Our good fortune continues. The metal detectors are still leading us to gold, and April's production was 540 ounces.
Production will fall in June when the crew moves out of the mine to prepare our newly acquired mill for operation. Once the mill is running, however, production will go back up, as we have already located over 2,000 tons of ore underground that we expect to yield approximately 500 ounces of gold.
The strike has created quite a bit of interest. ABC network news is visiting the mine on May 22, 1992, to film our operation, and plans to show the two and a half minute spot on prime time weekend news, at a date to be determined.
You may have noticed that our stock has more than doubled since last winter. Many shareholders have written to ask how they can follow Sixteen to One stock. It can be found each day it trades under entries for the Pacific Stock Exchange in the San Francisco Chronicle, the Sacrament Bee, the Wall Street Journal and other newspapers. Although its trading symbol is OAU, the abbreviation for stock quotes is OrigSix.
I enclose a notice for the annual meeting, which will be held on June 13, 1992, at 10 a.m. near Alleghany, and encourage you to attend. Shareholders are invited to examine the mine site that afternoon.
I have also enclosed a proxy, so that those of you unable to attend in person may still vote on the board nominees, each of whom is briefly profiled below. This year's slate includes a new director nominee, Leland O. Erdahl, whom we think will be a great addition to our current board.
Mr. Erdahl, a certified public accountant, was born June 13, 1929, in South Dakota. He received his college degree from the College of Santa Fe in Santa Fe, New Mexico.
Mr. Erdahl is a director of Freeport McMoRan Copper and Gold, Inc.; Hecla Mining Company; and Canyon Resources Corporation, and a trustee for the Freedom Investment Trusts I, I, and III.
He has been an active participant in the mining industry most of his life. From 1970 until 1984 he held executive offices, including the president and chief executive officer, with Ranchers, a silver mining company.
From 1987 to 1992, Mr. Erdahl was president and chief executive officer of Stolar, Inc. His experience with Stolar is of special interest to the Sixteen to One, as Stolar is active is using underground radio communications and geologic imaging to assist mine operators. This advanced technology could allow exploration and examination of Sixteen to One deposits that have never before been possible.
Also nominated to serve the 1992-93 term are incumbent directors Charles I. Brown, Richard C. Sorlien and myself, Michael M. Miller.
Charles I. Brown has served as a director of the Company since June 20, 1986. For the past twenty-seven years he has worked largely for mining companies, serving primarily as the chief financial officer. Since 1982 he has a self-employed consultant.
He has served as a director of the Rawlings Nation Bank, Rawlings, Wyoming since 1979, and as chairman since 1984. He was the vice president of finance and senior vice president of Energy Fuels Corporation from 1974 to 1982, and vice president of finance of Western Nuclear, Inc. from 1959 to 1973.
Mr. Brown attended Williams College, receiving a B.S. in Geology in 1954. In 1959, he received a MBA in finance from Harvard Business School.
Richard C. Sorlien has served as a director of the Company since June 1986. Mr. Sorlien is a former partner of the Philadelphia, Pennsylvania law firm of Pepper, Hamilton and Scheetz, which he has been associated for 41 years. He now serves the firm in an "of counsel" capacity.
Mr. Sorlien is a director of the Glenmade Trust Company of Philadelphia, Pennsylvania; Cressona Aluminum Company of Cressona, Pennsylvania; and the International Lawn Tennis Club of the United States. He owns the Alaska Mine and Tree Farm in Pike, Sierra County, California.
Mr. Sorlien received a B.A. from Harvard University in 1947, and his law degree (L.L.B.) from Harvard Law School in1949.
I have served as a director of the Company since 1977 and as president and chief executive officer since 1983. As president, I am responsible for the day-to-day operations of the Company.
In 1975, I became the sole proprietor of the Morning Glory Gold Mines. Before that, I was a builder in Santa Barbara, California.
I have served as trustee and president of the Sierra County Board of Education (1979 - 1983 trustee; president in 1983), and am currently chairman of the Sierra County Planning Commission.
I received my B.A. from U.C. Santa Barbara in 1965.
Our 1992 annual report will be prepared after the results of the second quarter are determined. Everyone will be mailed a copy. If you wish to receive the company's form 10-K, which was completed in April, please write a note on your proxy ballot.
I look forward to seeing you in June.
Michael M. Miller