Letter to Shareholders
The principle objective of this newsletter is to seek shareholder approval for conceptual changes in the operation of our company. My involvement in the Original Sixteen to One Mine began in 1975. It seemed obvious to me that unrealized potential for gold production and capital appreciation (as reflected by the value of one share of stock) was slipping by.
I have contributed largely to the increase in price of $0.50 per share in 1975 to $3.50 today and believe that with prudent management the upward trend will continue.
It is my belief that three proposals for you to decide are necessary for us to prosper. I encourage your support and approval.
To help you evaluate the merit of the option plan you need to know what the officers propose to do in the coming months.
1. Secure market makers of high integrity for the company.
2. Seek one or more listings on a Stock Exchange.
3. Prepare and maintain proper underground inspection procedures for the leased claims.
4. Update balance sheet and document all holdings.
5. Maintain all buildings and maximize income revenues.
6. Direct an economic mineral feasibility study on the un-leased claims; evaluate findings and submit recommendations to the board of directors for action.
7. Prepare annual budget.
8. Investigate corporate opportunities in gold mining or other natural resource areas and submit proposals to the board of directors.
I believe our company has great potential for growth and appreciation. Our cash position is poor which requires frugal creative management. Let's give credit to the past officers and directors for keeping the company alive. But if we are to prosper, it will require active full-time management from this day forward.
If I did not have faith in myself, the other officers or the company, I would never have worked so hard for the opportunity to lead the Original Sixteen to One Mine, Inc. I will not pretend that quick and easy solutions exist to enhance our company; but like the Phoenix, this company can rise to and surpass its former glory by becoming a responsible contributor to the gold mining industry of the United States.
1983 ASSESSMENT WORK
Our company unpatented claims. All of our patented claims are under lease. These properties do not require any work to protect our interests. The unpatented claims require a minimum of $100 expenditure per claim to hold possession.
At Bald Mountain we continued the work of last year, which was cutting a bank behind the Old Bald Mountain drift. The tunnel is caved for an undetermined distance. During he work, old decayed mine sets and rotten lagging was removed. A depression along the strike of the tunnel about sixty feet from the portal indicates a minimum of eight feet of badly caved tunnel. No additional work is contemplated at this time. But with the completion of this year's assessment work, the Forest City property is ready for an underground assault to clear the tunnel holds title to mineral claims under two classifications: patented claims and for inspection.
Michael M. Miller