Basically the work undertaken, with funds from a Private Placement Memorandum (PPM) cleared the way for mining. We never anticipated producing gold during this phase. I anticipate mining, processing, and selling gold this year. During the rehabilitation of the Osceola tunnel, the crew encountered more cave-ins and of greater size than anticipated. Our expectations as to the condition of the underground workings were based upon old records and testimony from [...]
Significant events during 1987 were: 1. Successful completion of Private Placement financing. September 1987. 2. Acquisition of lease of Osceola Mine. July 1987. 3. Royal Gold, Inc. replaces Transwestern Mining as operator of Kanaka Creek Joint Venture (company lessee). June 1987. Rehabilitation of the tunnel to the Red Star Mine continues to advance. With less than 200 feet remaining to the cross cut tunnel leading to the Red Star Winze, [...]
What does this mean for our Company? Perhaps at long last we can implement the two courses of action needed to exploit the latent potential of our holdings: attracting working capital and establishing a liquid marketplace for our stock. It is crucial for our company to attract money to expand our exploration and development programs. This need is significantly different from companies who seek money to retire debt or just [...]
Like the company itself, you are a unique body of people. Most of you know something about the company, but your common concern has been the lack of information you were receiving from management. We changed that policy in May 1983, with our first shareholders' newsletter. It was obvious that all of us needed a fundamental report in order to commence separating fact from fiction in evaluating our individual holdings. [...]