"We find ourselves on the edge of great success or bitter disappointment."
-Annual Report May 12, 1997
On June 4, 1997, the company issued a press release announcing that "a Sacramento Bee story on June 1 stating that the Company's miners extracted 1000 ounces of high quality gold last week is correct. As a matter of policy, the Company does not normally comment on finds of this size, but recent activity in the company's stock coupled with the narrow dissemination of the Sacramento Bee story, makes this announcement adviseable."
All of us at the mine are feeling upbeat as we advance the three primary headings off the 2283 winze. You should feel good as well for the financial pressure that was building has been diffused.
Four hundred people attended this year's annual meeting on June 14. A total of 2,175,952 shares were represented by proxy or in person. The incumbent directors, (Charles Brown, Leland Erdahl, Sandor Holly, Richard Sorlien and Michael Miller); were elected to serve the Company until the 1998 annual meeting.
The day's activities included the walking tour to the ballroom and an underground excursion to one of California's oldest underground mines, our Rainbow Mine on the south side of Kanaka Creek. Due to the recent volume of gold mined we poured gold bars though out the day. Shareholders inspected the mill as it processed ore during the day. Shareholders also were offered a 15% discount on all jewelry and specimens. Next year we plan additional events as well. The date has not been set but most likely will be June13 to June 20. Plan to attend.
Dr. Holly presented a program entitled,
"Emerging New Technologies that will Effect Our Company's Profitablity". Dr. Holly had previously tested the radiation frequency range and absorption of the Sixteen to One quartz. He determined that both microwaves and millimeter waves ranging from one foot to 1/16 inch wavelengths were practical, offering a huge spectrum of frequencies. Our objective is to develop a custom gold detector specifically for the low absorption at high frquency conditions characteristic of our mine.
Some of you continue to have problems finding daily stock quotations. We are listed on the Pacific Exchange (formerly the Pacific Stock Exchange) as OAU. The Sacramento Bee, San Francisco Chronicle, Los Angeles Times, and Wall Street Journal list the company as Origsix or Orgnl 16 to 1. Encourage your paper to list our stock on its business page. All stockbrokers have no difficulty in immediately accessing a quote.
Many new shareholders are unaware of the Company's Stock Purchase Program. It is a program established for shareholders of record (those owning stock certificates) to purchase stock without paying a commission. If you wish information about this opportunity, please call Rae at (503) 287-3233 or write for information.
Once again, our crew is very encouraged about the geology of the veins in the fresh block of ground we are mining. Of course nothing satisfies a gold miner like gold. The last thirty days have been very satisfying. I'll keep you informed.