The moment we have all been waiting for has arrived. Our most recent gold finds on the 1700 foot level (150% of 1994's total production in the last two weeks alone) allowed the Company's board of directors to declare a $.05 per share dividend on August 7, 1995. If you owned Company stock on August 7, 1995 and still hold it on August 11, 1995, we will be mailing you a check on September 10, 1995.
This declaration marks a great event for us. We took back operation of the mine from our lessees in 1991, and have shown a profit on each succeeding year. Even more importantly, we have invested those profits in the development of the mine, specifically in the 2483 winze project, so we now can feel comfortable allocating some of our working capital to you, the owners.
In 1974, when I first took an interest in the Company, it had 209 shareholders. Many of these people or their heirs remain with us today. Thanks to all who shared and supported my dream to restore the Company to prosperity and the mine to the stature it so merits.
I wish particularly to salute one of those long time loyal shareholders, Mr. H. B. Connor. Mr. Connor was a director and president of the Company before my tenure. His grandfather was an original leader of the Company. We are proud that Mr. Connor maintained his belief in this great mine over all these years so he can celebrate with us the issuance of the Company's first dividend since 1954.
I will tell you more about the strike that fueled this dividend declaration soon. Because of the rules and regulations about issuing news, I must rush to get this announcement in the mail to you today (it was wired to the PSE and news services minutes ago). This is an abbreviated newsletter, but believe me, all of us in Alleghany are riding high and proud. You should be as well.