Over 200 people participated in our Annual Shareholders' Meeting on June 23, 2001, in Alleghany, California.
I received many positive comments about our decision to open the two active underground headings on the 800-foot level for shareholder inspection. The miners who work the headings were on hand to explain their activities. The day underground was a success. We will do it again next year!
Thanks to all of you who took advantage of our push to sell gold specimens and jewelry. Sales for the day totaled just over $22,000. The Company has a serious cash flow problem which I named as “just-in-time-cash flow”. PG&E threatened to shut off our electricity on June 28 if we failed to cough up $20,323. I am happy to tell you that one shareholder answered my request for financial help and wrote out a $20,000 check that afternoon.
It takes many ingredients to sustain our valuable company: a tremendous mine, terrific owners and employees, to name just a few.
This is just a quick note to thank all of you who attended the meeting or participated by proxy. The next Shareholder Meeting is June 22, 2002, in Alleghany, so mark your calendars now.
Michael M. Miller, President & CEO