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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 of 15(d) of
the Securities Exchange Act of 1934
For the quarterly period ended June 30, 1999
Commission file number 1-8187
MINERAL MOUNTAIN MINING & MILLING COMPANY
(Exact name of registrant as specified in its charter)
IDAHO 82-0144710
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification Number)
421 Coeur d'Alene Ave. - Ste 3
Coeur d'Alene, Idaho
(Address of principal executive offices)
83814
(Zip Code)
(208) 664-3544
(Registrant's Telephone Number, Including Area Code)
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
___________ ___________
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of June 30, 1999:
3,078,049
*******************************************************************************
Document Page 1 of 10
<PAGE>
MINERAL MOUNTAIN MINING & MILLING COMPANY
FORM 10Q
For the quarterly period ended June 30, 1999
PART I
ITEM 1 Statement of Financial Position as of
June 30, 1999 and March 31, 1999
Statement of Operations for the
Three Month Periods Ended June 30, 1999 and 1998
Statement of Changes in Stockholders' Equity for the
Three Month Periods Ended June 30, 1999 and 1998
Statement of Cash Flows for the
Three Month Periods Ended June 30, 1999 and 1998
Notes to Financial Statements as of June 30, 1999
Document page 2 of 10
<PAGE>
MINERAL MOUNTAIN MINING & MILLING COMPANY
Statement of Financial Position as of June 30, 1999 and March 31, 1999
(UNAUDITED)
- -------------------------------------------------------------------------------
<TABLE>
ASSETS
----------
June 30, March 31,
1999 1999
---------- ----------
<S> <C> <C>
CURRENT ASSETS
Cash in banks $ 15,773 $ 15,844
---------- ----------
Total current assets 15,773 15,844
---------- ----------
MINING PROPERTY 53,808 53,808
---------- ----------
TOTAL ASSETS $ 69,581 $ 69,652
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
--------------------------------------
CURRENT LIABILITIES
Accounts payable to Officers and Directors $ 1,987 $ 1,662
Accounts payable, general 76
---------- ----------
Total current liabilities 2,063 1,662
---------- ----------
STOCKHOLDERS' EQUITY
Common stock; $0.10 par value;
15,000,000 shares authorized;
3,078,049 shares issued and
outstanding 153,902 153,902
Additional paid-in capital 339,978 339,978
Accumulated deficit <426,362> <425,890>
---------- ----------
Total stockholders' equity 67,518 67,990
---------- ----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 69,581 $ 69,652
========== ==========
</TABLE>
Prepared by management.
The accompanying notes are an integral part of these financial statements.
Document page 3 of 10
<PAGE>
MINERAL MOUNTAIN MINING & MILLING COMPANY
Statement of Operations For the Three Month Periods Ended
June 30, 1999 and June 30, 1998
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
June 30, June 30,
1999 1998
---------- ----------
<S> <C> <C>
REVENUES
Interest Income $ 235 $ 250
---------- ----------
OPERATING EXPENSES
Accounting 235 119
Other professional services 500
Office expenses 162 157
Spokane Quotation fee 300 300
Taxes 10 10
---------- ----------
Total operating expenses 707 1,086
---------- ----------
NET <LOSS> $ <472> $ <836>
========== ==========
NET <LOSS> PER SHARE $ <NIL> $ <NIL>
========== ==========
Prepared by management.
The accompanying notes are an integral part of these financial statements.
Document page 4 of 10
<PAGE>
MINERAL MOUNTAIN MINING & MILLING COMPANY
Statement of Changes in Stockholders' Equity For the Three Month Periods Ended June 30, 1999 and June 30, 1998
(UNAUDITED)
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
Shares Amount Capital Deficit Total
----------- ---------- ----------- ---------- ---------
<S> <C> <C> <C> <C> <C>
Balances as of
March 31, 1998 3,078,049 $ 153,902 $ 339,978 $<422,067> $ 71,813
Net <Loss> <836> <836>
----------- ---------- ----------- ---------- ---------
Balances as of
June 30, 1998 3,078,049 $ 153,902 $ 339,978 $<422,903> $ 70,977
=========== ========== =========== ========== =========
Balances as of
March 31, 1999 3,078,049 $ 153,902 $ 339,978 $<425,890> $ 67,990
Net <Loss> <472> <472>
----------- ---------- ----------- ---------- ---------
Balances as of
June 30, 1999 3,078,049 $ 153,902 $ 339,978 $<426,362> $ 67,518
=========== ========== =========== ========== =========
</TABLE>
Prepared by management.
The accompanying notes are an integral part of these financial statements.
Document page 5 of 10
<PAGE>
MINERAL MOUNTAIN MINING & MILLING COMPANY
Statement of Cash Flows For the Three Month Periods Ended June 30, 1999 and 1998
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
June 30, June 30,
1999 1998
---------- ----------
<S> <C> <C>
CASH FLOWS FROM
OPERATING ACTIVITIES
Net <Loss> $ <472> $ <836>
Increase <decrease> in accounts payable 401 <572>
Decrease in prepaids 500
---------- ----------
Net cash used from operating activities <71> <908>
---------- ----------
NET INCREASE <DECREASE> IN CASH <71> <908>
CASH AT BEGINNING OF PERIOD 15,844 16,688
---------- ----------
CASH AT END OF PERIOD $ 15,773 $ 15,780
========== ==========
</TABLE>
Prepared by management.
The accompanying notes are an integral part of these financial statements.
Document page 6 of 10
<PAGE>
MINERAL MOUNTAIN MINING & MILLING COMPANY
Notes to Financial Statements as of June 30, 1999
(UNAUDITED)
- --------------------------------------------------------------------------------
The financial statements of Mineral Mountain Mining & Milling Company included
herein, have been prepared without audit, pursuant to the rules and regulations
of the Securities and Exchange Commission. Although certain information
normally included in financial statements prepared in accordance with generally
accepted accounting principles has been condensed or omitted, Mineral Mountain
believes that the disclosures are adequate to make the information presented not
misleading.
The financial statements included herein reflect all normal recurring
adjustments that, in the opinion of management, are necessary for a fair
presentation. The results for interim periods are not necessarily indicative of
trends or of results to be expected for a full year.
Document page 7 of 10
<PAGE>
MINERAL MOUNTAIN MINING & MILLING COMPANY
FORM 10Q
For the quarterly period ended June 30, 1999
ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATION
The Company presently has no revenues other than interest income.
The Company's mineral interest consist of an ownership interest in a
consolidated area consisting of portions of 13 patented mining claims situated
in Shoshone County, Idaho. This area lies between two mining holdings owned by
Sunshine Mining Company, the Consolidated Silver property to the east and the
Sunshine Mine operations to the west.
Sunshine's second quarter report of 1998 issued the following regarding their
operations:
"Exploration at the Sunshine is now focused on finding the next major
ore body to mine after the West Chance is depleted. To that end two
exploration programs have begun in the eastern portion of the mine. The
first is a 3100-foot ramp project initiated in the second quarter that
will access existing reserves around 10 Shaft and open up a large area
for new exploration. Beginning from the 3100 level off the 10 Shaft,
the ramp will be driven on a decline to the east down to the 4000 level,
at which point it will turn back to the north and then back to the west
ultimately bottoming back at the 10 Shaft on the 4400 level. Drill
stations installed along the way will provide our first opportunity to
explore much of this country, and in fact the initial drifting activity
has already crossed a previously unmapped section of a vein.
The other program is further to the east, off the ConSil shaft. There we
have begun a drilling program to examine the Deep Chester and the eastern
Yankee Girl veins. The deep extensions of the Chester Vein are of
particular interest, as the upper extensions of the Chester produced over
100 million ounces of silver, and the deeper eastern portion of the mine
appears to have favorable stratigraphy to host a major ore body. Indeed,
before closing the 10 Shaft, drifting had established a reserve block in
the Good Hope area on the 5000 level containing 8300 tons at an average
grade of 29 ounces per ton. Initial drilling into the Deep Chester area
will attempt to expand this reserve block."
The Year 1998 Sunshine Annual Report to Shareholders issued in 1999 contained
the following additional information on these two projects:
"We are proceeding with plans to open up the eastern area of the Sunshine
Mine, with several targets there that we think have the combined
potential to contain more than 100 million ounces of silver. A ramp is
planned to be driven downward from the 3700 level of the Sunshine Mine
to connect with the 4000 level of the ConSil, opening up a large
exploration territory in the process. This ramp will provide good
access to existing reserve blocks in the 101 Vein and the Chester Vein.
Another branch the ramp will be driven to support an exploration
drilling effort into the Deep Chester Vein / Good Hope area. We believe
this area holds the potential for a truly major reserve addition at the
mine.
Document page 8 of 10
<PAGE>
MINERAL MOUNTAIN MINING & MILLING COMPANY
FORM 10Q
For the quarterly period ended June 30, 1999
Once the ConSil shaft connection is made, we will be able to convert the
ConSil shaft into a production facility. This will increase the mine's
capacity by 50%, and reduce unit production costs by at least another
10%. In other words, the mine's production could increase to about 8
million ounces at a cash cost of less than $4.00, assuming success in our
exploration program."
Directors of the Registrant are hopeful that the above work by Sunshine will
lead to further exploration work of the Mineral Mountain Area.
MINERAL MOUNTAIN MINING & MILLING COMPANY
PART II
ITEM 1 LEGAL PROCEEDINGS
NONE
ITEM 2 CHANGES IN SECURITIES
NONE
ITEM 3 DEFAULTS UPON SENIOR SECURITIES
NONE
ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
NONE
ITEM 5 OTHER INFORMATION
NONE
ITEM 6 EXHIBITS AND REPORTS ON FORM 8-K
NONE
Document page 9 of 10
<PAGE>
MINERAL MOUNTAIN MINING & MILLING COMPANY
FORM 10Q
For the quarterly period ended June 30, 1999
- --------------------------------------------------------------------------------
SIGNATURES
- --------------------------------------------------------------------------------
Pursuant to the requirements of Section 13 of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
Mineral Mountain Mining & Milling Company
(Registrant)
Dated: August 12, 1999 By /s/ Donald L. Hess
----------------------------------
Donald L. Hess
Secretary - Treasurer
Pursuant to the requirements of the Securities and Exchange act of 1934, the
report has been signed below by the following person on behalf of the registrant
and in the capacity and on the date indicated.
Dated: August 12, 1999 By /s/ Donald L. Hess
----------------------------------
Donald L. Hess
Secretary - Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
Financial Data Schedule
This schedule contains summary financial information extracted from
the Statement of Financial Condition for Mineral Mountain Mining &
Milling Company at June 30, 1999, the Statements of Income for the
three month period ended June 30, 1999, and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> JUN-30-1998
<CASH> 15,773
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 15,773
<PP&E> 53,808
<DEPRECIATION> 0
<TOTAL-ASSETS> 69,581
<CURRENT-LIABILITIES> 2,063
<BONDS> 0
0
0
<COMMON> 493,880
<OTHER-SE> (426,362)
<TOTAL-LIABILITY-AND-EQUITY> 69,581
<SALES> 0
<TOTAL-REVENUES> 235
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 707
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (472)
<INCOME-TAX> 0
<INCOME-CONTINUING> (472)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (472)
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
