Dear Shareholders,
General
We have been able to complete several drill holes on the adjacent land to which we earlier acquired the mineral rights. The results from the first drill holes have been very encouraging and with the estimated mineral content we believe to have extended the life of the mine. As we move forward with our plan to get official reserve estimates that can be used for the financial community we will share those results with all of the shareholders.
Production
In the past month the crusher subcontractor experienced equipment replacement problems resulting in lower than expected production. Fortunately, we are not required to pay for his downtime and that has helped maintain a stronger financial picture. As the video below shows the equipment is back up and operational and once again we are pouring gold:
This photo is the gold pour from just last night, with another pour to follow shortly:
We look for this year’s production to significantly surpass that of 2014 and put us on a profitability path for the future. Our audited statements for 2014 showed substantial cash flow from operations that we expect to more than double for the current year, which gives us opportunities to look forward to a liquidity event.
