Original Sixteen to One Mine, Inc.
Newsletter # 33 - April 1996
The audited financial statements (10K) for 1995 were filed this week. The Company has completed its fourth consecutive profitable year. Revenue was $2,655,575 amounting to a pre-tax profit of $953,124. After tax earnings per share are $732,124 or $0.21 per share. Our assets exceed four million dollars including $2,228,192 of gold in the bank. We started 1996 in our strongest financial position since World War II.
The mine is in great physical shape as well. Our main development project for the year, sinking the 2483 winze below the 2400 foot level, has confirmed the anticipated continuation of the vein below the lowest existing level in this area of the mine. As you may remember, the winze is a descending excavation that is being constructed to open up the productive heart of the Sixteen to One vein system. Starting at the 2400 foot level, the winze protrudes downward at a 45 slope. Tunnels are driven along the vein every 200 feet. We were delighted to encounter gold in four different locations while driving the new 2600 foot level south. We chose not to mine these sites because the vein was small and mining for gold near the winze would compromise its integrity. The discoveries tell us, though, that the quartz continues at depth and contains gold.
What's ahead? We will drive a raise to connect the 2600 foot level with the 2400 foot level. This will give us a look at the quartz to determine future targets as well as providing a second exit in case of an emergency. Work to the north will be continued until the vein becomes indistinguishable. This month or when work on the level is complete, the crew will resume sinking the winze in order to began the new 2800 foot level. It is exciting for all of us as we penetrate the rock strata in the deep center of the mine.
In a 1986, annual report I stated, "we are climbing a ladder towards our goal of profit, capital appreciation and dividends." We have achieved four consecutive years of profitability. Our assets have steadily increased from $276,871 to $4,087,068. On August 7, 1995, we declared a special dividend. What is left? Lots. I will fill you in through this year's annual President's Message.
The annual shareholders meeting is scheduled for June 22, 1996, in Alleghany. Complete 1995 financial statements will be included in the annual report, which is sent to all shareholders of record. The formal announcement will be mailed about May 10th. Come join us for a great day at the mine. As always there will be underground mine tours, outdoor barbecue, opportunities to meet your officers and directors, watching gold bars poured and viewing many of our gold specimens.
Thank you for all your encouragement and suggestions. We continue to enjoy the adventure.
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