Monday's GV Union. Seems like somebody wants to work?????
Underground party: Mine plans to diversify, stockholders learn
Nearly 240 shareholders of the Original Sixteen to One Mine Inc. attended an annual meeting Saturday and heard of new plans to increase productivity.
Diversifying the operation is what's needed to increase production and hire back workers, President Michael Miller said. The company employed 45 prior to a February layoff. Now there are four employees on the payroll and 10 miners who work as independent contractors.
To do that, Sixteen to One plans to expand into the Brown Bear Mine in Trinity County and Red Star Mine, a "hidden jewel" north of the Sixteen to One.
"Sixteen to One has always been characterized as feast or famine," Miller said. "Our biggest issue at this point is finding the gold."
Sixteen to One last week acquired mineral rights to the Plumbago Mine, which has the second largest production record in the Alleghany mining district after the Sixteen to One.
In addition, the company recently entered a nonexclusive agreement with American Gems to sell its quartz and gold in jewelry stores in the Bay Area. Sixteen to One found a market for quartz jewelry in Grass Valley and Nevada City shops but there is very little sold in the Bay Area, Miller said.
Miller hopes the moves will give the company more options in a business that has been affected by stagnant gold prices.
Scott Robertson, a partner of the Grass Valley accounting firm Robertson Woodford and Francis, was elected to the board of directors for the first time. Re-elected to the board were Charles Brown from Colorado, Sandor Holly from Southern California and Miller.
Shareholders were treated to tours of the mine and a musical program in the mine ballroom that featured The Pit Band, Alleghany Steel Pan Band and The Ballroom Didge Players. |
