Original Sixteen to One Mine, Inc. reports an agreement was reached today between the Company and its electricity provider, Pacific Gas & Electricity that guarantees uninterrupted service for the next sixty days.
The Company has fallen behind in its payments and faced eminent shut-off. “We were unable to execute mine plans that took time to develop,” said Michael Miller, president. “The miners were forced to look for gold targets with a promise of striking gold immediately. It was a pretty short leash. We have identified a proven gold target that will take us thirty to forty days to access for exploration, but had to ignore it. This has changed with today’s agreement.”
The Company will prepay two months of electrical service ($15,000) and receive PG&E service for the next sixty days. The electrical provider will not incur any additional risk and the Company will develop access to a gold target that was out of reach. “It is a win-win all around” says Miller. The past bill is $93,000. Miller has been in this position before and remains confident that better days are ahead for America’s oldest gold mining company.
Until recently production was barely enough to keep the crew working. Last week a high-grade pocket yielded about $63,000 of gold. The seven miners split thirty percent of the gold they found based on the number of days they work in the month. “Spirits improve dramatically when we are in gold,” said Ian Haley, former mine superintendent and spokesman for the miners. “She’s a great mine, one of the richest in the world. Mining in the Sixteen to One demands faith as well as experience and hard work.” Haley knows. He has worked in the mine over twenty-five years.