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Thank you gfxgold for your reply. I will look at those websites to see where it takes me. Steve
There are many websites that deal with open areas for panning in California. A couple sites to get you started are: http://miningold.com/states/ca.html
and http://www.goldfeverprospecting.com/cagolopapr.html
With all of the fires in California this year, it may limit where you might want to go. As for the smoke, some days are better than others, depending which way the wind blows. If you do find someone who is willing to let you go on there claim, a percentage of the gold found is the usual payment. That could be anywhere from 10% to 30% on the average (get the agreement in writing). Of course, a lot of times, if you are only panning for a day or two, someone might let you pan for nothing. If you see someone dredging, there’s a good chance that they own the claim. It’s always best, if someone is willing to let you pan, to ask them how much of a percentage do they want, up front.
Happy Gold Hunting.Could any one point me in the right direction? I am traveling to the area from the UK for a vacation with my children of 7 and 5. We would like to go prospecting. Does any one have a claim or know of an area we could camp and prospect. Willing to pay a fee for the use. Thank you. Steve@stevemurray1.com
looks like I jumped the gun. that tool only works on a couple of international countries. I guess its still a bit of an experiment.
however, i did manage to find the streets for the mine:
http://maps.google.com/maps?f=q&hl=en&geocode=&q=527+Miners+Street,+Alleghany,+California+95910&sll=39.466415,-120.847099&sspn=0.007338,0.015085&safe=images&ie=UTF8&ll=39.466696,-120.845768&spn=0.007338,0.015085&t=h&z=16or tinyurl: http://tinyurl.com/67v5ay
Thanks. Great idea to include Sixteen to One mine and Original Sixteen to One Mine, Inc on the google map. So, I tried!. Got an account opened, read the info but never got a map of Alleghany, Sierra county or sixteen to one mine to edit, add info etc. Giving up for now. Will someone better on computers give it a try?
Hecla mining just had to sell their Venezuela mines,this is the oldest precious metal
producer in the United States.I was thinking I might talk to them about that 10% or buying the gold collection unless someone in management or anyone else for that matter has something they don’t like about it.I am going to tell them that in my opinion their is at least 1 million recoverable ounces that can be got at,theirs more but it just might be too far down & thats just the Sixteen to One itself.With the price of gold it’s a kinda sad your not blasting away.Maybe you can work something out with Bullion River and open the Brown Bear.I would like to go after that target confirmed buy core samples sixty five feet down myself.
Can not make it to the shareholder meeting,will be up in July better lock up the bars hide the women & load the gun’s.Hi Robert!
I do remember you! So glad to hear you are doing well. I think of your mother often. She was a fun person to work with. We were all shocked and sad to hear of her passing. She would be very proud of you.
Thank you for the well wishes, if you are ever up this way stop by.
Sincerely,
Rae BellWell hello 16 to 1 peeps. Been awhile since any of us seen one another and figured I’d give hello’s that are a bit past due, at least by 13 years. Good to see Mike Miller and Rae Bell are still in the bussiness. I was one of the rascals that visited Alleghany every summer visiting my mother Dayna Lee Lynn (she married Dan Lynn btw!) My name is Robert Phillips, the kid with the loud dirt bike. I volunteered during some summers to work with my mother during sales events that took place in near by cities at the fair grounds. But of course being a kid behind a counter when at a fair ground you could imagine my attention being onsided away from work.
Yup, that was me. Dont know if any of you remember but around that time I was’nt the sharpest knife in the drawer. But I would like to think that I’ve matured alot since then and I’ve had help from the Marine Corps in straighting myself out. 8 years of active service and have earned many awards and made quite a few achievements. With my personal story aside, I just wanted to drop by and say hello and that my experience with 16 to 1 growing up has been one of some of my best memories growing up, and considering 16 to 1’s long history I hope that the mine continues to stay productive for many more years to come. Wish you all best of luck and good health.
– Robert –
From the Financial Times
Fate of U.S. mining law hinges on gold miner’s son
Posted: June 15, 2008, 1:42 PM by DrewHasselback
Mining
Away from the glare of an entertaining U.S. presidential election race, a very interesting political debate is taking place in Washington over the 136-year-old federal mining law.The Mining Law of 1872, which was designed to spur investment in the American West, gives miners the right to extract minerals from U.S. federal territory without the need to pay the government royalties. It’s a sweet deal, given that other natural resource businesses need to pay royalties for their activities on federal lands.
The mining industry obviously loves the arrangement, while critics have complained the law gives miners a free ride.
An amendment before the U.S. Congress would require existing producers to pay a 4% royalty, and slap an 8% royalty on future operations. Proponents of the legislation say the royalties could raise more than US$300-million over the next decade.
But here’s the kicker. The fate of the amendment is in the hands of Democratic Majority leader Harry Reid — something that could confound mining critics, Bloomberg News reports. Reid hails from Nevada, one of the world’s largest gold producers, and his father was a gold miner.
Drew Hasselback
Charlie’s friends at CAMCE will be placing a plaque at the Washington Hotel in Washington, CA. All Charlie’s friends are welcome. Let me know if you would like to also say a few words.
Charlie Schultz Plaque Dedication
Sunday, June 29, 2008 at 11:00 AM
Washington Hotel
Washington, CAQuestions: Please contact Ric at CAMCE.ORG 925-600-1026
Hi All,
I would like to echo the sentiments of my brother Greg concerning our recent tour (May, 2008) of the Sixteen to One mine in Allegany. From the museum to the mine, the day exceeded my expectations. This was not one of those “fluff” tours that skim only the surface. It was a complete experience leaving one to want to pursue the process and have an understanding of the issues surrounding mining in America today.
Mike Miller was our guide throughout the tour and his vast knowledge and enthusiasm of, and for, the industry was apparent from beginning to end. I for one have been motivated by Mr. Miller to pursue the issues surrounding the industry. I am presently a biologist for a pharmaceutical company on the East Coast. I have been a researcher for almost 30 years. While I do not claim to completely understand the chemistries and the protocols involved in the purification and processing of gold, I am willing to begin my own process of attempting to understand the issues. For example, Mr. Miller had mentioned the use of Mercury and the effects of Methyl Mercury. I will begin to gather some information and educate myself on this and other issues in the processing and purification of gold. I will try to gain an understanding of the release of mercury into the air and waterways and the effects of converted mercury (organic methyl mercury) on wild life, and the food chain. I will also try to understand how to prevent release in the first place. I will say that I plan to look at the pro’s and con’s and remain open-minded as to the risks the process brings to our environment. Most importantly, I encourage anyone with time and interest to help in a search for safe use of materials involved in the mining industry. I would encourage the stockholders and other professional and amateur mining enthusiasts to join me in an understanding and be involved in discussions leading to the development of safe practices in the industry. Also, the leadership, stockholders, and others involved in mining as an occupation or hobby need to brainstorm on ideas of how pertinent educational information can be disseminated to parties who would have concerns or may have been misguided in the past (peer reviewed journal articles?) I believe science (and cooperation of the mining industry) can lead the way to a new frontier of mining that will avoid the mistakes of the past. Through safe practices and environmental controls the industry will be responsible for demonstrating the many uses of not just gold, but also the use of by-products of the process in our society.
On this recent trip to the mine, I had the opportunity to see much of the California countryside North of Grass Valley, Ca. I for one was amazed at the expanse of this area and the potential to utilize some of our countries resources for the good of our people. I do understand that we are a global economy and need to face that issue, however, I also believe that as Americans, we have the right to pursue certain dreams – one is the pursuit of happiness.
On our tour, we spoke a little of our love of this country. We spoke of our rights, our right to dream, our right to pursue a living and find happiness doing so. Being in the biological sciences, we have overcome many obstacles in dealing with hazards in the laboratory workplace and have taken huge steps in focusing on preventing damage to our environment. This needs to be a priority in the industry if they wish to garner the support of the people. The people that I have met show the enthusiasm to find solutions to problems that exist and are more then willing to listen to solutions. We need to allow the people in this country the right to dream. Let me get to some reading and I hope to have some fruitful conversation with other parties that may be interested.
Sincerely,
DanMy brother Dan & I had the awesome opportunity to tour the 16 to 1 on Sat. May 30. Man what a great day!! We first met Rae at the office & continued with her over to the museum. There we met Mike Miller. What a great guy! I first asked him where the McDonalds was at( We saw the Golden Arch sign nailed to a tree on the way into town!) We also met another gentleman “Dave” who also came for the tour. The whole tour was so much fun & educational. Mike’s dedication & commitment to the 16 to 1 was evident throughout the tour. Thanks Mike. Go for the Gold!!
“Wow, there’s a round rock at the top of a mountain! How did that happen?”
I met with Mike today at the mine and we were both marveling at the millions of years of geologic history we witness on the surface. History in our hands.
And then we find the tenacious revolutionary history-re-writers who want to paint the gold rush into modern day environmental concerns (faulty as they are.) and say how damaging it all was….um, trying to rewrite the facts of
how California transformed the state of the world.On stage now, the Sierra Fund, here to save the foothills and the entire mother lode from something that already happened. What? How can you do that?
Can they incite the masses into believing everything that built our State of California was wrong and insensitive and just, well, wrong?
They are actively painting our history as “wrong” …another guilt method to achieve your soul into accepting their submissive socialistic mantra.
Today I celebrate the wisdom of all of us, who see through the designed trap. Go look at a round rock and wonder how it got that way…or go look at Yosemite Valley and wonder where the glaciers went. Or marvel at the 49-ers drive to succeed without a mother-ship of government.
Who is against a good “environment?” What a convenient trap. It serves well for the Sierra Fund, who forgot history and is in the process of attempting to say why history was wrong.
No, it is right, because it happened. Duh.
All in all, both sides of this have valid points, and the truth is that many people did see the presentation and got to witness the ferocious tenacity of Mike’s love for the Sixteen to One. I guess at this point we count our blessings!
Lets make the analogy to vendors at ski resorts…many times they pay to to have their beer poured and often have to give there product away, all based upon exposure to the label.
Is there anyone out there who tevo-ed it? Did anyone save it on tape? It would be good to have in the archive and well worth the $100 price.
Rick, the last response about the TV segments is below. It’s just a different attitude out and about from so many things we did in the past. I admit that much has been lost for some valid reasons. My wish is for “some valid reasons” to go away. Most of the people I interact with express their opinions about what has been socially and culturally lost over the past thirty plus years. Oppressing ignorance and professing enlightenment are solutions to many problems. or situations we find today. This ABC forum topic will either be moved to misc or deleted altogether soon.
Come on up next week and detect some gold from the ore pile and I’ll go buy the two newscasts for a hundred bucks. What the heck! It cost me that much to fill my truck with regular gas.
===============================Mr. Miller,
As Laura stated, we really do appreciate all your efforts to help Laura with this story. However, we do not, under any circumstance, give out raw video that never made it on the air.
We would, in fact, fight a court issued subpoena to do so.
Furthermore, we do not give out courtesy copies of the stories we’ve done simply because if we did one, we’d have to do it for everyone who asked for a copy. We simply cannot handle the load of dub requests.
So, we have a dubbing service in place that handles those requests at a charge. That number is 415-954-7005
Once again, I thank you for your help and am sorry we cannot accommodate your requests.Stephanie Adrouny
Assistant News Director
KGO-TVHi Mike,
I will forward your request to my assistant news director, Stephanie Adrouny to see if there’s any chance of getting copies from KGO, but as far as I know, the station charges a fee as well. Under no circumstances (except under court order) would the station release the raw video, so that’s probably not going to happen.
While we appreciate all your efforts, we never made any representations to you that you would be compensated in any way shape or form, except to give you a chance to tell your side of the story, and showcase the Sixteen to One and your gold collection to a huge audience in the Bay Area. As you told us, you were hoping to attract investors with the stories. As I’m sure you know, that kind of television exposure is worth many thousands of dollars more than the price of a video clip. I’m sure the kind folks in Downieville were well-served by the exposure as well in terms of attracting potential visitors.
Not providing compensation is just how things are done by legitimate news organizations, which is quite different from how the Discovery Channel or A & E would operate, since they are entertainment programming. Every time we do a story, someone–many, many people–give of their valuable time and expertise and nothing but a chance to tell their side, or their story…is ever offered in return.
Finally, I do apologize for our inability to get to Mr. Shoemaker on time, but I certainly never asked you to make that long drive etc. I called several times and left numerous cell phone messages that afternoon to warn you we were running late, but you never picked up. Perhaps then we could have rescheduled Mr. Shoemaker without you both standing around for so long. We simply underestimated the time it would take to get from place to place up there and shoot all that was needed to make both stories complete.
In the old days, stations like KCRA did make copies for people, but they too began charging at least ten years ago. It’s just part of the economic downturn TV news has taken.
In any case, I will forward your request to Stephanie and let her make the call.
Thanks,
LauraDear Laura,
Thank you for taking the time to educate me about the changes in the news business. Please believe me, I know the value of media exposure and am always grateful for the coverage. I was not nor has anyone associated with the mine sought compensation for the time and expenses spent showing gold or our operation to the media. I wish there was more interest and time to develop media presentations by the media. Audience interest has been wide spread and it is a pleasant adventure for many viewers.
I appreciate you forwarding my request to the KGO staff. Regards, Michael.
Just back from Butte MT and sorry to hear of Charlie’s passing. My father worked and was caretaker at the Carson Mine near the Ruby Mine. My mother always invited Charlie in for coffee when he came for an inspection. My brothers and I were kids and Charlie would always take the time to make us laugh. I also will remember him as one of the funniest people I have ever known. Direct and funny. We need more like him.
To: laura.anthony@abc.com
May 19, 2008Laura,
Amy charges $50 per clip. She suggested that I get it from KGO, which provides that service. A $100 hit seems out of line for what I did to help you get a well rounded story. I set up two interviews in Grass Valley and actually drove forty miles to meet Bob Shoemaker at 3:00 pm. I kept him waiting until 5pm when he had to leave. I stayed til about 5:30 waiting for you. You got a tour of the mine, including time from two miners. I took you to Downieville for a real panning experience and set up a world class gold display for you to shoot.
All of us associated with the mine go the distance to provide the media a true glimpse of hard rock mining. We believe in education and realize that most people find gold mining interesting but foreign. We have asked and always received copies of their shows and in most cases a copy of the video for our files. It is the quid pro quo that keeps everyone working together. It never hurt the Discovery Channel, A & E network, good old Huell or John Iander, who you may remember from your Sacramento days.
So I ask you to ask KGO to copy the two episodes including the introductions and if possible release the video from your mine shooting and send us the copy. It is not much to ask for the costs provided Kgo to get this story. Perhaps I may have told you that I do not have a television, so recording the newscasts was not an option.
Sincerely, Michael
Thank you Mike, and others for your kind words for Charlie Schultz. In addition to his dedication to mine safety and the well being of miners, Charlie was also a capable geologist and engineer.
Aside from being a respected mining professional Charlie was blessed with a wonderful sense of humor. One of the most notable characteristics of Charlie was his ability to tell a story or a joke. I can remember on numerous occasions when Charlie had me laughing hysterically. I will remember him as one of the funniest people I’ve ever met.
The mining community lost one of its own when Charlie passed away. The Sierra Nevada Mining and Industry Council (SNMIC) miningcouncil.org has recently formed a committee to erect a plaque or memorial bench somewhere in the town of Grass Valley to honor Charlie Schultz and his contribution to the mining industry. Our committee within the SNMIC will work with the City of Grass Valley or possibly the Empire Mine State Park to find a suitable location for the memorial. The wording for the plaque has not been scripted yet as this project is still in its infancy. Donations of money, time or ideas for a memorial would be appreciated. Please contact me with comments or questions at 530-271-0679 x 114
Thank You,
Bill WattersThose SF stations have a liberal philosophy and are
based in a liberal town. My
advice is to get coverage from
a FOX affiliate (ch40, Sacto)
on the subject. Have no fear
of past indian genocide, with
the indian casinos in place they are now REALLY getting back at the whiteman.I urge everyone to access the report at http://www.abc7news.com under special reports. If your computer is too slow to see the video, the text of it is written below the link. There was a comment that puts the 16 to 1 in a particualrly good light.
Apparently a second more extensive video featuring the 16 to 1 will be aired tonight. I will be curious if the editors will differentiate political posturing (remember Goldmaster’s crap?) versus the actual practices used in Allegany. I’m certainly going to be watching.
MAY 13 6PM TV ON ABC NEWS……… ….May 14 11pm TV ON ABC NEWS
A reporter from Channel 7, KGO television station in San Francisca (an ABC affiliate), called me about a program she was working on about the devastation of the Sierra Nevada Mountain Range and the toxic waste legacy of the California gold rush. She was told that I had the only operating gold mine and wanted to know what I thought about that. After some conversation I agreed to find some competent people to talk about these wild and untrue claims and would also show her an actual mining operation.
She filmed on April 30 and May 1. Who knows what the finished result will be but you and I can find out by going to http://www.abc7news.com after the shows are on the air.
Tuesday May 13, 2008 at 6pm Channel 7 in San Francisco.
Wednesday May 14, 2008 at 11pm Channel 7 in San Francisco.Another nonprofit is exposing “Mining’s Toxic Legacy and the genocide of the Indians by the gold rush miners, well funded and intent on fixing their perceived issues. If you want to learn more, go to http://www.sierrafund.org. I anxiously await your comments.
Charlie was a great friend to us at CAMCE. We will miss him very much.
We are planning a dedication in Washington, CA around the end of June. Please watch the http://www.camce.org website for the final date.
Email us at the address on the website for more information.
It is doubtful that anyone working in mining in northern California failed to cross paths with Charlie Schultz. My experiences with Charlie spanned thirty years starting at the Morning Glory gold mine in Alleghany and ending at the Empire mine in Grass Valley in 2006. He gained respect because his intentions were usually ‘on-his-sleeve’, his conduct was respectful and his attitude was positive and helpful. When this topic surfaced on the FORUM my thought was, “Hey and hurrah, old Charlie got someone to put his thought (of course related about mining) on our web site.” Charlie stayed away from computers, FAX machines and cell phones. He drove the California State Parks people crazy because he communicate the old fashion way.
Charlie and I had a rip-snorting laugh over his first death. In 2004 I was looking for Charlie to accept the position of inspector during my contract with the State of California and the adit project. I got Charlie Schultz’s number and was told by his daughter that he recently died. I was shocked. I told her how fortunate we in the mining business were because of such a great man to see us through our regulatory maize. I went on and on about how wonderful her dad was and how I would miss him. She invited me to his funeral and to speak because many of his relatives did not know him very well. I said that I would.
A couple of days late Charlie phoned me and said he heard I was looking for him. I said, “Charlie, I thought you were dead!” He replied, “Wait, let me see. No, I may be old but I’m not dead yet.” I told him the story. We had a few laughs during the following two years we worked together at the Empire.
My first run in with Charlie was during his inspection at the Morning Glory. Tom Woodfin and I were opening the underground workings when he showed up. He was very gracious and did a surface inspection of our operation. Tom and I built a wooden bridge across Little Kanaka Creek about five feet wide, twenty feet above the water with mine track down the center. We pushed all our supplies and equipment over the bridge to get to the portal and used it many times each day. We never got around to putting railings on the sides and never were really concerned about the lack thereof. So, here comes Charlie walking across that bridge. He stops and says, “Boys, don’t you think a couple of railings are needed here? I think one of these regulations would require it.” I didn’t want a citation but had to give Charlie a reply to his question. I said, “No, Charlie, we don’t see the need for any railings. Its safe and besides it keeps anyone walking on the bridge alert so they won’t fall off. It keeps us on our toes.” He just looked at me for a while, probably wondering what to say next. Finally he said, “Well, I see your reasoning but railings will be better. Next time I come this way, I’d like to see them on this bridge.”
After Charlie finished his inspection he sat down with us and told us his hobby was collecting pocket watches. He went to his car and brought back a nice case full of pocket watches, open the case and told us something about each watch and how much it cost. We thanked him for the look and he left. Tom and I were quiet for a while. Tom said, “Mike, do you suppose we were expected to buy one of his watches?” I said, “Tom, the thought never occurred to me but maybe we should have or maybe we should on his next visit.” We had more visits from this federal mine inspector but we never bought one of his watches.
Charlie visited us one time when we had successfully de-watered the next level of the mine. We would scrambled up and down the 100 plus foot decline using a rope for support. Building ladders took time and money, things in short supply for us, plus we saw nothing unsafe. Charlie stood at the top of the shaft and looked down the dark hole. I said, “Charlie, the pump is down there. Do you want to see it? We can walk down for your inspection.” Charlie gave his great typical look of a wise experienced man and said something I have never forgotten. “Mike, mine inspectors don’t like to go down ropes like this because they don’t know who may be standing up top with a knife. Next time I come I’d like to see some nice ladders or stairs down this shaft.”
This is how Charlie treated us and I bet how he treated many of the men he inspected. There was never any doubt that he cared for our safety. He had a lot of respect for the miners working at the face of danger. He also knew how to get the best results to encourage our safety. Every time he left us, we immediately carried forth his gentle wishes or demands out of our own respect for him and his position. He quit the federal program and became an advocate for the miner as federal policies changed towards inspections. Instead of Charlie’s way, mutual respect and mutual admiration for all in the business of mining, inspections became enforcement via citations and financial penalties. We miss you, Charlie.
So later today I’m going to the store to buy two bottles of whiskey. One will be the cheapest on the shelf because Charlie would drink anything. The other will be the finest because he deserves the best there is. Charlie, heres to you. The pit of my stomach feels an immense pain for your loss, but my eyes and mouth are all smiles right now just thinking about you. I am honored to have known you. Tap ‘er light.
Sorry to hear of his passing. Charlie was a good man, helped me out anytime I needed some. I received my mine safety training from him back in 1996, Thanks Charlie!
For those of you that knew Charlie, he passed away last week in southern california after an unexpected complication from an illness. Charlie was known by many in the area and a respected mine inspector throughout the region. We will truly miss is canid miner spirt, and all that he did to keep our operations in business. I am glad I had the pleasure of working with Charlie over the past several years.
RIP Charlie
I want advice on purchasing a new metal detector. This will be my first one. $800 is my limit. I live in Montana and will be visiting GPAA mining claims in Montana and Idaho. Any advice is greatly appreciated.
Mel
I would have to say a Fisher Gold Bug 2 with a good set of headphones,their are some that are better for finding gold but they can cost over $3,000.00.
Good LuckPatented claims are essentially private property. They started out as unpatented claims and the owners went through a legal process to make them patented. The process was easier back in the days when the government wanted the west to be settled. Now it is almost impossible to patent an unpatented claim.
Unpatented claims are claims to the mineral rights on government land. Certain paperwork has to be filed annually on these claims. Assessment work must be done or a fee paid. If you own more than 10 unpatented claims you have to pay the fee which is $125 per year. The Sixteen to One owns 110 such claims so must pay $13,750 annually to BLM to retain these mineral rights.
Thanks for the question. I wanted to know too, so I Googled: Patented Claims.
Patented claims are those whose title is held by the claim owner not the Federal government.
Unpatented claims are those upon which the claimant has only the right to explore for and to mine certain minerals.
For those of you who would like to know the detailed statistics on the international gold market, go to the CPM Group Store at http://store.cpmgroup.com/ and purchase a copy of the CPM Group’s Gold Yearbook 2008. It includes analysis of supply and demand trends, bullion and futures market activity, projections for the next year, and detailed statistics on mine production, secondary recovery, central banks, fabrication demand, investment demand, prices, futures and options activity, and other aspects of these markets.
Mike,
I had a thought about how to get the word out about the 16 to 1. It’s a little bit low key. It might not produce any results in the way of investors but, you just never know. Have you thought of putting some short video’s on YouTube? http://youtube.com/
Taking excerpts from past video’s would be an easy way to start. You might even get some volunteers to help you out.
Just go to their website and type in your favorite gold mining term into their search engine and see what comes up. I really like some of the open pit mining explosions they have for viewing.
Maybe, some of the other Forum contributors could chime in on this idea.Anyone who wants a copy of the letter I’ve previously mentioned, just ask.
The year-end inventory of silver is 325 ounces. Some is in the form of “shot”, pure little droppings used by jewelers. The balance is jewelry, such as mini mine bars and mining related charms. There is no pure silver ore in our deposit. The silver is a bi-product from the refining process. The “gold” that we find is actually about 84% fine au and 15% fine ag. After refining the bullion (.9999 gold) is ready for market. So is the silver.
Mike, do you get any silver
and/or platinum out along with
the gold?The year-end financial draft in completed and awaits review by company accountants and the directors. Once accomplished, the company will file the financial information with the Securities Exchange Commission (SEC) via the electronic process commonly called EDGAR. These filings occur four times a year. The company has had timely filings since 1989 or seventeen years or seventy-one filings without being delinquent. They are called 10-Qs (quarterly) or 10-KSBs (annual) and are available on either the SEC web site or go to our web site. The annual report is sent to all shareholders of record each year.
For the year 2007, gross revenue was $831,558.65. Year-end evaluation for the increase revenue from the increase in the spot gold price accounted for $$66.941.61. The balance of $764,617.04 was from gold sales of jewelry, specimens and the rareness of gemstones, the famous Sixteen to One quartz with gold.
Gold production during the year 2007 was the skimpiest in the company’s long history of mining. You are able to follow the frustrations of the company by reviewing the messages written by Scoop under Clips from Alleghany in the FORUM. Gold production was a pitiful 88.26 ounces. It still seems unbelievable. I do not know the average spot price for gold but will use $700 an ounce, which amounts to $61,820 of revenue from new mine production. Pitiful!
If you wonder where the other $702,835.04 in revenue came from, it was from inventory. Are you still with me on the math? Okay then, the next piece of information required to analyze the company’s financials will be some inventory data.
Beginning inventory for 2007 was 1,025.95 ounces of fine gold (fau). Ending inventory for 2007 was 739.28 fau. The inventory was depleted by the difference or 286.67 ounces. Using the estimated spot bullion price of $700 an ounce, it amounts to $200,669. When this figure is deducted from the $702,835.04, the remainder is $502,166.04. Now you have some solid data. Can you figure the how this happened?
The diamond market does not come close to the excitement and profit of mining the Sixteen to One. Bluejay, I do not know the various grades of diamonds, but they are very subjective and easily mistaken. The Sixteen to One raw quartz has ten grades. All have a different price. Once a jeweler puts his mark on the gemstone, the price (grade) escalates accordingly. While there are similarities between diamonds and gold, gold stands alone in liquidity, safety and storage. The Sixteen to One quartz and gold deposit stands alone against all other producing mines be them diamonds or gold.
When an entrepreneur or gambler or speculator steps up with some money, we will find lots more. In the last decade the greatest annual production was 5,869.92 ounces fau. If you have figured out how much money we make from the Sixteen to One gold deposit, you should be a player in the next game of mining this most unusual and special mine.
Today, Rockwell Diamonds(TSXV:RDI) reported diamond sales completed on January 29, 2008 for the previous year’s December diamond production from their South African properties.
The company stated the completed sale involved 1,863.53 carats averaging $2,316 for each carat. Two stones, including a white 25 carat diamond sold for $19,000 per carat.
Then the idea came, how nice it would be for our shareholders to be advised of our monthly sales. Why not?
I hear from the Forum that gold production is sparce. I also know that we have financial obligations of current expenses plus monthly debt payments. Although there is a dore bar sold here and there, the bulk of our gross sales must be coming from gold and quartz slab.
If mine production is slow or nonexistent, is our gold specimen collection going to the saw? If so, what pieces have been sliced up and what pieces remain?
It would also be nice to know how much the grades are fetching these days? Unlike diamond sales which have many grades, our slab doesn’t have that many clases.
The board should direct that shareholders be given a closer look at what is happening with our gold sales and our gold inventory.
If other shareholders of other companies are receiving detailed accounting of their product sales and inventory, then why can’t we?
The consensus is your rock shows several metallic sulfides, primarily pyrite. While a trace of gold may be associated with the sulfides, it has little value. Oxidation is obvious and gold does not oxidize. So, when you see a rust color or rainbow colors, oxidation has taken place.
Four of us looked at your pictures and agree. Fortunately the company geologist is in Alleghany and was one of the four. Now, we could be wrong. It may look different in person. An option for you is to break off a small representative piece and send it for assay.
Thanks for trusting our judgment and visiting our web site.
Now, if thers no stain on it like rust and it ways a bunch an comes from a good place like this mine OAu yuor rich.
hi and thanks for the reply. first of all I would like to pay off a bill or 2 gold mining isnt the only thing thats been slow . and I dont really need the rockbut I got it and if I can benefit from it good.also I will consider your valuation but I will not give it away since it is likely to be the only one I find. I dont need a expensive education . will send lics thanks larry
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