyond Alleghany. It is a beautiful drive. The mine setting is like an image of the old west. On behalf of the directors and our eleven member crew, I invite you to spend the day with us at our mine. Detailed information for the meeting will be mailed in May.
I am very grateful to all of you who contributed to the fight for relief from the recent hostilities. We won the first fight and have the spunk to seek financial compensation and justice from anyone connected with the effort to put us in jail and destroy the company.
Question. What else can shareholders do to help the company during these difficult times? Anything that increases the number of people who know about the company. Broadcast our website. Use the internet to increase our exposure. Contact writers to publish stories. Contact magazines or newspapers. Write your elected representatives. The best is yet to come.
Michael M. Miller