Re: IMO, ORXX does NOT own the Santa Maria Mine!
According to ORXX from their 10SB:
pre 1987 - Thomas Mills inherits Santa Maria Mine (SMM)
1987 - PM Mining leases SMM; principal owner of PM Mining is Lattimer MacMillan
1989 - PM Mining builds mill and obtains permits to operate it
Late 1992 - Santa Maria Mining Company LLC (SMMC) takes over SMM lease (property still owned by Thomas Mills); SMCC is owned by Don Blackburn, Hank Vosbein, and Lattimer MacMillan
1992-1998 - SMCC develops shaft and existing haulage, and conducts feasibility studies for extracting gold from the SMM
1998 - SMCC concludes existing facilities make mining gold not feasible and fails to joint venture; property returned to Thomas Mills
mid 1999 - SMCC makes stock deal with ORXX
Note that Thomas Mills apparently never relinquished ownership for the property. All he did was lease it to others. The confusion is because of the name similarity of SMM and SMMC. They are in fact two wholly different entities.
The exact words from the 10SB12G are:
History
In early 1987, PM Mining leased the Santa Maria Mine from Thomas O. Mills, of Tucson, Arizona, which had acquired the claims through inheritance. PM Mining, principal owner Lattimer W. MacMillan, of Tucson, Arizona, designed and built the existing mill and obtained the necessary permits to operate the facility in 1989. Thomas Mills continued ownership through the subsequent transfer of the lease agreement to Santa Maria Mining Company, LLC in late 1992. They operated both the mine and mill, developing the shaft and existing haulage way and the lower levels of the mine as it is at present. Principal owners Don Blackburn of Wickenburg, Arizona, and Hank Vosbein of New Orleans, Louisiana, and Mr. MacMillan held the company. During the period 1992 through 1998, the company examined several gravity and heap-leach extraction techniques to recover the gold values from fresh mine run material that averaged 0.27 oz/ton gold. Several consulting groups and individuals were retained for various feasibility and flow sheet design purposes. The existing mill facility was determined to be uneconomical and inefficient due to the size of the gold particles (app. -400 mesh) which required fine grinding for any gravity recovery after the heap leach. An agreement was made to return the property after several negotiations to Joint Venture the property failed. The property was returned to Thomas Mills in 1998. In mid 1999, Mr. Blackburn, Mr. Mills and Mr. MacMillan as principal owners, formed Santa Maria Mining Corporation, a California Corporation who negotiated a tax free stock exchange agreement with Orex and which was included in the acquisition agreement between Orex and SMMC that was completed in August 1999.
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- Jeff |
