Good news! Just as the company ran out of money, we stumbled upon a new method of locating gold that is producing a mini "gold strike" at the Sixteen to One.
The new method, proposed to us by Ian Haley, former underground foreman, and his partner, Randy Yager, uses a metal detector not unlike the ones you've seen at beaches and parks. Although most American mines do not use metal detectors, since the proposal entailed low risk and possible high return, we entered into a thirty-day experimental contract with Ian and Randy.
The results have been exciting. In the first ten days we recovered 400 ounces of bullion and high-grade specimens. This translates into approximately $100,000 for the Sixteen to One, in addition to substantial publicity in local papers, radio, and on network television.
The Sixteen to One still needs money. We do not plan, at this stage of our new endeavors, to relax efforts to raise capital for expansion and development of the Mine. We are heartened, however, by what seems to be a new ability to recover gold at a very low cost,(1) which may provide us with increased self-sufficiency at the moment we need it most.
Thank you for your patience in and loyalty to the Sixteen to One, and thanks to the Sixteen to One for giving us this opportunity.
(1) Unlike full scale underground mining, which entails the use of heavy equipment, increased power to run it, and a ten-person crew, the recovery of gold using a metal detector is very inexpensive. Necessary expenses are the metal detector (donated by the manufacturer), a two-person crew and provisions for storage and security. We estimate that the recovery of two ounces of gold per day will cover these basic costs, as well as the electricity necessary to power the pumps that keep the mine from flooding. During the ten-day trial we recovered a range of two to two hundred ounces of gold per day.
Michael M. Miller