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As filed with the Securities and Exchange Commission on August 12, 1999
Registration No. _________
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-SB
GENERAL FORM FOR REGISTRATION OF SECURITIES OF SMALL BUSINESS ISSUERS
Under Section 12(b) or (g) of the Securities Exchange Act of 1934
Uintah Mountain Copper Company
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(Name of Small Business Issuer in its Charter)
Utah 87-0369205
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
341 South Main Street, Suite 401, Salt Lake City, Utah 84111
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(Address of principal executive offices) (Zip Code)
Issuer's telephone number: (801) 530-1045
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Securities to be registered under Section 12(b) of the Act:
Title of each class Name of each exchange on which
to be so registered each class is to be registered
N/A N/A
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Securities to be registered under Section 12(g) of the Act:
Common Stock, par value $0.10 per share
----------------------------------------
(Title of Class)
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Uintah Mountain Copper Company
FORM 10-SB
TABLE OF CONTENTS
PART I.
Item 1. Description of Business ..................................... 3
Item 2. Management's Discussion and Analysis or Plan of Operation ... 10
Item 3. Description of Property...................................... 12
Item 4. Security Ownership of Certain Beneficial Owners
and Management.............................................. 14
Item 5. Directors, Executive Officers, Promoters
and Control Persons......................................... 15
Item 6. Executive Compensation....................................... 16
Item 7. Certain Relationships and Related Transactions............... 17
Item 8. Description of Securities.................................... 17
PART II
Item 1. Market Price of and Dividends on the Registrant's
Common Equity and Other Shareholder Matters................. 18
Item 2. Legal Proceedings............................................ 18
Item 3. Changes in and Disagreements with Accountants................ 18
Item 4. Recent Sales of Unregistered Securities...................... 18
Item 5. Indemnification of Directors and Officers.................... 19
PART F/S
Financial Statements......................................... 21
PART III
Item 1. Index to Exhibits............................................ 33
Signatures................................................... 34
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PART I
Item 1. Description of Business
Corporate History
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Uintah Mountain Copper Company, a Utah corporation, (the "Company") was
formed on January 30, 1946. The Company has been developing mining claim,
known as, the Sunshine Quartz/Hematite Claims located in the Ashley National
Forest of Duchesne County, Utah. The mining claims consist of 30 unpatented
load claims. Principal ore found on the 30 unpatented load claims is a
high-grade hematite (iron oxide) ore. The Company has been developing these
claims with the intent of marketing the unique ore in the specialty natural
pigments market.
The first five claims, namely the Sunshine Quartz Mine Nos. 1-5 were
located in 1936 and placed in the Company's ownership when the Company was
incorporated. Thirty-one additional claims, namely Hematite Nos. 1-31 were
located in 1977. In 1989, all claims were reclaimed by the Company. Eight
claims (Hematite 10, 11, 12, 13, 14, 25 & 26) were dropped in 1993 due to new
federal filing requirements and a geologic re-evaluation of the properties.
In 1995, Hematite Nos. 25 and 26 were re-filed. All claims have been legally
filed with Duchesne County, State of Utah, and the Bureau of Land Management.
Net profit royalties of 10% are due to Mid American Minerals, Inc., a Utah
corporation. (See certain transaction).
Through the end of 1997, the Company held special use permits for a 5-acre
mill and mining camp site and a 6.5-mile access road to, and on, the claims.
As of 1998, the use of these facilities has been made part of the Company's
approved continuing Plan of Operation on file with U.S. Forest Service,
("Forest Service") so that annual permitting will no longer be required. The
present Plan of Operation for development activities at this site has been on
file with the Forest Service since 1996 and is currently active.
CLAIMS DEVELOPMENT
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Uintah Mountain Copper Company is currently developing 30 unpatented lode
mining claims in the Ashley National Forest of northeastern Utah. The
Sunshine Quartz/Hematite Claims project is located about 25 miles northwest of
Duchesne, Utah, in Township 2 North and Range 6 West, Sections 10, 14, 15 and
16, and is directly west of Moon Lake in the Slate Creek Canyon region. A 6.5
mile unimproved graded access road designed by the Forest Service and built
by the Company nearly 20 years ago extends directly from the company's 5-acre
camp site to the ore body. The original mine diggings are at the 10,200 to
10,400-foot elevation, with surface outcrops of high-grade hematite ore
(ferric iron oxide) observable intermittently along 600 feet of exposures
adjacent to the access road, and over an additional 1500 feet of hillside.
Approvals necessary for continued development have been obtained.
Portions of the original five Sunshine Quartz claims have been
periodically mined for hematite pigment since they were originally located in
1936. Until 1994, mineral and geologic evaluations had been performed based
upon examination of surface outcrops and limited, widely spaced bore holes.
During 1994 and 1995, an intensive exploratory drilling program was initiated
to begin proving the extent of mineable hematite ore reserves within the
claims. The goal was to identify enough high grade ore to justify continued
exploration work and establish methods for future mine development.
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In 1994, the Company contracted for a specialty drilling firm to carry
out a nearly $200,000 exploratory drilling program on 3 of the Company's 30
claims. From August through September 1994, core samples were obtained from
23 drill holes, with 963 linear feet of drilling directly on or into the
hematite ore body via a highly mobile portable rig system. This work was
performed along a limited 600-foot exposed ore outcrop. In August and
September 1995, 13 additional core holes were drilled to provided infill data
for the 1994 program, to extend the known quantity of hematite ore for an
additional 100 feet of exposure, and to begin the preliminary evaluation of
other outcrops. All borings were logged by an independent registered
professional geologist, with hole elevations, angles and locations surveyed.
Cores from drilling were photographed, boxed, and sampled.
This exploratory work extended the knowledge of the hematite deposit by
(a) identifying an additional 1500 feet of surface exposure for future
exploratory drilling, and (b) providing data to locate the ore body perimeter
and the depth of ore-bearing strata (which varies from 7 to 20 feet thick) for
accurate ore deposit calculations.
Development work at the claims site has progressed from the exploratory
prospecting phase to small-scale prototype mining projects. In January 1996,
the Company submitted a multi-year, multi-phase test pit and reclamation
development plan to the Forest Services for evaluation and inclusion as part
of the Company's continuing Plan of Operation for the Sunshine Quartz/Hematite
Claims project.
The phased development plan is intended as a series of small-scale
projects to provide an abundance of economic and environmental data while
being environmentally independent of future mining activities. Test pit work
also creates the necessary raw material for initiating pilot plant refining
operations. Continuous reclamation is an important component of test pit
development work, where all disturbed areas are reclaimed in conjunction with
ore removal activities. No spoils or tailings are created by this unique
process and total disturbed surface areas are minimized. The goal is to
develop methods that diminish long-term reclamation needs and natural resource
impacts. Information from this program is required to allow a thorough
evaluation of the full mining potential and impacts of the project.
The first phase of the three-phase plan was approved and a small
exploratory test pit was excavated and reclaimed during the Summers of 1996
and 1997. Approximately 107 tons of various grades of hematite ore were
excavated from a 60 square yard area, with 46 tons of medium to high-grade ore
hauled from the site to the Company's consultant laboratory facilities in
Lehi, Utah. Ore tonnage and quality in the pit were carefully measured and
recorded during this work, with the results comparing favorably with the
drill-predicated estimates. Reclamation activities commenced immediately upon
completion of test pit excavation and the entire test area was re-seeded prior
to snowfall in 1997. A 23-page engineering analysis report has been prepared
by the Company to detail the work and results. This report has been made part
of the Company Plan of Operation on file with the Forest Service.
The Company received approval from the Forest Service for a modified 1998
Phase II development plan that include the following activities:
- - 7 tons of medium to high-grade ore and 55 tons of medium to low-grade ore
left on site from Phase 1 test pit work were excavated and stockpiled with
local rock and soil materials used for additional pit reclamation
to compensate for these ore removal activities.
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- - 50 to 75 tons of sample ore were excavated from an outcrop adjacent to
the road and stockpiled.
- - 1997 reclamation measures were evaluated.
Because of safety concerns from an early onset of winter weather, ore
stockpiles were left on-site for hauling in the summer of 1999.
A larger test pit is planned for the last phase in this development
program. This modified plan (now scheduled for 1999-2000) incorporates parts
of the original Phase II and Phase III work areas and will extract about 1500
tons of sample ore and reclaim a 250 square yard area over a 40-day work
period. Revisions are based upon comments from Forest Service technical
personnel and new engineering calculations have been submitted for approval.
This final work phase will also include the following activities:
- - Test ore handling methods (such as conveyor systems) that reduce future
mining costs and lessen natural resource impacts.
- - Expand exploration activities on the undeveloped areas of the claims.
This work will not require construction of new access on to the claims.
Drilling by portable rigs and geophysical surveys may be included as part of
the work scope.
Test pits are designed to simulate mining and reclamation activities in a
controlled location and manner while verifying the deposit geologic structure
model developed from the drilling programs. Details of all phases of the
proposed test work have been prepared and submitted to the Forest Service, and
are available for review.
Since the final phase of development is of larger scope, the Forest
Service has determined that they will require a more detailed environmental
evaluation. Consequently, the Company and the Forest Service have committed
to performing an Environmental Assessment ("EA") for future phases of project
development. The EA was initiated in the fall of 1998 by the Forest Service
with field studies and scoping documents planned for completion in 1999. The
EA is scheduled for completion prior to final Phase III test pit work in the
summer of 2000. The Forest Service will pay for all cost or the EA.
In the fall of 1998, EA field studies were expanded with Forest Service
concurrence to include broader areas of the claims. This was done to
facilitate future Environmental Impact Statement field work (EIS). The EIS
field studies for the 10-year mining area will be done simultaneously with the
EA since the total are for the final development phase and anticipated future
mining includes only about two-thirds of an acre. This expansion of the field
work will give the Forest Service a better idea of the cumulative effects of
probable future operations.
In prior years, all development work was annually bonded by the Company
to guarantee the completion of necessary reclamation. The Forest Service has
never needed to utilize reclamation bonds and has always returned these
securities to the Company after completion of annual work. For 1998 and
beyond, the Forest Service has decided that the Company's project should have
both long-term and annual bonding to provide more continuity from
year-to-year. Both parties are committed (in writing) to having full
development work bonding in place prior in 1999.
The Company has continuously maintained access road and campsite permits
with the Forest Service since the early 1950's. The current 5-acre camp site
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and 6.5-mile access road have been utilized by the Company via annual special
use permits since 1978. As of 1998, the use of these facilities has been made
part of the continuing Plan of Operation so that annual permitting will no
longer be required. Approval to use these facilities is tied to mining and
development activities, extending their use through the life of the project.
ORE PROCESSING
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The Company began formal evaluation of ore processing and refining over
three years ago. To date, the Company has spent over $100,000 in development
of processes to upgrade and expand the market potential of their already
high-grade hematite pigment product.
The need for an improved ore milling process was identified during core
drilling and sampling activities in 1994-95. Along with known high-grade ore
deposits resided tens of thousands of tons of medium to low-grade ores of
lesser market potential. Instead of wasting this possible resource, the
Company resolved to embark on a program to separate all grades of iron oxide
from host minerals. In-place refining technologies such as heap leaching were
not considered feasible because of the deposit's location in a national
forest. It was decided that the Company should develop a proprietary process
that would allow all marketable ore to be hauled off-site to a company-owned
mill for concentrating. The refining process needed to be self-contained and
incorporate state-of-the-practice recycling technologies.
Initial bench tests on the Company's refining concepts were performed in
1995. This work identified simple acid reduction and floatation of fine
pigment residue as the most probable method to significantly upgrade raw
hematite ore. A series of grinding and floatation bench tests were done, with
the pigment residue from all grades of raw hematite ore improved to more than
90% pure iron oxide. A larger sample of 76% iron oxide raw ore treated by the
same processes (including washed sieving of fines) upgraded to 97.5% pure iron
oxide. Initial measurement indicated a high recovery rate of approximately
80% of available hematite ore.
Results of the small scale bench tests were then utilized to define
probable production equipment needs and develop preliminary processes for
pilot testing. In late 1996, engineers were hired to assess these initial
tests and develop a plan for piloting the refining process. Prototype
schematic plans of a possible plant and process were advanced, with the
consultant recommending pilot work be done by a full-service metallurgical
firm with in-house equipment and expertise in minerals process piloting.
The Company hired a contract research and development organization
specializing in metallurgical and mineral processing test work and consultant
services in 1997. Because of the consultant's minerals experience and their 4
acres of extensive laboratory and pilot plant facilities, a phased contract
for large-scale bench testing and pilot process work was agreed upon and the
most intensive ore mill testing to date commenced.
After 2 years of laboratory testing, a 1/2-ton pilot run was initiated to
identify equipment parameters, define product quality and provide sample
product. A report was issued in the spring of 1999 and sample products were
made available to the Company soon after. The pilot program report noted that
the application of identified separation techniques resulted in final pigment
qualities that matched or exceeded the quality of other natural iron oxide
pigment grade currently on the market. Use of attrition scrubbing, sieve
sizing and magnetic separation were effective in upgrading the iron oxide
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content. Items requiring further investigation included silica floatation,
foam control during carbonate digestion, acid consumption, and trace metal
content reduction.
Additional product characterization work has been performed in 1999 by
the University of Missouri-Rolla Coatings Institute. This work remains on-
going.
Operations
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The Company's business objectives are to mine and mill high grade
hematite (iron oxide) ore for use in the specialty natural pigment market. The
Company's primary focus has been on the development of its mine site, taking
initial mineral samples and designing its milling and mining operation. The
Company completed an extensive $200,000 exploratory drilling program in 1994
and 1995. This drilling program identified 54,000 tons of proven iron oxide
ore deposit within 3 claims. A summary geologic report prepared from the
drill data and all other sources of information also identifies 73,000 tons of
probable iron oxide deposit and upwards of 750,000 tons of estimated ore
deposits.
Upon completion of drilling, a multi-year, multi-phased test pit
reclamation and development plan was commenced in 1996. Initial phases of the
plan have resulted in excavation of over 100 tons of raw ore and hauling of 46
tons of medium to high-grade ore from the site to the Company's consultant
laboratory facilities. Further development work will continued in 1999 to
remove additional ore for refining and analysis. The first part of a
small-scale on-site reclamation project was also completed in 1997 at the site
and will continue to be monitored so that environmentally sound reclamation
techniques can be fully developed.
Market evaluations indicate that up to 500 tons of final product can be
absorbed by identified market segments. To more precisely define plant size
and initial production needs, the Company embarked on a preliminary marketing
campaign in the late spring of 1999, soliciting interest from companies
worldwide. Product brochures and samples developed from the pilot plant work
have been distributed to specialty users who value the hues and
characteristics of natural pigments. A number of small to large pigment users
are presently evaluating the Company's products for their applications.
The Company is nearing the point that it will have the necessary
approvals to commence mining operations. Prior to this time, however, the
Company will have to begin construction of a mill. The Company has completed
the preliminary design of its mill but needs additional financing prior to
preparation of final plans and commencing construction.
The Company is now hopeful, with positive feedback from potential buyers,
that it will be able to obtain the necessary financing to complete its mill
site and commence mining operations. The Company intends to pursue
traditional debt financing, if possible, and to this end, has contacted
several local and regional banks about providing loans for its mill. The
Company anticipates that it will cost approximately $1,500,000 to complete the
mill site and commence mining operations. If traditional debt financing is
not available, the Company will potentially pursue the sale of securities to
raise the necessary funds. There can be no assurance that the Company will be
able to obtain the necessary funds to commence mining and milling operations.
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Competition and Markets
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The Company's products are iron oxide ore pigments. The pigments are used
in cosmetics, artist paints, electronics, magnetic storage products and
multiple other uses including steel coating materials. The Company hopes to
establish itself in a niche specialty market linked to growing consumer trends
for natural color pigments, where higher than average values for products
could be achieved and where competition is limited. To this end, the Company
began to focus on markets that would desire its product for its natural
characteristics and uniqueness of color. The Company is marketing its iron
oxide pigments under the product name Uintah Red(tm). Laboratory and pilot
plant studies indicate that Uintah Red(tm) will result in at least one pigment
that will equal to or exceed current products in terms of purity and meet the
standards of the paint and cosmetic industries. Upon successful completion of
development work, the Company plans to produce up to 500 tons of finished
pigment annually. The Company has also established and internet site to
provide greater visibility to its products (www.uintahred.com).
Prices for natural pigments, particularly red iron oxides, vary
significantly based upon quality, color characteristics, marketing and market
desire. The specialty artist and craft paint market provides an example of
the prices commanded by natural pigments. Retail prices from specialty
market end suppliers throughout the United States show natural red iron oxides
range from $4.50 to $17.48 per pound, with a numerical average of $9.56 per
pound. The Company is hopeful, based upon these prices, to obtain between
$2.00 and $10.00 per pound for its various Uintah Red(tm) products.
In addition to the specialty pigment market, the Company is investigating
the use of other minerals and by products from the mine in other applications.
Specular hematite (micaceous iron oxide) and silica are the primary residual
materials after separation of Uintah Red(tm) pigment. This specular hematite
has been used for over a century as a long-term corrosion protection coating
for structural steel. This is an expanding market as new environmental laws
limit the use of some synthetically based protection products.
The Company use of continuous reclamation techniques, mining methods that
produce no tailings and zero-waste refining methods are also part of the
marketing strategy. A number of potential customers in the natural pigments
market (natural cosmetics manufacturers, in particular) place special value on
companies that utilize these environmentally-sound production methods.
The Company hopes that the quality of its Uintah Red(tm) will allow it to
enter into the specialty niche market were there is currently enough demand,
which is increasing, to cover the competing products. The competition in the
natural pigment market is based on quality of the product. The Company feels
its product Uintah Red(tm) is of equal or superior quality to that of any
other natural pigment on the marketplace; however, until the Company starts
mining and refining its products, there will continue to be uncertainty around
the quality of the products produced from the Company's claims.
Government Regulation
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The Company is subject to numerous regulations on mining and refining its
products. The Company must comply with Forest Service regulations on mining
and reclamation. The Company must submit all plans for its mining operation,
development and exploratory work to the Forest Service which must review and
<PAGE> 9
approve all mining operations prior to work commencing. Since future phases
of development on the mining location are of a larger scope, the Forest
Service has determined that the will require a more detailed environmental
evaluation. Consequently, the Forest Service will perform an environmental
assessment for future phases of project development. Based on commitments by
the Forest Service, the Company intends on having this assessment completed in
time for planned development activities in 2000.
In prior years all development work was annually bonded by the Company to
guarantee the completion of necessary reclamation. The Forest Service has
never needed to utilize reclamation bonds and has always returned these
securities to the Company after completion of the annual work. For 1998 and
beyond, the Forest Service is requiring the Company to maintain long-term and
annual bonding to provide more continuity from year to year. The Company has
continuously maintained access road and campsite permits with the Forest
Service since the early 1950's. The current 5-acre camp site and 6.5 mile
access road have been utilized by the Company via annual special use permits
since 1978. As of 1998, the use of these facilities has been made part of the
continuing Plan of Operation with the Forest Service so that annual permitting
will no longer be required. Approval to use these facilities will now be tied
to mining and development activities, extending their use through the life of
the project. Presently, the Company has complied with all requirements for
its claims and mining operations and considers these requirements highly
important to the success of their marketing strategy. Management of the
Company does not anticipate any problems with further regulations and will
continue to work with the Forest Service to assure no regulatory problems.
Year 2000 Computer Problem
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The Year 2000, or Y2K problem concerns potential failure of certain
computer software to correctly process information because of the software's
inability to calculate dates. The Company, presently is not shipping or
producing product, but is still completing its mining and milling operations
in preproduction stage. Accordingly, it is not dependent on computer systems
and the relevant information on computers is principally scientific
information which should not be affected by the Y2K problem. Additionally,
the Company has all of its computer information stored on alternative media
from that of the PC's hard drives in case of a computer problem. Its web site
is maintained by a Y2K compliant host and is also backed up on a Y2K compliant
PC computer hard drive.
Employees
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The Company has no employees other than its president, Peter Kandaris and
Pam Kandaris-Cha. (See "Directors and Executive Officers.")
Offices
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The Company's principal executive offices are located at 341 South Main
Street, Suite 401, Salt Lake City, Utah 84111. These offices are rented
pursuant to a month to month lease. The monthly lease amount is $ 508.30. The
Company believes that the above facilities are adequate for the foreseeable
needs of the Company.
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Item 2. Management's Discussion and Analysis or Plan of Operation
Overview
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The Company's prior activity has been focused on the development and
exploration of its mining claims, as well as, the testing of the ore samples
and refinement of the samples into potential products. This activity has been
time consuming particularly since the Company's mine is located in a region of
Utah that is not accessible, at this time, during the winter months. This
allows the Company only a limited operating window after the snow melts and
before the first snow falls.
The Company has completed its initial exploratory drilling and laboratory
testing programs on its claims and is ready, pending financing, to commence
the mining and milling of ore. The Company still needs financing to complete
the mill and provide initial working capital to fund mining operations until
revenue is produced from the mined ore. The Company estimates that it will
need $1,500,000 to complete the mill and provide initial working capital.
Plan of Operation
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The Company intends to continue to perform development work, marketing
activities and claim support operations through the summer of 1999, and
pending funding commence construction on a mill. The Company does not
anticipate extensive mining operations in 1999 and likely will not have any
revenue.
Once the EA is complete in 1999, the Company will be able to begin more
extensive development operations in 2000.
The Company has relied on its officers and directors to perform work and
testing on the mine. When needed, the officers and directors have provided
funds to offset the cost of exploratory drilling and laboratory testing. The
Company has also relied on the limited sale of its securities to fund
operations. It is anticipated that the officers and directors of the Company
will continue to provide the work and funding support to continue with claim
maintenance and exploratory drilling. The officers and directors do not have
the funds to provide the $1,500,000 needed to construct a mill and commence
full scale mining operations. The Company intends to seek, initially,
traditional banking arrangements to fund the mill construction. If the
Company is unable to obtain debt financing, the Company will investigate
selling its securities to raise the capital needed to fund the mill and mining
operations.
The Company is hopeful that it will be able to have the mill completed by
the summer of 2000 and commence development/mining operations. If the Company
is unable to keep to this time schedule, it is possible that revenues could
not be received by the end of 2000. The Company has sent out samples of its
potential product to multiple users of high quality pigments and received
positive responses from potential buyers. The buyers can not make any
definitive commitments, at this time, until the Company has the funds to
complete the mill and can provide a time table for the delivery of product.
Liquidity and Capital Resources
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As of March 31, 1999, the Company had a negative working capital deficit
of $712,302. Current Assets were only $112 requiring the officers and
<PAGE> 11
directors of the Company to continue to use their own funds to keep the
Company operating. The current liabilities of the Company at March 31, 1999,
were $712,414, which primarily consist of accrued salaries to the officers of
the Company of $490,050 and interest on related parties notes of $194,386.
The Company's financial position has not changed significantly from prior
quarters. On December 31, 1998, the Company had a working capital deficit of
$698,685. The difference in working capital from December 31, 1998, and March
31, 1999, is the result of additional accrued salaries and interest.
All of the officers and directors have agreed to allow the Company to
continue to accrue their salaries until sufficient revenue is produced to pay
ongoing salaries, as well as, back salaries. Additionally, the notes payable
are to the same officers and directors who have agreed to delay the payment of
the notes and related interest until sufficient revenue is produced to allow
for such payments. As of December 31, 1998, the Company owed a total of
$228,535 to the estate of Mike Kandaris, 138,897 to Peter Kandaris and
$185,196 to Pam Kandaris-Cha. Even with these understandings among the
officers and directors, the Company still does not have enough funds to pay
existing obligations and in addition to those amounts owed related parties,
the Company must pay approximately $25,596 in current liabilities to third
parties. The Company's financial statements, reflecting the Company's current
financial dilemma, contain a going concern qualification.
The Company's management believes the Company will be able to continue in
business but will not be able to generate revenue until it is able to raise
additional capital to fund the mill construction and initial working capital
need. Management estimates that it will require $1,500,000 in additional
capital to move the Company into a position to generate revenue. The Company
will initially seek capital from traditional debt financing. If debt
financing is unavailable, the Company will probably try to sell its securities
in private transactions to generate the required funds. If the Company has to
sell its securities, current shareholders would probably suffer substantial
dilution, given the Company's current financial conditions. There also can be
no assurance that the Company will be able to obtain the needed capital and
will not generate any future revenue.
Results of Operations
- ---------------------
The Company has not generated any revenue since its inception in 1946.
All activities have been focused on the obtaining of claims, developing the
claims and in preparing the claims to commence mining operations. The Company
funding constraints have slowed progress on developing the mining operations
and significant efforts did not commence until 1994. The Company is hopeful
that with a capital infusion, it will be able to commence mining operations.
The Company continues to incur expenses to keep the mining site open,
comply with environmental regulations and complete studies on the iron ore.
For the three months ended March 31, 1999, the Company incurred $17,004 in
general and administrative expense and had an operating loss of $17,207 with a
net loss of $28,696. These amounts are similar to those incurred for the
three months ended March 31, 1998, except interest expenses increased to
$11,489 as the Company was forced to borrow funds to pay for the cost of
completing field work and studies on the claims.
For the year ended December 31, 1998, the Company had a net loss of
$173,680. The loss was the result of no revenue and general and
administrative expenses of $120,320 and interest expenses of $51,728. The
Company anticipates that expenses will remain relatively the same for future
years until mining operations can be commenced.
<PAGE> 12
Item 3. Description of Property
Uintah Mountain Copper Company is currently developing 30 unpatented lode
mining claims known as the Sunshine Quartz/Hematite Claims project in the
Ashley National Forest of northeastern Utah. (See: Item 1, Description of
Business: "Claims Development" and "Exploratory Work").
Facilities needed to support the claims development work include the 6.5
mile access road and camp site. Beginning in 1978 and through the end of this
year, the Company has maintained and paid for continuous use of these
facilities via annual special use permits. Beginning in 1998, support
facilities to be used by the Company in the Ashley National Forest should be
made part of the active Operating Plan filed with the Forest Service and no
special use permits will be required for future continued use.
In 1978, the Company exchanged grandfathered permits (originally
established in the early 1950's) on a camp site near Moon Lake, Utah and a
well-established access road (heavily used by recreationalists for entry to
the High Uinta's Wilderness Area in Utah) for the present camp and road
locations. These new support facilities locations were selected by the
Company specifically for use by the Company in their development of the
Sunshine/Hematite Claims. A new road route was engineered by the Forest
Service to the claims site and the road was paid for and constructed by the
Company in 1979-80. The Company has paid for all road and camp maintenance.
The Forest Service conducts periodic reviews to determine the condition and
maintenance of both facilities. The most recent reviews by the Forest Service
indicate that both facilities are in compliance with reliant resolutions.
The road is approximately 6.5 miles in length and varies from 15 to 30
feet in width within a 30 foot right-of-way. Even though the road is part of
the Forest Service system, maintenance continues to be paid for and performed
by the Company and will continue as long as an active permit or written
authorization for use on claims development is in force. The Company's annual
activities on the road occur from June through October, depending upon spring
snowmelt/runoff and winter snowfall. The road is of adequate size and grade
for travel by heavy equipment trailer trucks and 10 wheel dumps needed to
support the proposed development activities. No substantial road improvements
are anticipated for future activities by the Company.
The mine camp site is 5 acres and is adjacent to the access road.
Distribution telephone and electric lines cross through the site. The camp is
occupied only during times of claim development activity, with portable tent
and self-contained trailers used to house personnel. Domestic water is
brought to the site as needed in small portable tanks or 5-gallon containers.
Sewage is generally controlled in portable trailer stands as needed. The camp
provides a location for proposed sample ore transfer from short-haul dumps to
long-haul trailers, with clean and quiet power available for operation of
future portable conveyor systems. Safety of the development operations is
enhanced by the telephone line at the site (cellular phones are operable in
only a few locations of the canyon). The camp also provides a safe place for
daily operation and safety tailboard meetings, refuge from frequent storm,
reliable temporary personnel housing facilities, and safe temporary materials
and equipment storage location.
Ore Reserves
- ------------
Drilling, geologic and assay programs provide a detailed characterization
of a portion of the Sunshine Quartz/Hematite Claims ore body and establish
<PAGE> 13
proven deposits. The small-scale test pit program provides an abundance of
economic and environmental data to give a thorough evaluation of the mining
and reclamation potential of the project. The exploration and development work
along with preliminary marketing of products are used in concert to develop
ore reserve estimates (that part of the mineral deposit which can be
economically and legally extracted). When used herein the term "reserve" means
that part of a mineral deposit which could be economically and legally
extracted or produced at the time of the reserve determination. The term
"proven reserves" herein refers to reserves for which (a) quantity is computed
from dimensions revealed in outcrops, trenches, workings or drill holes; grade
and/or quality are computed from the results of detailed sampling and (b) the
sites for inspection, sampling and measurement are spaced so closely and the
geologic character is so well defined that size, shape, depth and mineral
content of reserves are well-established. The term "probable reserves" refers
to reserves for which quantity and grade and/or quality are computed from
information similar to that used for proven reserves, but the sites for
inspection, sampling, and measurement are farther apart or are otherwise less
adequately spaced. The degree of assurance, although lower than that for
proven reserves, is high enough to assume continuity between points of
observation.
The most recent geologic evaluation identifies 54,363 tons of drill-
proven ore deposit within 3 of the Company's 30 claims. Company analysis
indicates the overburden to ore ratio in these drilled areas varies from 0 for
surface exposures up to 10 at deeper drill holes, with an average value of
2.65. To date, the on-going test pit work shows that (at a minimum) near-
surface ore can be economically extracted and the surrounding area
economically reclaimed. Near-surface ore is the iron oxide-bearing rock that
can be extracted with small to intermediate track-mounted equipment to a depth
of 30 to 50 feet below ground surface. The analyses identify just under one-
half of these drill-proven deposits as proven reserve, or 20,436 tons of raw
ore. This value will be upgraded as future planned phases of the test pit
project are completed.
Probable reserve estimates show an additional 52,564 tons of raw ore.
This value includes 33,927 tons of drill-proven ore deposits from non-near
surface sources and deposits determined from widely-spaced deep drill holes,
and 18,637 tons from geologic evaluations of surface exposures in adjacent
areas of the claims yet to be drilled.
Raw ore quality in proven reserves has also been evaluated and ranges
from 11% to 90% ferric iron oxide. Analysis of ore samples assayed by Kimball
Laboratories shows the mean purity at 37.67% +/- 27.78% for ungrouped samples
and 56.2% +/- 21.9% for grouped samples. Analysis of verification testing
performed on additional samples by Bondar Clegg Laboratories and showed a mean
purity of 44.38% +/- 15.6% on grouped samples. Separate analysis performed by
the Company combine these laboratory analyses with a visually estimated
hematite content index record used by consultant geologists during core
logging. Through this analysis, average deposit purity was calculated at 26%
ferric iron oxide.
Pilot plant metallurgical balance analysis notes a 62.8% total iron oxide
mineral recovery through use of identified separation processes. Total
marketable product recovery from raw ore is 85% and is distributed between
three final products. Based on these results and previous bench-scale ore
processing work the Company estimates a product recovery rate after
benefaction of 80 to 85%. Using these values and an average deposit purity of
26% ferric iron oxide, the Company estimates that an average of one ton of
final products results from every five tons of raw ore processed, or 2,500
tons of raw ore produces 500 tons of final products.
<PAGE>
<PAGE> 14
Marketing of the three products that result from separation processes is
on-going and is needed to verify economic viability of each product. The
Company has determined that annual sales of up to 500 tons of final products
is achievable since this value incorporates less than 3% of the domestic US
consumer's market for natural red iron oxides. Present ore extraction,
benefaction and reclamation methods used in pilot work and/or tested by the
Company along with estimated company operating costs show the break-even price
of products to be approximately $1.00 per pound. Initial reviews of the mining
and processing costs of other natural iron oxide producers indicates that the
Company's costs will be higher than those seen by a number of other natural
iron oxide producers. The Company is, therefore, focusing on high priced
specialties market to compensate for the planned additional expenses. For the
most part, costs are higher because of the Company's commitment to forest
environment preservation and the development of zero-waste refining methods
that utilize all pigment and by-products. Funds derived from possible sales of
by-products could reduce future operating costs, but are not included in these
cost analyses.
Item 4. Security Ownership of Certain Beneficial Owners and Management
The following table sets forth the number of shares of the Company's
Common Stock, par value $0.10, held by each person who is believed to be the
beneficial owner of 5% or more of the 12,075,985 shares of the Company's
common stock outstanding at July 15, 1999, based on the Company's transfer
agent's list, representations and affidavits from shareholders and beneficial
shareholder lists provided by the Depository Trust and securities broker
dealers, and the names and number of shares held by each of the Company's
officers and directors and by all officers and directors as a group.
Title of Name and Address Amount and Nature of Percent
Class Of Beneficial Owner Beneficial Ownership of Class
- -------- ------------------- --------------------- --------
Principal Shareholders
- ----------------------
Common Stephen and Pam (Kandaris)
Cha
2319 N. Hillside Drive
Wellington, Utah 84542 1,135,558 9.4%
Common Peter Kandaris
671 N. Apache Drive
Phoenix, Arizona 85224 1,437,104 11.9%
Common Keith Robinson
3010 Paddlewheel Court
St. Charles, MO 63303 680,000 5.9%
Officers, Directors and Nominees
- --------------------------------
Common Peter Kandaris ----------See Above-----------
Common Pam Kandaris-Cha ----------See Above-----------
Common Keith Robinson ----------See Above-----------
Common Thomas A. Ronayne, II 556,720 4.6%
Common Richard Kelly 495,000 4.1%
All Officers, Directors, and
Nominees as a Group (4 Person) 4,304,382 35.6%
- --------------------------------
<PAGE> 15
Item 5. Directors, Executive Officers, Promoters and Control Persons
The names of the Company's executive officers and directors and the
positions held by them are set forth below:
Name Age Position Director Since
Peter M. Kandaris 41 President, Director 1987
Richard M. Kelly 69 Vice President, Director 1999
Keith Robinson 72 Treasurer, Director 1987
Thomas A. Ronayne, II 38 Secretary --
Pamala Kandaris-Cha 42 Chief Financial Officer --
The term of office of each director is one year and until his successor
is elected at the Company's annual shareholders' meeting and is qualified,
subject to removal by the shareholders. The term of office for each officer
is for one year and until a successor is elected at the annual meeting of the
board of directors and is qualified, subject to removal by the board of
directors.
Biographical Information
- ------------------------
Set forth below is certain biographical information with respect to each
of the Company's officers and directors.
Peter M. Kandaris, 41, President and Director, is the Project Engineer,
responsible for all technical aspects of site development, permitting, milling
and marketing. Mr. Kandaris has been a practicing civil/geotechnical engineer
since 1983 for the Salt River Project in Phoenix, Arizona, and is presently
the Principal Engineer in charge of Testing Services. He served as Vice
President and a Director of the Company from 1978-1981, and has been President
and a Director of the Company since 1987. Mr. Kandaris earned a BS degree
from Arizona State University in 1981 and a Civil/Geotechnical Engineering
degree from the same institution in 1984. He is member of the International
Society of Rock Mechanics and a technical advisor to the Transmission Line
Foundation Advisory Working Group for the Electric Power Research Institute.
He has also served as a regional director and chairman for the Professional
Engineers in Government (Phoenix Branch) and has been a technical affiliate to
the Association of Drilled Shaft Contractors. Mr. Kandaris has been a
registered professional civil engineer in the State of Arizona since 1985.
Keith Robinson, 72, Treasurer and Director, has extensive experience in the
sales and marketing of products produced by the plastics industry and in
developing various new plastics and medical products. Mr. Robinson has
studied the iron oxide pigments market and has authored numerous market
reports for the Company. He currently is the Sales Manager for Drug Packaging,
Inc. of O'Fallon, Missouri. He has attended the College of Eastern Utah, the
College of the Pacific, Idaho State University and the University of New York.
Thomas A. Ronayne, II, 38, Secretary, assists the Company in coordination of
activities at the claims properties and reviews corporate actions. He has
also been employed by Utah Power and Light Company since 1981 in construction
and collections areas, and is a part-time commercial photographer and
night-club manager in the Salt Lake City area. Mr. Ronayne graduated in 1981
with an Associate's degree in Science from the College of Eastern Utah and has
attended the University of Utah.
<PAGE>
<PAGE> 16
Pam Kandaris-Cha, 42, chief financial officer, since January 1992 was
consultant to the Company prior becoming the Company's CFO. Ms. Kandaris is
also the president of Mid America Minerals, Inc. Pam Kandaris-Cha is the
brother of Peter Kandaris, the president of the Company.
Richard M. Kelly, 69 vice president marketing, is a retired IBM engineer. Mr.
Kelly has been retired for over five years. At IBM, Mr. Kelly was manager of
program managers. Mr. Kelly received a bachelor degree in industrial
engineering form Pennsylvania State University and a masters in engineering
administration form Syracuse University.
ITEM 6. EXECUTIVE COMPENSATION
The following tables set forth certain summary information concerning the
compensation paid or accrued for each of the Company's last three completed
fiscal years to the Company's or its principal subsidiaries chief executive
officer and each of its other executive officers that received compensation in
excess of $100,000 during such period (as determined at June 30, 1998, the
end of the Company's last completed fiscal year):
SUMMARY COMPENSATION TABLE
- --------------------------
<TABLE>
<CAPTION>
Long Term Compensation
----------------------
Annual Compensation Awards Payouts
------------------- ------ --------
Other Restricted
Name and Annual Stock Options LTIP All other
Principal Position Year Salary Bonus($) Compensation Awards /SARs Payout Compensation
- ------------------ ---- ------ -------- ------------ ------ ------- ------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Peter Kandaris 1998 24,000 -0- -0- -0- -0- -0- -0-
President and CEO 1997 15,000 -0- -0- -0- -0- -0- -0-
1996 15,000 -0- -0- -0- -0- -0- -0-
</TABLE>
_________________
Peter Kandaris receives a salary of 24,000 per year which is currently not
being paid. The salary is being accrued until such time as the Company has
the funds to pay Mr. Kandaris. As of December 31, 1998, Mr. Kandaris was owed
$138,897 in back salary.
Options/SAR Grants in Last Fiscal Year
- --------------------------------------
The Company currently has 249,320 outstanding options to purchase shares
of the Company's Common Stock at $.50 per share. Peter Kandaris does not have
any options to purchase shares of common stock.
Bonuses and Deferred Compensation
- ---------------------------------
None
Compensation Pursuant to Plans
- ------------------------------
The Company does not have any compensation or option plans.
<PAGE>
<PAGE> 17
Pension Table
- -------------
Not Applicable
Other Compensation
- ------------------
None
Compensation of Directors
- -------------------------
Currently the directors of the Company do not receive any additional
compensation except for expenses for travel for directors meetings.
Termination of Employment and Change of Control Arrangement
- -----------------------------------------------------------
There are presently nor are there anticipated any agreements regarding
change of control of the Company.
Officer and Director Remuneration
- ---------------------------------
ITEM 7. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
In January 1992, the Company entered into a contract with Mid America
Minerals, Inc. ("Mid America") to repurchase an operating agreement Mid
America held with the Company. Mid America is a related entity to the Company
through common ownership by Pam Kandaris-Cha who is the Company's chief
financial officer. Ms. Cha is also the president of Mid America. Pursuant to
the contract with Mid America, it transferred the operating agreement on the
mining claims to the Company in exchange for Mid America receiving a ten
percent net profit interest in the mining operations of the Company and the
Company agreed to assume the debt of Mid America. The debt assumed from Mid
America was a deferred compensation liability owing to Pam Kandaris-Cha in the
amount of $125,000. The Company agreed to compensate Ms. Cha $25,000 annually
for five years beginning in 1995. No payments have been made on the amounts
owed and Ms. Cha has allowed the Company to defer the payments until the
Company has the funds to pay the amounts owed. Ms. Cha is not obligated to
continue to allow the Company to defer the amounts owed but has done so only
on a voluntary basis.
The Company has received loans from Pam and Steve (Kandaris) Cha and from
Peter Kandaris in the aggregate amount of $228,535 as of December 31, 1998.
The loans are at an interest rate of 7% and are due and payable on demand.
Item 8. Description of Securities
Description of Securities
- -------------------------
General
-------
The Company is authorized to issue thirty million shares of capital stock
par value $0.10 per share designated as Common Stock. There are 12,075,985
fully paid and non assessable shares of Common Stock currently issued and
outstanding as of July 15, 1999.
<PAGE> 18
Common Stock
------------
The holders of Common Stock are entitled to one vote per share on each
matter submitted to a vote at any meeting of shareholders. Shares of Common
Stock do not carry cumulative voting rights and, therefore, a majority of the
shares of outstanding Common Stock will be able to elect the entire board of
directors and, if they do so, minority shareholders would not be able to elect
any persons to the board of directors. The Company's bylaws provide that a
majority of the issued and outstanding shares of the Company constitutes a
quorum for shareholders' meetings, except with respect to certain matters for
which a greater percentage quorum is required by statute or the bylaws.
Shareholders of the Company have no preemptive rights to acquire
additional shares of Common Stock or other securities. The Common Stock is
not subject to redemption and carries no subscription or conversion rights.
In the event of liquidation of the Company, the shares of Common Stock are
entitled to share equally in corporate assets after satisfaction of all
liabilities.
Holders of Common Stock are entitled to receive such dividends as the
board of directors may from time to time declare out of funds legally
available for the payment of dividends. The Company seeks growth and
expansion of its business through the reinvestment of profits, if any, and
does not anticipate that it will pay dividends in the foreseeable future
PART II
Item 1. Market Price of and Dividends on the Registrant's
Common Equity and Other Shareholder Matters
The Company's Common Stock is currently not quoted or listed for trading
with any exchange or market.
Since its inception, the Company has not paid any dividends on its Common
Stock, and the Company does not anticipate that it will pay dividends in the
foreseeable future.
As of July 15, 1999, the Company had 12,075,985 shares of its Common
Stock issued and outstanding held by approximately 243 shareholders.
Item 2. Legal Proceedings
The Company is not, and has not been, involved in any legal proceedings.
Item 3. Changes in and Disagreements with Accountants
The Company has not changed, nor had any disagreements with, its
independent certified accountants.
Item 4. Recent Sales of Unregistered Securities
The Company has relied on the sale of shares of its common stock to fund
operations in recent years. The Company has sold its securities pursuant to
exemptions from the Securities Act relying on Regulation D promulgated
thereunder. The Company sold the shares themselves and no commissions were
paid in connection with the sales. All sales have been to 35 of fewer
investors in a twelve month period and filings have been made with the
relevant states and with the SEC.
<PAGE> 19
In 1998, the Company raised $67,860 through the sale of 135,700 shares to
14 investors all of whom were accredited. In 1997, the Company raised $91,500
through the sale of 273,000 shares to 11 investors all of whom were
accredited.
Item 5. Indemnification of Directors and Officers
The Company's articles of incorporation and bylaws provide for
indemnification of directors and officers by the Company. The articles of
incorporation of the Company limit or eliminate the personal liability of
directors for damages for breaches of their fiduciary duty, unless the
director has engaged in intentional misconduct, fraud, or a knowing violation
of law, or paid a dividend in violation of the Utah Revised Business
Corporation Act.
The bylaws of the Company provide for indemnification for directors and
officers to the full extent provided by the Utah Revised business corporation
act Section 16-10a-901 et. seq. The following is a brief summary of certain
indemnification provisions of the Company's certificate of incorporation and
the Utah Revised Business Corporation Act. This summary is qualified in its
entirety by reference to the text thereof.
Section 16-10a-901 through 909 of the Utah Revised Business Corporation
Act, as amended ("Corporation Act") permits a Utah corporation to indemnify
its directors and officers for certain of their acts. More specifically,
Section 16-10a-902 and 16-10a-907 grants authority to any corporation to
indemnify directors and officers against any judgments, fines, amounts paid in
settlement and reasonable expenses, including attorneys' fees, by reason of
his having been such a corporate director or officer. Such provision is
limited to instances where the director or officer acted in good faith and in
a manner he reasonably believed to be in or not opposed to the best interests
of the corporation, or, in criminal proceedings, he had no reasonable cause to
believe his conduct was unlawful. Such section confers on the director or
officer an absolute right to indemnification for expenses, including
attorney's fees, actually and reasonably incurred by him to the extent he is
successful on the merits or otherwise in defense of any claim, issue, or
matter. The corporation may not indemnify a director if the director is
adjudged liable to the corporation or deemed to have derived an improper
personal benefit in an action in which the director is adjudged liable.
Section 16-10a-906 of the Corporation Act expressly makes indemnification
contingent upon a determination that indemnification is proper in the
circumstances. Such determination must be made by the board of
directors acting through a quorum of disinterested directors, or by the board
of directors acting on the advice of independent legal counsel, or by the
shareholders. Further, Section 16-10a-904 of the Corporation Act permits a
corporation to pay attorneys' fees and other litigation expenses on behalf of
a director or officer in advance of the final disposition of the action upon
receipt of an undertaking by or on behalf of such director or officer to repay
such expenses to the corporation if it is ultimately determined that he is not
entitled to be indemnified by the corporation or to the extent the expenses so
advanced by the corporation exceed the indemnification to which he is
entitled. Such indemnification provisions do not exclude other indemnification
rights to which a director or officer may be entitled under the certificate of
incorporation, bylaws, an agreement, a vote of shareholders, or otherwise.
The corporation may also purchase and maintain insurance to provide
indemnification.
The foregoing discussion of indemnification merely summarizes certain
aspects of indemnification provisions and is limited by reference to the above
discussed sections of the Corporation Act.
<PAGE> 20
Insofar as indemnification for liabilities arising under the Securities
Act may be permitted to members of the board of directors, officers,
employees, or persons controlling the Company pursuant to the foregoing
provisions, the Company has been informed that in the opinion of the
Securities and Exchange Commission such indemnification is against public
policy as expressed in the Securities Act and is, therefore, unenforceable.
<PAGE>
<PAGE> 21
PART F/S
--------
Financial Statements and Supplementary Data:
- -------------------------------------------
CONTENTS
PAGE
_ Independent Auditors' Report 22
_ Balance Sheets, December 31, 1998 and
1997 (Audited), and March 31, 1999, 1998 (Unaudited) 23
_ Statements of Operations for the
year ended December 31, 1998, 1997, 1996 and
From January 28, 1946, (inception) to
December 31, 1998, and March 31, 1999, 1998 (Unaudited)
25
_ Statement of Stockholders' Equity, (Deficit)
from inception on January 28, 1946, through
December 31, 1998, and March 31, 1999 (Unaudited)
26
_ Statements of Cash Flows for the
year ended December 31, 1998, 1997, 1996 and
from inception on January 28, 1946, through
December 31, 1998 27
_ Notes to consolidated Financial Statements 28
<PAGE>
<PAGE> 22
WISAN, SMITH, RACKER & PRESCOTT, LLP
------------------------------------
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditors' Report
Board of Directors
Uintah Mountain Copper Company
(A Development Stage Company)
Salt Lake City, Utah
We have audited the accompanying balance sheets of Uintah Mountain Copper
Company (a development stage company) as of December 31, 1998 and 1997, and
the related statements of operations, stockholders' equity (deficit), and cash
flows for the years ended December 31, 1998, 1997 and 1996 and for the period
from January 28, 1946(inception) to December 31, 1998. These financial
statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Uintah Mountain Copper
Company as of December 31, 1998 and 1997, and the results of its operations
and its cash flows for the years ended December 31, 1998, 1997 and 1996 and
from January 28, 1946 (inception), to December 31, 1998, in conformity with
generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. As discussed in Note 2 to the
financial statements, and as shown in the financial statements, the Company is
a development stage company that has incurred net losses since its inception
and has experienced liquidity problems. Those conditions raise substantial
doubt about the Company's ability to continue as a going concern.
Management's plans in regard to these matters are also described in Note 2.
The financial statements do not include any adjustments that might result from
the outcome of this uncertainty.
/S/Wisan, Smith, Racker & Prescott LLP
Salt Lake City, UT
April 20, 1999
132 PIERPONT AVENUE, SUITE 250
SALT LAKE CITY, UTAH 84101
FAX (801) 328-2015
(801) 328-2011
<PAGE>
<PAGE> 23
UINTAH MOUNTAIN COPPER COMPANY
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEETS
March 31, December 31,
1999 --------------------
(Unaudited) 1998 1997
---------- ---------- ----------
ASSETS
CURRENT ASSETS
Cash $ 112 $ 112 $ 526
Prepaid expenses - - 2,500
---------- ---------- ----------
TOTAL CURRENT ASSETS 112 112 3,026
PROPERTY AND EQUIPMENT
Furniture and fixtures 4,460 4,460 4,460
Vehicles 2,900 2,900 2,900
Leasehold improvements 1,160 1,160 1,160
---------- ---------- ----------
8,520 8,520 8,520
Accumulated depreciation 7,679 7,476 5,944
---------- ---------- ----------
841 1,044 2,576
OTHER ASSETS
Mine development 78,159 78,159 66,659
---------- ---------- ----------
TOTAL ASSETS $ 79,112 $ 79,315 $ 72,261
========== ========== ==========
The accompanying notes are an integral part of the financial statements.
<PAGE>
<PAGE> 24
UINTAH MOUNTAIN COPPER COMPANY
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEETS (Continued)
March 31, December 31,
1999 --------------------
(Unaudited) 1998 1997
---------- ---------- ----------
LIABILITIES AND EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable $ 25,486 $ 25,486 $ 17,587
Bank overdraft 10 6,430 -
Accrued salaries 490,050 481,300 436,100
Income taxes payable 100 100 100
Notes payable - related entities 2,382 2,584 -
Accrued interest 194,386 182,897 132,786
---------- ---------- ----------
TOTAL CURRENT LIABILITIES 712,414 698,797 586,573
NOTES PAYABLE - RELATED ENTITIES 228,535 213,659 215,009
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock, par value $.10
Authorized 30,000,000 shares
12,075,985 and 11,936,265 shares
issued and outstanding, respectively 1,207,598 1,207,598 1,193,626
Additional paid-in capital 257,518 257,518 201,630
Deficit accumulated in the development
stage (2,326,953) (2,298,257) (2,124,577)
---------- ---------- ----------
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) (861,837) (833,141) (729,321)
---------- ---------- ----------
TOTAL LIABILITIES AND EQUITY (DEFICIT)$ 79,112 $ 79,315 $ 72,261
========== ========== ==========
The accompanying notes are an integral part of the financial statements.
<PAGE>
<PAGE> 25
UINTAH MOUNTAIN COPPER COMPANY
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
Three months ended From Inception
March 31, For the years ended on January 28,
------------------- December 31, 1946 through
1999 1998 -------------------------------------- December 31,
(Unaudited) (Unaudited) 1998 1997 1996 1998
----------- ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
REVENUE
Sales $ - $ - $ - $ - $ - $ -
Cost of sales - - - - - -
----------- ------------ ------------ ------------ ------------ ------------
GROSS PROFIT - - - - - -
EXPENSES
Depreciation 203 203 1,532 1,532 1,704 7,476
General and administrative 17,004 24,531 120,320 152,365 124,917 2,107,762
----------- ------------ ------------ ------------ ------------ ------------
OPERATING INCOME (LOSS) (17,207) (24,734) (121,852) (153,897) (126,621) (2,115,238)
OTHER INCOME (EXPENSE)
Interest income - - 15 47 51 578
Interest expense (11,489) (360) (51,743) (46,222) (34,611) (182,897)
----------- ------------ ------------ ------------ ------------ ------------
(11,489) (360) (51,728) (46,175) (34,560) (182,319)
INCOME (LOSS) BEFORE INCOME
TAXES (28,696) (25,094) (173,580) (200,072) (161,181) (2,297,557)
Income taxes - - 100 100 100 700
----------- ------------ ------------ ------------ ------------ ------------
NET LOSS $ (28,696) $ (25,094) $ (173,680) $ (200,172) $ (161,281) $ (2,298,257)
=========== ============ ============ ============ ============ ============
NET LOSS PER SHARE:
Basic $ Nil $ Nil $ (.01) $ (.02) $ (.01)
=========== ============ ============ =========== ============
Diluted $ Nil $ Nil $ (.01) $ (.02) $ (.01)
=========== ============ ============ =========== ============
Weighted average number of
shares outstanding
Basic $12,075,985 $ 11,966,838 $ 12,037,671 $11,719,591 $ 11,658,265
=========== ============ ============ =========== ============
Diluted $12,075,985 $ 11,966,838 $ 12,037,671 $11,719,591 $ 11,658,265
=========== ============ ============ =========== ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE> 26
UINTAH MOUNTAIN COPPER COMPANY
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
From inception on January 28, 1946 through December 31, 1998
<TABLE>
<CAPTION>
Deficit
Accumulated
Additional in the
Common Stock Paid in Development
Shares Amount Capital Stage
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Balance, January 28, 1946 - $ - $ - $ -
Common stock issued for cash, services
and debt at $.10 per share 11,658,265 1,165,826 137,930 -
Net loss for the period from inception
on January 28, 1946 through December
31, 1995 - - - (1,763,124)
------------ ------------ ------------ ------------
Balance, December 31, 1995 11,658,265 1,165,826 137,930 (1,763,124)
Net loss for the year ended December
31, 1996 - - - (161,281)
------------ ------------ ------------ ------------
Balance, December 31, 1996 11,658,265 1,165,826 137,930 (1,924,405)
Common stock issued for cash at
approximately $.44 per share 118,000 11,800 39,700 -
Common stock issued for debt at
$.25 per share 160,000 16,000 24,000 -
Net loss for the year ended December
31, 1997 - - - (200,172)
------------ ------------ ------------ ------------
Balance, December 31, 1997 11,936,265 1,193,626 201,630 (2,124,577)
Common stock issued for cash at
approximately $.50 per share 112,000 11,200 44,800 -
Common stock issued for debt at
$.50 per share 27,720 2,772 11,088 -
Net loss for the year ended December
31, 1998 - - - (173,680)
------------ ------------ ------------ ------------
Balance, December 31, 1998 12,075,985 1,207,598 257,518 (2,298,257)
Net loss for the period ended March
31, 1999 (unaudited) - - - (28,696)
------------ ------------ ------------ ------------
Balance March 31, 1999 (unaudited) 12,075,985 $ 1,207,598 $ 257,518 $ (2,326,953)
============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
<PAGE> 27 UINTAH MOUNTAIN COPPER COMPANY
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Three months ended From Inception
March 31, For the years ended on January 28,
------------------- December 31, 1946 through
1999 1998 -------------------------------------- December 31,
(Unaudited) (Unaudited) 1998 1997 1996 1998
----------- ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
CASH FLOWS FROM OPERATING
ACTIVITIES
Net loss $ (28,696) $ (25,094) $ (173,680)$ (200,172) $ (161,281) $ (2,298,257)
Adjustments to reconcile net
loss to net cash used by
operating activities
Depreciation 203 203 1,532 1,532 1,704 7,476
Changes in operating assets
and liabilities:
(Increase) decrease in
prepaid expenses - - 2,500 (1,000) 5,000 -
Increase in deferred charges - - (11,500) (66,659) - (78,159)
Increase (decrease) in
accounts payable - (17,384) 7,899 17,587 - 25,486
Increase (decrease) in income
taxes payable - (100) - 100 - 100
Increase (decrease) in accrued
salaries 8,750 13,500 45,200 46,200 47,100 481,300
Increase in accrued interest 11,489 - 50,111 46,082 34,547 182,897
----------- ------------ ------------ ------------ ------------ ------------
Net cash used by operating
activities (8,254) (29,281) (77,938) (156,330) (72,930) (1,679,157)
----------- ------------ ------------ ------------ ------------ ------------
CASH FLOWS FROM INVESTING
ACTIVITIES
Purchase of property and
equipment - - - - (1,160) (8,520)
----------- ------------ ------------ ------------ ------------ ------------
Net cash used by investing
activities - - - - (1,160) (8,520)
----------- ------------ ------------ ------------ ------------ ------------
CASH FLOWS FROM FINANCING
ACTIVITIES
Common stock issued for cash - 44,860 56,000 51,500 - 1,387,756
Proceeds from (payments on)
long-term debt-related entities 14,674 (15,500) 15,094 104,892 71,153 293,603
Payments on bank overdraft (6,420) - - - - -
Proceeds from bank overdraft - - 6,430 - - 6,430
----------- ------------ ------------ ------------ ------------ ------------
Net cash flows from financing
activities 8,254 29,360 77,524 156,392 71,153 1,687,789
----------- ------------ ------------ ------------ ------------ ------------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS - 79 (414) 62 (2,937) 112
CASH AND CASH EQUIVALENTS
AT THE BEGINNING OF PERIOD 112 526 526 464 3,401 -
----------- ------------ ------------ ------------ ------------ ------------
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $ 112 $ 605 $ 112 $ 526 $ 464 $ 112
=========== ============ ============ ============ ============ ============
SUPPLEMENTAL SCHEDULE OF NON-
CASH FINANCING ACTIVITIES:
Issuances of common stock for
debt $ - $ - $ 13,860 $ 40,000 $ - $ 77,360
=========== ============ ============ ============ ============ ============
Cash paid for:
Interest $ - $ - $ - $ - $ - $ -
=========== ============ ============ ============ ============ ============
Income taxes $ - $ - $ 100 $ 100 $ 100 $ 700
=========== ============ ============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
<PAGE> 28
UINTAH MOUNTAIN COPPER COMPANY
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
December 31, 1998 and 1997
(Information subsequent to December 31, 1998 is unaudited)
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
Organization and Operating History
- ----------------------------------
The Company was incorporated in the State of Utah on January 28, 1946. The
Company was organized to conduct mining operations in the State of Utah and
elsewhere. The initial capital of the Company consisted of $35,000 in cash
from incorporators for 350,000 shares of $.10 par value common stock. The
Company initially authorized 1,000,000 shares of $.10 par value common stock.
During 1989 the Company amended its articles of incorporation to have
30,000,000 authorized shares of common stock.
The principal ore found on the Company's mining claims is a high-grade
hematite (iron oxide) ore. The Company had been developing these claims with
the intent on marketing the unique ore to specialty natural pigments market.
During 1994 and 1996, the Company implemented an exploratory drilling program
on its thirty unpatented lode mining claims in its Sunshine Quartz/Hematite
project located in the Ashley National Forest, Duchesne County, Utah.
As a result of this drilling, the Company obtained a geological report, dated
January, 1996, that disclosed proven deposits of approximately 54,000 tons of
iron oxide ore. Upon approval from the U.S. Forest Service, the first phase of
the Company's multi-year, multi-phased test pit reclamation and development
plan commenced in 1996. The removal of ore for testing and the related
reclamation of the site was completed in 1997. All approvals for planned
excavation and reclamation for 1998 have been approved by the U.S. Forest
Service.
Cash and Cash Equivalents
- -------------------------
Cash equivalents are generally comprised of certain highly liquid investments
with original maturities of less than three months.
Property and Equipment
- ----------------------
Depreciation expense is computed on the straight-line method in amounts
sufficient to write off the cost of depreciable assets over their estimated
useful lives.
Normal maintenance and repair items are charged to costs and expenses as
incurred. The cost and accumulated depreciation of property and equipment sold
or otherwise retired are removed from the accounts and gain or loss on
disposition is reflected in net income in the period of disposition.
Income Taxes
- ------------
The Company accounts for income taxes using an asset and liability approach to
financial accounting and reporting for income taxes. The difference between
the financial statement and tax bases of assets and liabilities is determined
annually. Deferred income tax assets and liabilities are computed for those
differences that have future tax consequences using the currently enacted tax
laws and rates that apply to the periods in which they are expected to affect
taxable income. Valuation allowances are established, if necessary, to reduce
the deferred tax asset to the amount that will more likely than not be
realized. Income tax expense is the current tax payable or refundable for the
period plus or minus the net change in the deferred tax assets and
liabilities.
<PAGE> 29
UINTAH MOUNTAIN COPPER COMPANY
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
December 31, 1998 and 1997
(Information subsequent to December 31, 1998 is unaudited)
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Estimates
- ---------
The preparation of the financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenue and the expenses during the
reporting period. Actual results could differ from those estimates.
Earnings per Share
- ------------------
In 1997, the Financial Accounting Standards Board issued Statement No. 128,
"Earnings Per Share" (SFAS 128). SFAS 128 replaced the calculation of primary
and fully diluted net income per share with basic and diluted net income per
share. Basic earnings per share exclude any dilutive effects of options,
warrants, and convertible securities. Diluted earnings per share include any
dilutive effects of options, warrants and convertible securities, and
therefore, are comparable to the earnings per share the Company previously
reported as earnings per share.
Comprehensive Income
- --------------------
In June 1997, the Financial Accounting Standards Board issued SFAS No. 130,
"Reporting Comprehensive Income," which establishes new rules for the
reporting and display of comprehensive income and its components. Application
of SFAS No. 130 had no impact on the Company's net income or stockholders'
equity.
Advertising and Promotion
- -------------------------
All costs associated with advertising and promoting the Company's goods and
services are expensed in the year incurred. During the years ended December
31, 1998, 1997 and 1996, the Company incurred advertising costs of $0, $900,
and $778, respectively.
Mine Development
- ----------------
Exploration and pre-production mine development expenses are charged to
operations in the period in which they are incurred. Costs incurred subsequent
to the geological report issued in 1996, estimating the Company's proven
deposits of iron oxide ore, are capitalized at cost. Capitalized mining costs
will be amortized by the units of production method based on recoverable
proven iron oxide deposits, once production begins.
Stock-Based Compensation
- ------------------------
The Company applies the Accounting Principles Board ("APB") Opinion 25,
"Accounting for Stock Issued to Employees", and the related interpretation in
accounting for all stock option plans. Under APB Opinion 25, compensation cost
is only recognized for stock options issued when the exercise price of the
Company's stock options granted is less than the market price of the
underlying common stock on the grant date. Such costs are expensed over the
vesting period of the stock options.
<PAGE> 30
UINTAH MOUNTAIN COPPER COMPANY
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
December 31, 1998 and 1997
(Information subsequent to December 31, 1998 is unaudited)
NOTE 1- SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
SFAS No. 123, "Accounting for Stock-Based Compensation", requires the Company
to provide pro-forma information regarding net income as if compensation cost
for the Company's stock option plans had been determined in accordance with
the fair value based method prescribed in SFAS No. 123. To provide the
required pro-forma information, the Company estimates the fair value of each
stock option at the grant date by using the Black-Scholes option-pricing
model.
NOTE 2 - GOING CONCERN
The Company's financial statements are prepared using generally accepted
accounting principles applicable to a going concern which contemplates the
realization of assets and liquidation of liabilities in the normal course of
business. However, the Company does not have significant cash and has not had
significant operations since its inception. Without additional financing it
would be unlikely for the Company to pursue and realize its objectives. The
Company plans to obtain such additional financing through the sale of its
common stock, business development loans, grants and end user product purchase
orders. In the interim, officers of the Company have committed to meeting its
operating expenses.
NOTE 3 - OTHER ASSETS
1998 1997
---------- ----------
Other assets consist of the following:
Mine development $ 78,159 $ 66,659
Accumulated amortization - -
---------- ----------
$ 78,159 $ 66,659
========== ==========
NOTE 4 - INCOME TAXES
The components of income tax expense related to continuing operations
are as follows:
1998 1997
---------- ----------
Current $ 100 $ 100
Deferred - -
---------- ----------
$ 100 $ 100
========== ==========
At December 31, 1998, the Company had net operating loss carryforwards of
approximately $1,310,780, that may be offset against future taxable income
through 2018.
<PAGE> 31
UINTAH MOUNTAIN COPPER COMPANY
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
December 31, 1998 and 1997
(Information subsequent to December 31, 1998 is unaudited)
NOTE 4 - SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
No tax benefit has been reported on the loss carryforward in the financial
statements because the Company believes there is a 50% or greater chance the
carry forwards will expire unused. Accordingly, the potential tax benefits of
the loss carry forwards have been offset by a valuation allowance of the same
amount.
NOTE 5 - NOTES PAYABLE - RELATED ENTITIES
Certain officers and shareholders of the Company have provided the Company
with funding to continue the exploration of its mining claims. Interest on
these amounts is accrued at 7% per year. The officers and shareholders have
the option to receive cash or convert their notes to common stock. The Company
plans to repay these notes in future years, when revenues sufficient to do so
are generated.
NOTE 6 - RELATED ENTITY TRANSACTIONS
In January, 1992, the Company entered into an agreement with Mid America
Minerals, Inc. (Mid America) to repurchase an operating agreement Mid America
held with the Company. Mid America is a related entity to the Company through
common ownership. In exchange for the operating agreement, Mid America will
receive a ten percent net profit interest in the mining operation of the
Company. The Company agreed to assume the debt of Mid America. The debt
assumed, from Mid America, was a deferred compensation liability owing a
shareholder of the Company in the amount of $125,000. The Company agreed to
compensate the shareholder $25,000 annually for five years beginning in 1995;
however, such terms may be renegotiated between the interested parties.
NOTE 7 - STOCK OPTION PLAN
The Company has a stock option plan under which shareholders and others may be
granted options to purchase the Company's common stock. As of December 31,
1998, the Company has granted 249,320 options to certain shareholders at an
exercise price of $.25 or $.50 per share. All of the stock options expire on
August 15, 1999.
A summary of the status of the Company's stock option plan as of December 31,
1998 and changes during the year is presented below:
Weighted
Average
Exercise Exercise Number
Price Price of Shares
------------ ------------ ------------
Balance, December 31, 1996 $ - $ - -
Granted $ 0.25 $ 0.25 97,600
Exercised $ - $ - -
Cancelled or Expired $ - $ - -
------------ ------------ ------------
Balance, December 31, 1997 $ 0.25 $ 0.25 97,600
Granted $ 0.50 $ 0.50 151,720
Exercised $ - $ - -
Cancelled or Expired $ - $ - -
------------ ------------ ------------
Balance, December 31, 1998 $ 0.25-0.50 $ 0.35 249,320
============ ============ ============
<PAGE> 32
UINTAH MOUNTAIN COPPER COMPANY
(A DEVELOPMENT STAGE COMPANY)
NOTES TO FINANCIAL STATEMENTS
December 31, 1998 and 1997
(Information subsequent to December 31, 1998 is unaudited)
NOTE 7 - STOCK OPTION PLAN (Continued)
Options currently outstanding and exercisable are as follows:
Weighted Average
Number Remaining Number
Exercise Price Outstanding Contractual Life Exercisable
-------------- -------------- -------------- --------------
$ 0.25 97,600 0.62 years 97,600
$ 0.50 151,720 0.62 years 151,720
-------------- -------------- -------------- --------------
$ 0.25-0.50 249,320 0.62 years 249,320
============== ============== ============== ==============
The Company has elected to account for stock-based compensation under the
intrinsic value method prescribed by Accounting Principles Board Opinion No.
25, "Accounting for Stock Issued to Employees," under which no compensation
cost for stock options is recognized for stock option awards granted at or
above fair market value. During 1998, the Company recognized no compensation
expense. Had compensation cost been recognized based on the estimated fair
market value of the options at the grant date, the Company's net income and
income per share would have been as follows:
1998 1997
------------- ------------
Net loss as reported $ (173,680) (200,172)
Pro-forma net loss (178,666) (202,124)
Basic EPS as reported (.01) (.02)
Pro-forma Basic EPS (.01) (.02)
Diluted EPS as reported (.01) (.02)
Pro-forma Diluted EPS (.01) (.02)
The fair value of the options were estimated using the Black-Scholes option-
pricing model based on the following weighted average assumptions:
1998 1997
------------- ------------
Risk-free interest rate 4.6% 5.7%
Expected life, in years .62 1.62
Dividend yield 0% 0%
Volatility 0% 0%
The weighted average grant date fair value of stock options granted during the
year is summarized as follows:
1998 1997
------------- ------------
Weighted average fair value $ 0.02 0.02
============= ============
<PAGE>
<PAGE> 33 PART III
--------
ITEM 1. INDEX TO EXHIBITS
- -------------------------
Copies of the following documents are included as exhibits to this Form
10-SB pursuant to item 601 of regulation S-B.
SEC
Exhibit Reference
No. No. Title of Document
- ------- --------- -----------------
3(i) 3.01 Articles of Incorporation of the Company and related
Amendments
3(i) 3.02 Article IV of the Articles of Incorporation (See Exhibit
No. 3(i))
3(ii) 3.03 Bylaws of the Company
4 4.01 Specimen Stock Certificate
99 99.01 Mining Claims
99 99.02 Proof of Labor
27 27 Financial Data Schedule
<PAGE>
<PAGE> 34
SIGNATURES
------------
In accordance with Section 12 of the Securities Exchange Act of 1934, the
Registrant caused this registration statement to be signed on its behalf by
the undersigned, thereunder duly authorized.
Uintah Mountain Copper Company
By:/S/Peter M. Kandaris, President
By:/S/Pamela Kandaris-Cha, Chief Financial Officer
In accordance with Section 12 of the Securities Exchange Act of 1934, the
Registrant caused this registration statement to be signed on its behalf by
the undersigned in the capacities and on the dates stated.
Signature Title Date
- --------- ----- ----
/S/Peter M. Kandaris President, Director July 27, 1999
/S/Richard M. Kelly Vice President, Director July 27, 1999
/S/Keith Robinson Treasurer, Director July 27, 1999
<PAGE> 1
Exhibit No. 3.01
ARTICLES OF INCORPORATION
OF
UINTAH MOUNTAIN COPPER COMPANY
KNOW ALL MEN BY THESE PRESENTS: That we, the undersigned, have this day
voluntarily associated ourselves together for the purpose of forming a
corporation under the laws of the State of Utah, and we hereby certify:
ARTICLE I.
The name of said corporation is and shall be known as, UINTAH MOUNTAIN
COPPER COMPANY.
ARTICLE II.
The term for which this company is to exist is fifty years from and after
the date hereof.
ARTICLE III.
Said corporation is organized at, and the place of its principal place of
business shall be, Salt Lake City, Utah; but branch places of business for the
purpose of carrying out the objects and pursuits for which the corporation is
formed may be established at such other place or places, both within and
without the State of Utah, as the board of directors may deem advisable.
ARTICLE IV.
The names of the incorporators, their places of business and residence,
and the amount of stock each has subscribed, are as follows:
Incorporator Residence Shares subscribed Par Value
------------ --------- ----------------- ---------
Jesse Kemp 156 Dooly Court, 2,000 $ 200.00
Salt Lake City, Utah
Arthur Meacham 320 Reeves Terrace, 2,000 200.00
Salt Lake City, Utah
Ellis R. Maxfield Sandy, RD 1, Box 63, Utah 115,500 11,550.00
Lavera Maxfield Do. 115,500 11,550.00
Reed R. Maxfield Midvale, Utah 57,500 5,750.00
Dorothy M. Coulter Sandy RD 1, Box 63, Utah 57,500 5,550.00
--------- ---------
Total subscribed 350,000 $ 35,000.00
ARTICLE V.
The capital stock of this corporation shall be One Hundred Thousand
Dollars ($100,000.00), divided into 1,000,000 shares of the par value of Ten
Cents per share: of which capital stock, Three Hundred Fifty Thousand shares
(350,000) subscribed for as shown in Article IV, hereof shall be and the same
are fully paid, as shall appear more fully hereafter. The remaining 650,000
shares are unsubscribed treasury stock, which may be sold and disposed of at
such price or on such terms from time to time as the board of directors may
deem or determine for the corporation's best interests.
<PAGE> 2
ARTICLE VI.
The objects and purposes for which this corporation is formed and
organized are as follows:
(a) To conduct mining operations of all kinds within the State of Utah
and elsewhere: to purchase, take, hold, locate, sell, patent, convey, lease,
explore, develop, improve, or otherwise deal in mines minerals and ores of all
kinds, and to acquire and erect and maintain smelters, mills and reduction
works for such purposes; and to undertake and carry on any other business or
operations necessary for, incidental to, or desirable in attaining the
purposes and objects for which this corporation is organized.
(b) To buy and sell land and other real estate wherever situate, and to
lease, release, mortgage and hypothecate such lands and otherwise dispose of
the same; to lay out townsites or villages and sell and otherwise dispose of
the lands therein contained; to deal in timber lands in connection with and
appurtenant to the mining business; to construct, own, operate trams and
tramways; and to do all things proper and necessary to carry on the several
kinds of business herein enumerated.
(c) To own and operate, or lease, or otherwise acquire interest in,
transport facilities of all kinds for freight and passengers, incidental to
carrying on the business of mining, or calculated to promote the same.
(d) To not as agent for others in disposing of their mining claims,
grounds, ores and metals of all kinds, or other substances, and to make
contracts with others with reference to the handling, selling, smelting,
treating and disposing of their mining claims, ores, and properties.
(e) To purchase, acquire, hold and dispose of the stocks and bonds of
any, corporation, domestic or foreign, and to issue in exchange therefor its
stocks, bonds or other obligations.
(f) The corporation may do everything necessary, suitable and proper for
the accomplishment of any and all the purposes or the attainment of any of the
objects, or the furtherance of any of the powers hereinbefore set forth,
either alone or in association with other corporations, firms or individuals;
and to do every other act or thing incidental or pertinent to or growing out
of or connected with the aforesaid business or powers or any part thereof.
ARTICLE VII.
The officers of this corporation shall be a president, a vice president,
a secretary and a treasurer, who shall each hold office for the term of one
year, and until their successors are appointed and qualified. The directors
shall from their numbers appoint the above-named officers at their first
meeting after the regular annual meeting of stockholders, except only that the
treasurer need not be a director. One person may be both secretary and
treasurer, or one person be secretary and another, treasurer, at the option of
the board of directors. Said officers shall perform the duties usually
performed by such officers of commercial or mining corporations, but the board
shall have power to adopt by-laws defining or limiting the authority and
duties of any and all officers of this corporation.
ARTICLE VIII.
Any officer of this corporation may resign upon giving five days written
notice to the board of directors, and the board of directors shall fill the
vacancy occasioned by such resignation, or vacancy caused by death, for the
<PAGE> 3
unexpired term of such officer or officers. Also, at any regular or special
stockholders' meeting, any officer may be removed from office by a two-thirds
vote of all stockholders voting in favor thereof; and a successor shall be
appointed, or elected as the case may be, so fill the unexpired term;
provided, however, that no officer removed by stockholder' vote shall be
reappointed to any officer in this company during the unexpired term without a
two-thirds vote of stockholders in favor thereof.
ARTICLE IX.
The board of directors shall consist of five persons, elected by the
stockholders for a term of one year each, all of whom to be elected at each
regular annual stockholders' meeting. No person shall be eligible to the
office of director of this corporation who is not the owner and holder of
record of at least 100 shares of the capital stock of said corporation.
Until their successors are elected and qualified, the following persons
shall be the officers of this corporation, namely:
Ellis R. Maxfield shall be director and president;
Lavera Maxfield shall be director and vice president;
Dorothy N. Coulter shall be director, secretary and treasurer;
Arthur Meachum shall be director; and
Reed R. Maxfield shall be director.
ARTICLE X.
Not less than three members of the board of directors shall constitute
and form a quorum and be authorized to transact the business and exercise the
corporate powers of this corporation; provided, that when only three members
are present, their decision shall be unanimous in order to transact the
business and exercise the corporate powers of this company; and provided
further, that the directors shall have the power to sell and dispose of the
assets, claims, or properties of this corporation without confirmation by the
stockholders.
ARTICLE XI.
Regular meetings of the stockholders shall be held on the second Monday
in January of each year for the election of directors and the transaction of
such general business as may properly come before the stockholders at such
meetings; and as such meetings the secretary and treasurer shall submit
complete records showing the financial condition of the corporation. Each
stockholder shall be entitled to one vote for each share of stock owned by
him, as shown by the records of the corporation, which he may cast in person
or by proxy in writing. Special meetings of the stockholders may be called by
the board of directors in the manner prescribed by law, and must be called
whenever the owners, as shown by the company books, of 25 per cent or more of
the capital stock of the corporation, in writing requests the board to call a
special meeting of the stockholders.
ARTICLE XII.
Any general or special meeting of the board of directors may be held upon
giving three days personal notice thereof; otherwise five days notice thereof;
provided, that share notice, other than personal notice, is given, mailing
notice thereof shall constitute sufficient notice when mailed to the last
known address or the director or directors and placed in the United States
<PAGE> 4
Post Office with sufficient postage prepaid. The notice above provided for
shall not be required where the directors sign a written waiver, in which
event any meeting of the directors may be held without notice.
ARTICLE XIV.
The 350,000 shares of capital stock of this corporation subscribed for by
the incorporators herein, as set forth in Article IV, hereof, are fully paid
for by the purchase, sale, assignment and transfer to the said corporation of
five mining claims (unpatented), situate in Brown Duck Fork of Lake Fork in
Duchesne County, Utah, and known as Sunshine No. 1, Sunshine No. 2, Sunshine
No. 3, Sunshine No. 4 and Sunshine No. 5, location notices for which are on
file in the office of the County Recorder of Duchesne County, Utah; which said
mining claims are taken by this corporation and accepted in payment of the
stock subscribed for by the incorporators as herein set forth, subject to an
amount of $1,000 owing, and also subject to any boundary conflicts thereon;
the fair cash value of which claims as accepted being $35,000.00.
IN WITNESS WHEREOF, We have hereunto set our hands this 28 day of
January, 1946.
/s/Ellis R. Maxfield
/s/A.L. Meacham
/s/Jesse Kemp
/s/Reed R. Maxfield
/s/Dorothy M. Coulter
/s/Lavera Maxfield
STATE OF UTAH )
SS:
COUNTY OF SALT LAKE )
Ellis R. Maxfield, Levera Maxfield, and Reed R. Maxfield, being duly
sworn, depose and say: that it is bona fide their intention to commerce and
carry on the business mentioned in the foregoing agreement and that the
affiants verily believe that each party to the agreement has paid or is able
to pay, the amount of stock subscribed for by each of said incorporators: that
at least ten per cent of the stock subscribed for by each of said
incorporators has been paid in, and that not less than ten per cent of the
capital stock of the corporation has been paid in; that they are acquainted
with the property mentioned in paragraph or Article IXV, hereof and accepted
in payment of 350,000 shares of capital stock; and that the said property is
reasonably worth in cash the sum of $35,000.00, the amount paid for it by said
incorporators.
/s/Ellis R. Maxfield
/s/sic.
/s/sic.
Subscribed and sworn to before me the 28 day of January, A.D. 1946.
/s/sic., Notary Public, residing in
My com. expires Salt Lake City, Utah
Aug. 19, 1946.
<PAGE>
<PAGE> 5
STATE OF UTAH )
SS:
COUTY OF SALT LAKE)
On the 28 day of January, 1946, personally appeared before Ellis R.
Maxfield, Lavera Maxfield, Reed R. Maxfield, Dorothy M. Coulter, Jesse Kemp
and Arthur Meacham, the signers of the foregoing articles of incorporation,
who each duly acknowledged to me that they executed the same.
/s/sic., Notary Public, residing in
My com. expires Salt Lake City, Utah
Aug. 19, 1946
<PAGE>
<PAGE> 6
Exhibit No. 3.02 ARTICLES OF AMENDMENTS
TO THE
ARTICLES OF INCORPORATION
OF
UINTAH MOUNTAIN COPPER COMPANY
Pursuant to provisions of Utah Business Corporation Act, the undersigned
Corporation hereby adopts the following Articles of Amendments to its Articles
of Incorporation:
FIRST: The name of the Corporation is Uintah Mountain Copper Company.
SECOND: The following amendments to the Articles of Incorporation were
duly adopted by the shareholders of the Corporation:
Amendment 1: Article II of the Articles of Incorporation is hereby
deleted in its entirety. A new Article II is hereby inserted in the place
thereof to read as follows:
ARTICLE II
The duration of this corporation is perpetual.
Amendment 2: Article V of the Articles of Incorporation is hereby deleted
in its entirety. A new Article V is hereby inserted in the place thereof to
read as follows:
ARTICLE V
The aggregate number of shares which this corporation shall have
authority to issue is thirty million shares of par value stock of $0.10 per
share. All stock of the corporation shall be common. Fully-paid stock of this
corporation shall not be liable to any further call or assessment. The
Corporation is authorized to issue and/or grant options and/or warrants to
purchase or otherwise acquire, shares of the common stock upon such terms and
for such considerations as the Board of Directors shall determine.
Amendment 3: Article VII of the Articles of Incorporation hereby amended
and changed by deleting the language "term of one year." The new language is
hereby inserted in the place thereof to read as follows:
ARTICLE VII
..."term of three years"...
Amendment 4: Article XV is hereby added to the Articles of Incorporation.
The new Article XV is hereby added and inserted thereof to read as follows:
ARTICLE XV
Stockholders are expressly denied the pre-emptive right (1) to acquire
additional treasury shares; (2) to the issuance of treasury stock; (3) to the
issuance of options or securities convertible into shares of the common stock.
Cumulative voting of the shares shall not be permitted.
THIRD: The foregoing Amendments to the Articles of Incorporation were
adopted by the shareholders of the Corporation on the 6th day of July, 1989,
in the manner prescribed by the laws of the State of Utah.
<PAGE> 7
FOURTH: The number of shares outstanding on the above date was 925,660
common shares. The number of shares entitled to vote thereon was 925,660
common shares.
FIFTY: The number of common shares voted for all four Amendments was
533,855 and the number of common shares voted against all four Amendments was
0.
SIXTH: No other class of shares was entitled to vote thereon as a class.
DATED this 6th day of July, 1989.
UINTAH MOUNTAIN COPPER COMPANY
By:/s/Peter M. Kandaris, President
By:/s/Keith Robinson, Secretary
STATE OF UTAH )
:ss.
COUNTY OF SALT LAKE )
On the 6th day of July, 1989, personally appeared before me Peter M.
Kandaris and Keith Robinson who being by me first duly sworn declared that
they are the President and Secretary, respectively, of Uintah Mountain Copper
Company, a Utah corporation, and that they signed the foregoing instrument as
President and Secretary of the Corporation and that the statements contained
therein are true.
/s/Kerry R. Newman
[KERRY R. NEWMAN
Notary Public
STATE OF UTAH
My Comm. Exp. Oct. 23, 1992
13616 S. 1700 W., Riverton, UT 84065]
<PAGE> 1
Exhibit No.3.02 BY-LAWS
OF
UINTAH MOUNTAIN COPPER COMPANY
ARTICLE I. OFFICES
The principal office of the corporation in the State of Utah shall be
located in Salt Lake City. The corporation may have such other offices, either
within or without the State of Utah, as the Board of Directors may designate
or as the business of the corporation may require from time to time.
The registered office of the corporation required by the Utah Business
Corporation Act to be maintained in the State of Utah may be, but need not be,
identical with the principal office in the State of Utah, and the address of
the registered office may be changed from time to time by the Board of
Directors.
ARTICLE II. SHAREHOLDERS
Section 1. Annual Meeting. The annual meeting of the shareholders shall
be held on the second Monday in the month of January in each year, beginning
with the year 1979 at the hour of four o'clock p.m., for the purpose of
electing Directors and for the transaction of such other business as may come
before the meeting. If the day fixed for the annual meeting shall be a legal
holiday in the State of Utah, such meeting shall be held on the next
succeeding business day. If the election of Directors shall not be held on the
day designated herein or any annual meeting of the shareholders, or at any
adjournment thereof, the Board of Directors shall cause the election to be
held at a special meeting of the shareholders as soon thereafter as
conveniently may be.
Section 2. Special Meeting. Special meetings of the shareholders, for any
purpose or purposes, unless otherwise prescribed by statute, may be called by
the President or by the Board of Directors, and shall be called by the
President at the request of the holders of not less than one-tenth of all
outstanding shares of the corporation entitled to vote at the meeting.
Section 3. Place of Meeting. The Board of Directors may designate any
place, either within or without the State of Utah, as the place of meeting for
any annual meeting or for any special meeting called by the Board of
Directors. A waiver of notice signed by all shareholders entitled to vote at a
meeting may designate any place, either within or without the State of Utah,
as the place for the holding of such meeting. If no designation is made, or if
a special meeting be otherwise called, the place of meeting shall be the
principal office of the corporation in the State of Utah.
Section 4. Notice of Meeting. Written notice stating the place, day and
hour of the meeting and, in case of a special meeting, the purpose or purposes
for which the meeting is called, shall, unless otherwise prescribed by
statute, be delivered not less than ten nor more than fifty days before the
date of the meeting, either personally or by mail, by or at the direction of
the President, or the Secretary, or the persons calling the meeting, to each
shareholder of record entitled to vote at such meeting. If mailed, such notice
shall be deemed to be delivered when deposited in the United States mail,
addressed to the shareholder at his address as it appears on the stock
transfer books of the corporation, with postage thereon prepaid.
Section 5. Closing of Transfer Books or Fixing of Record Date. For the
purpose of determining shareholders entitled to notice of or to vote at any
<PAGE> 2
meeting of shareholders or any adjournment thereof, or shareholders entitled
to receive payment of any dividend, or in order to make a determination of
shareholders for any other proper purpose, the Board of Directors of the
corporation may provide that the stock transfer books shall be closed for a
stated period but not to exceed, in any case, fifty days. If the stock
transfer books shall be closed for the purpose of determining shareholders
entitled to notice of or to vote at a meeting of shareholders, such books
shall be closed for at least ten days immediately preceding such meeting. In
lieu of closing the stock transfer books, the Board of Directors may fix in
advance a date as the record date for any such determination of shareholders,
such date in any case to be not more than fifty days and, in case of a meeting
of shareholders, not less than ten days prior to the date on which the
particular action, requiring such determination of shareholders, is to be
taken. If the stock transfer books are not closed and no record date is fixed
for the determination of shareholders, or shareholders entitled to receive
payment of a dividend, the date on which notice of the meeting is mailed or
the date on which the resolution of the Board of Directors declaring such
dividend is adopted, as the case may be, shall be the record date for such
determination of shareholders. When a determination of shareholders entitled
to vote at any meeting of shareholders has been made as provided in this
section, such determination shall apply to any adjournment thereof.
Section 6. Voting Lists. The officer or agent having charge of the stock
transfer books for shares of the corporation shall make a complete list of the
shareholders entitled to vote at each meeting of shareholders or any
adjournment thereof, arranged in alphabetical order, with the address of and
the number of shares held by each. Such list shall be produced and kept open
at the time and place of the meeting and shall be subject to the inspection of
any shareholder during the whole time of the meeting for the purpose thereof.
Section 7. Quorum. A majority of the outstanding shares of the
corporation entitled to vote, represented in person or by proxy, shall
constitute a quorum at a meeting of shareholders. If less than a majority of
the outstanding shares are represented at a meeting, a majority of the shares
so represented may adjourn the meeting from time to time without further
notice. At such adjourned meeting at which a quorum shall be present or
represented, any business may be transacted which might have been transacted
at the meeting as originally noticed. The shareholders present at a duly
organized meeting may continue to transact business until adjournment,
notwithstanding the withdrawal of enough shareholders to leave less than a
quorum.
Section 8. Proxies. At all meetings of shareholders, a shareholder may
vote in person or by proxy executed in writing by the shareholder or by his
duly authorized attorney in fact. Such proxy shall be filed with the secretary
of the corporation before or at the time of the meeting. No proxy shall be
valid after eleven months from the date of its execution, unless otherwise
provided in the proxy.
Section 9. Voting of Shares. Each outstanding share entitled to vote
shall be entitled to one vote upon each matter submitted to a vote at a
meeting of shareholders, unless provided otherwise in the corporation's
articles of incorporation or by-laws.
Section 10. Voting of Shares by Certain Holders. Shares outstanding in
the name of another corporation may be voted by such officer, agent or proxy
as the by-laws of such corporation may prescribe, or, in the absence of such
provision, as the board of directors of such corporation may determine.
<PAGE> 3
Shares held by an administrator, executor, guardian or conservator may be
voted by him, either in person or by proxy, without a transfer of such shares
into his name. Shares standing in the name of a trustee may be voted by him,
either in person or by proxy, but no trustee shall be entitled to vote shares
held by him without a transfer of such shares into his name.
Shares standing in the name of a receiver may be voted by such receiver,
and shares held by or under the control of a receiver may be voted by such
receiver without the transfer thereof into his name if authority so to do be
contained in an appropriate order of the court by which such receiver was
appointed.
A shareholder whose shares are pledged shall be entitled to vote such
shares until the shares have been transferred into the name of the pledgee,
and thereafter the pledgee shall be entitled to vote the shares so
transferred.
Neither shares of its own stock held by the corporation, nor those held
by another corporation if a majority of the shares entitled to vote for the
election of directors of such other corporation are held by the corporation,
shall be voted at any meeting or counted in determining the total number of
outstanding shares at any given time for purpose of any meeting.
Section 11. Informal Action by Shareholders. Any action required to be
taken at a meeting of the shareholders, or any action which may be taken at a
meeting of the shareholders, may be taken without a meeting if a consent in
writing, setting forth the action so taken, shall be signed by all of the
shareholders entitled to vote with respect to the subject matter thereof.
ARTICLE III. BOARD OF DIRECTORS
Section 1. General Powers. The business and affairs of the corporation
shall be managed by its Board of Directors.
Section 2. Number, Tenure and Qualifications. The number of directors of
the corporation shall be not less than three (3) nor more than nine (9) as
determined, from time to time, by the Board of Directors. Each Director shall
hold office until the next annual meeting of shareholders and until his
successor shall have been elected and qualified. Directors need not be
residents of the State of Utah or shareholders of the corporation. The Board
of Directors may elect from its own number a Chairman of the Board, who shall
preside at all meetings of the Board of Directors, and shall perform such
other duties as may be prescribed from time to time by the Board of Directors.
Section 3. Regular Meetings. A regular meeting of the Board of Directors
shall be held without other notice than this by-law immediately after, and at
the same place as, the annual meeting of shareholders. The Board of Directors
may provide, by resolution, the time and place, either within or without the
State of Utah, for the holding of additional regular meetings without other
notice than such resolution.
Section 4. Special Meetings. Special meetings of the Board of Directors
may be called by or at the request of the President, Vice President or any two
Directors. The person or persons authorized to call special meetings of the
Board of Directors may fix any place, either within or without the State of
Utah, as the place for holding any special meeting of the Board of Directors
called by them.
<PAGE> 4
Section 5. Notice. Notice of any special meeting shall be given at least
two days previously thereto by written notice delivered personally or mailed
to each Director at his business address, or by telegram. If mailed, such
notice shall be deemed to be delivered when deposited in the United States
mail, so addressed, with postage thereon prepaid. If notice be given by
telegram such notice shall be deemed to be delivered when the telegram is
delivered to the telegraph company. Any Director may waive notice of any
meeting. The attendance of a Director at a meeting shall constitute a waiver
of notice of such meeting, except where a Director attends a meeting for the
express purpose of objecting to the transaction of any business because the
meeting is not lawfully called or convened. Neither the business to be
transacted at, nor the purpose of, any regular or special meeting of the Board
of Directors need be specified in the notice or waiver of notice of such
meeting.
Section 6. Quorum. A majority of the number of Directors fixed by Section
2. of this Article III shall constitute a quorum for the transaction of
business at any meeting of the Board of Directors, but if less than such
majority is present at a meeting, a majority of the Directors present may
adjourn the meeting from time to time without further notice.
Section 7. Manner of Acting. The act of the majority of the Directors
present at a meeting at which a quorum is present shall be the act of the
Board of Directors may be taken at a meeting of the directors may be taken
without a meeting if a consent in writing, setting forth the action so taken,
shall be signed by all of the directors.
Section 8. Vacancies. Any vacancy occurring in the Board of Directors may
be filled by the affirmative vote of a majority of the remaining Directors
though less than a quorum of the Board of Directors. A Director elected to
fill a vacancy shall be elected for the unexpired term of his predecessor in
office. Any directorship to be filled by reason of an increase in the number
of Directors may be filled by election by the Board of Directors for a term of
office continuing only until the next election of Directors by the
shareholders.
Section 9. Compensation. By resolution of the Board of Directors, each
Director may be paid his expenses, if any, of attendance at each meeting of
the Board of Directors, and may be paid a stated salary as director or a fixed
sum for attendance at each meeting of the Board of Directors or both. No such
payment shall preclude any Director from serving the corporation in any other
capacity and receiving compensation therefor.
Section 10. Presumption of Assent. A Director of the corporation who is
present at a meeting of the Board of Directors at which action on any
corporate matter is taken shall be presumed to have assented to the action
taken unless his dissent shall be entered in the minutes of the meeting or
unless he shall file his written dissent to such action with the person acting
as the secretary of the meeting before the adjournment thereof or shall
forward such dissent by registered mail to the Secretary of the corporation
immediately after the adjournment of the meeting. Such right to dissent shall
not apply to a Director who voted in favor of such action.
ARTICLE IV. OFFICERS
Section 1. Number. The officers of the corporation shall be a President,
one or more Vice-Presidents (the number thereof to be determined by the Board
of Directors), a Secretary, and a Treasurer, each of whom shall be elected by
<PAGE> 5
the Board of Directors. Such other officers and assistant officers as may be
deemed necessary may be elected or appointed by the Board of Directors. Any
two or more offices may be held by the same person, except the offices of
President and Secretary.
Section 2. Election and Term of Office. The officers of the corporation
to be elected by the Board of Directors shall be elected annually by the Board
of Directors at the first meeting of the Board of Directors held after each
annual meeting of the shareholders. If the election of officers shall not be
held at such meeting, such election shall be held as soon thereafter as
conveniently may be. Each officer shall hold office until his successor shall
have been duly elected and shall have qualified or until his death or until he
shall resign or shall have been removed in the manner hereinafter provided.
Section 3. Removal. Any officer or agent may be removed by the Board of
Directors whenever in its judgment, the best interests of the corporation will
be served thereby, but any such removal shall be without prejudice to the
contract rights, if any, of the person so removed. Election or appointment of
an officer or agent shall not of itself create contract rights.
Section 4. Vacancies. A vacancy in any office because of death,
resignation, removal, disqualification or otherwise, may be filed by the Board
of Directors for the unexpired portion of the term.
Section 5. President. The President shall be the principal executive
officer of the corporation and, subject to the control of the Board of
Directors, shall in general supervise and control all of the business and
affairs of the corporation. He shall, when present, preside at all meetings of
the shareholders and of the Board of Directors, unless the Directors have
designated a Chairman in accordance with Article III, Section 2., of these
By-Laws. He may sign, with the Secretary or any other proper officer of the
corporation thereunto authorized by the Board of Directors, certificates for
shares of the corporation, any deeds, mortgages, bonds, contracts, or other
instruments which the Board of Directors has authorized to be executed, except
in cases where the signing and execution thereof shall be expressly delegated
by the Board of Directors or by these By-Laws to some other officer or agent
of the corporation or shall be required by law to be otherwise signed or
executed; and in general shall perform all duties incident to the office of
President and such other duties as may be prescribed by the Board of Directors
from time to time.
Section 6. The Vice-Presidents. In the absence of the President or in the
event of his death, inability or refusal to act, the Vice-President (or in the
event there be more than one Vice-President, the Vice-Presidents in the order
designated at the time of their election, or in the absence of any
designation, then in the order of their election) shall perform the duties of
the President, and when so acting, shall have all the powers of and be subject
to all the restrictions upon the President. Any Vice-President may sign, with
the Secretary or an Assistant Secretary, certificates for shares of the
corporation; and shall perform such other duties as from time to time may be
assigned to him by the President or by the Board of Directors.
Section 7. The Secretary. The Secretary shall: (a) keep the minutes of
the proceedings of the shareholders and of the Board of Directors in one or
more books provided for that purpose; (b) see that all notices are duly given
in accordance with the provisions of these By-Laws or as required by law; (c)
be custodian of the corporate records and of the seal of the corporation and
see that the seal of the corporation is affixed to all documents the execution
<PAGE> 6
of which on behalf of the corporation under its seal is duly authorized; (d)
keep a register of the post office address of each shareholder; (e) sign with
the President, or a Vice-President, certificates for shares of the
corporation, the issuance of which shall have been authorized by resolution of
the Board of Directors; (f) have general charge of the stock transfer books of
the corporation; and (g) in general perform all duties incident to the office
of Secretary and such other duties as from time to time may be assigned to him
by the President or by the Board of Directors.
Section 8. The Treasurer. The Treasurer shall: (a) have charge and
custody of and be responsible for all funds and securities of the corporation;
(b) receive and give receipts for moneys due and payable to the corporation
from any source whatsoever, and deposits all such moneys in the name of the
corporation in such banks, trust companies or other depositaries as shall be
selected in accordance with the provisions of Article V of these By-Laws; and
(c) in general perform all of the duties incident to the office of Treasurer
and such other duties as from time to time may be assigned to him by the
President or by the Board of Directors. If required by the Board of Directors,
the Treasurer shall give a bond for the faithful discharge of his duties in
such sum and with such surety or sureties as the Board of Directors shall
determine.
Section 9. Assistant Secretaries and Assistant Treasurers. The Assistant
Secretaries, when authorized by Board of Directors, may sign with the
President or a Vice-President certificates for shares of the corporation the
issuance of which shall have been authorized by a resolution of the Board of
Directors. The Assistant Treasurers shall respectively, if required by the
Board of Directors, give bonds for the faithful discharge of their duties in
such sums and with such sureties as the Board of Directors shall determine.
The Assistant Secretaries and Assistant Treasurers, in general, shall perform
such duties as shall be assigned to them by the Secretary of the Treasurer,
respectively, or by the President or the Board of Directors.
Section 10. Salaries. The salaries of the officers shall be fixed from
time to time by the Board of Directors and no officer shall be prevented from
receiving such salary by reason of the fact that he is also a Director of the
corporation.
Section 11. Indemnification. The Corporation agrees to, and does hereby,
indemnify the directors and officers of the Corporation and hold them
harmless, and will make no claim against them for any act or failure to act
with respect to the business of the Corporation unless any such acto or
omission is the result of gross negligence or willful neglect.
ARTICLE V. CONTRACTS, LOANS, CHECKS AND DEPOSITS
Section 1. Contracts. The Board of Directors may authorize any officer or
officers, agent or agents, to enter into any contract or execute and deliver
any instrument in the name of and on behalf of the corporation, and such
authority may be general or confined to specific instances.
Section 2. Loans. No loans shall be contracted on behalf of the
corporation and no evidences of indebtedness shall be issued in its name
unless authorized by a resolution of the Board of Directors. Such authority
may be general or confined to specific instances.
Section 3. Checks, Drafts, etc. All checks, drafts or other orders for
the payment of money, notes or other evidences of indebtedness issued in the
<PAGE> 7
name of the corporation, shall be signed by such officer or officers, agent or
agents of the corporation and in such manner as shall from time to time be
determined by resolution of the Board of Directors.
Section 4. Deposits. All funds of the corporation not otherwise employed
shall be deposited from time to time to the credit of the corporation in such
banks, trust companies or other depositaries as the Board of Directors may
select.
ARTICLE VI. CERTIFICATES FOR SHARES AND THEIR TRANSFER
Section 1. Certificates for Shares. Certificates representing shares of
the corporation shall be in such form as shall be determined by the Board of
Directors. Such certificates shall be signed by the President of a Vice
President and by the Secretary or an Assistant Secretary and sealed with the
corporate seal or a facsimile thereof. The signatures of such officers upon a
certificate may be facsimiles if the certificate is countersigned by a
transfer agent, or registered by a registrar, other than the corporation
itself or one of its employees. All certificates for shares shall be
consecutively numbered or otherwise identified. The name and address of the
person to whom the shares represented thereby are issued, with the number of
shares and date of issue, shall be entered on the stock transfer books of the
corporation. All certificates surrendered to the corporation for transfer
shall be cancelled and no new certificate shall be issued until the former
certificate for a like number of shares shall have been surrendered and
cancelled, except that in case of a lost, destroyed or mutilated certificate a
new one may be issued therefor upon such terms and indemnity to the
corporation as the Board of Directors may prescribe.
Section 2. Transfer of Shares. Transfer of shares of the corporation
shall be made only on the stock transfer books of the corporation by the
holder of record thereof or by his legal representative, who shall furnish
proper evidence of authority to transfer, or by his attorney thereunto
authorized by power of attorney duly executed and filed with the Secretary of
the corporation, and on surrender for cancellation of the certificate for such
shares. The person in whose name shares stand on the books of the corporation
shall be deemed by the corporation to be the owner thereof for all purposes.
ARTICLE VII. FISCAL YEAR
The fiscal year of the corporation shall begin on the first day of
January and end on the thirty-first day of December in each year.
ARTICLE VIII. DIVIDENDS
The Board of Directors may, from time to time, declare and the
corporation may pay dividends on its outstanding shares in the manner, and
upon the terms and conditions provided by law and its articles of
incorporation.
ARTICLE IX. CORPORATE SEAL
The Board of Directors shall provide a corporate seal.
ARTICLE X. WAIVER OF NOTICE
Whenever any notice is required to be given to any shareholder or
director of the corporation under the provisions of these By-Laws or under the
<PAGE> 8
provisions of the articles of incorporation or under the provisions of the
Utah Business Corporation Act, a waiver thereof in writing signed by the
person or persons entitled to such notice, whether before or after the time
stated therein, shall be deemed equivalent to the giving of such notice.
ARTICLE XI. AMENDMENTS
These By-Laws may be altered, amended or repealed and new By-Laws may be
adopted by the Board of Directors at any regular or special meeting of the
Board of Directors.
ARTICLE XII. PROCEDURE FOR CONDUCTING MEETINGS
All shareholder and director meetings shall be conducted in accordance
with the rules and procedures set forth in the most current edition of
Roberts' Rules of Order.
- -----------------------
A true copy adopted by the Board of Directors the 13th day of January,
1979.
ATTEST:
/s/sic., President
<PAGE>
Exhibit No. 4.01 - SPECIMENT STOCK CERTIFICATE
NOT VALID UNLESS COUNTERSIGNED BY TRANSFER AGENT
INCORPORATED UNDER THE LAWS OF THE STATE OF UTAH
Certificate No.
Number of shares
--VOID-
xxxxxxx
UNITAH MOUNTAIN COPPER COMPANY
Total Authorized Capital
30,000,000 Shares of Common Stock
Par Value $0.10 Each
This certifies that ----------SPECIMEN-------------- is the registered holder
of --------------------VOID-------------------- Shares, fully paid and
nonassessable shares of the Common Stock of UNITAH MOUNTAIN
COPPER COMPANY transferable only on the books of the Corporation by
the holder hereof in person or by Attorneyupon surrender of this Certificate
properly endorsed.
In Witness Whereof, the said Corporation has caused this Certificate to be
signed by its duly authorized officers and its Corporate Seal to be hereunto
affixed this ----- day of ----------- A.D. 19xx
/s/------------------------- [Corporate Seal] /s/---------------
- ------------
Secretary
President
Countersigned:
Fidelity Transfer Company
1800 South West Temple, Suite 301
Salt Lake City, Utah 84111
(303) 595-3300
By:----------------------
<PAGE> 1
Exhibit No. 99.01 LODE MINING CLAIM - LOCATION NOTICE
TO WHOM IT MAY CONCERN: Please take notice that a claim has been located as
follows:
1. Name of this lode claim is HEMATITE No. 1.
2. Said claim is situated in Township 2 North, Range 6 West. Section(s) 15
and 16, Uinta Base & Meridan.
3. Said claim was located on the 31 day of December, 1988 on which date a
notice of location was posted.
4. The locators hereby locate and claim 1500 linear surface feet of this
vein, lode or disseminated deposit, together with 300 linear surface
feet on each side of the vein, lode or disseminated deposit and all
extralateral rights allowed by law.
General course of this vein, lode and or disseminated deposit is in a
Northeasterly and Southwesterly direction.
5. Beginning at the discovery monument, at which point this notice is
posted, we hereby claim 50 linear feet in a southwesterly and 1450
linear feet in a northeasterly direction.
6. Discovery monument is situated about 2340' South & 140' East from the NW
corner Section 15.
7. This lode claim is held for all valuable minerals contained therein and
it is the express intention of said locators to explore and develop this
lode claim.
8. Each locator declares that he or she is a citizen of the United States.
9. Names and addresses of locators;
Lloyd L. Wall, 2180 East Claybourne Ave. S.L.C. UT
Larry Regis Jr, 5310 Revere Dr, Holladay, UT
Peter M. Kandaris, c/o Mid America Minerals
341 South Main Street, Suite 302, S.L.C. UT
10. This relocation is made to correct a neglected B.L.M. filing of
assessment work for the 1987-1988 year. Said work was completed and
filed with the Duchesne County Recorder See Entry No. 267699 & No.
267700 dated September 29, 1988.
11. /s/Pamela M. Kandaris-Cha, as agent for locators
12. Recording Requested By
Pamela M. Kandaris-Cha
13. When Recorded Mail To
Mid America Minerals Inc.
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
14. COUNTY AND B.L.M. RECORDATION DATA
UTMC 320745
[Submitted and sworn to before me a notary on 1-9-89
/s/sic. , Notary
Duchesne, Utah
Comm. expires 4/15/89]
<PAGE> 2
LODE MINING CLAIM - LOCATION NOTICE
TO WHOM IT MAY CONCERN: Please take notice that a claim has been located as
follows:
1. Name of this lode claim is HEMATITE No. 2.
2. Said claim is situated in Township 2 North, Range 6 West. Section(s) 15
Uinta Base & Meridan.
3. Said claim was located on the 31 day of December, 1988 on which date a
notice of location was posted.
4. The locators hereby locate and claim 1500 linear surface feet of this
vein, lode or disseminated deposit, together with 300 linear surface
feet on each side of the vein, lode or disseminated deposit and all
extralateral rights allowed by law.
General course of this vein, lode and or disseminated deposit is in a
Northeasterly and Southwesterly direction.
5. Beginning at the discovery monument, at which point this notice is
posted, we hereby claim 50 linear feet in a southwesterly and 1450
linear feet in a northeasterly direction.
6. Discovery monument is situated about 2385' South & 690' East from the NW
corner Section 15.
7. This lode claim is held for all valuable minerals contained therein and
it is the express intention of said locators to explore and develop this
lode claim.
8. Each locator declares that he or she is a citizen of the United States.
9. Names and addresses of locators;
Lloyd L. Wall, 2180 East Claybourne Ave. S.L.C. UT
Larry Regis Jr, 5310 Revere Dr, Holladay, UT
Peter M. Kandaris, c/o Mid America Minerals
341 South Main Street, Suite 302, S.L.C. UT
10. This relocation is made to correct a neglected B.L.M. filing of
assessment work for the 1987-1988 year. Said work was completed and
filed with the Duchesne County Recorder See Entry No. 267699 & No.
267700 dated September 29, 1988.
11. /s/Pamela M. Kandaris-Cha, as agent for locators
12. Recording Requested By
Pamela M. Kandaris-Cha
13. When Recorded Mail To
Mid America Minerals Inc.
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
14. COUNTY AND B.L.M. RECORDATION DATA
UTMC 320746
[Submitted and sworn to before me a notary on 1-9-89
/s/sic. , Notary
Duchesne, Utah
Comm. expires 4/15/89]
<PAGE> 3
LODE MINING CLAIM - LOCATION NOTICE
TO WHOM IT MAY CONCERN: Please take notice that a claim has been located as
follows:
1. Name of this lode claim is HEMATITE No. 3.
2. Said claim is situated in Township 2 North, Range 6 West. Section(s) 15,
Uinta Base & Meridan.
3. Said claim was located on the 31 day of December, 1988 on which date a
notice of location was posted.
4. The locators hereby locate and claim 1500 linear surface feet of this
vein, lode or disseminated deposit, together with 300 linear surface
feet on each side of the vein, lode or disseminated deposit and all
extralateral rights allowed by law.
General course of this vein, lode and or disseminated deposit is in a
Northeasterly and Southwesterly direction.
5. Beginning at the discovery monument, at which point this notice is
posted, we hereby claim 50 linear feet in a southwesterly and 1450
linear feet in a northeasterly direction.
6. Discovery monument is situated about 2835' South & 1245' East from the NW
corner Section 15.
7. This lode claim is held for all valuable minerals contained therein and
it is the express intention of said locators to explore and develop this
lode claim.
8. Each locator declares that he or she is a citizen of the United States.
9. Names and addresses of locators;
Lloyd L. Wall, 2180 East Claybourne Ave. S.L.C. UT
Larry Regis Jr, 5310 Revere Dr, Holladay, UT
Peter M. Kandaris, c/o Mid America Minerals
341 South Main Street, Suite 302, S.L.C. UT
10. This relocation is made to correct a neglected B.L.M. filing of
assessment work for the 1987-1988 year. Said work was completed and
filed with the Duchesne County Recorder See Entry No. 267699 & No.
267700 dated September 29, 1988.
11. /s/Pamela M. Kandaris-Cha, as agent for locators
12. Recording Requested By
Pamela M. Kandaris-Cha
13. When Recorded Mail To
Mid America Minerals Inc.
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
14. COUNTY AND B.L.M. RECORDATION DATA
UTMC 320747
[Submitted and sworn to before me a notary on 1-9-89
/s/sic. , Notary
Duchesne, Utah
Comm. expires 4/15/89]
<PAGE>
<PAGE> 4
LODE MINING CLAIM - LOCATION NOTICE
TO WHOM IT MAY CONCERN: Please take notice that a claim has been located as
follows:
1. Name of this lode claim is HEMATITE No. 4.
2. Said claim is situated in Township 2 North, Range 6 West. Section(s) 15
and 16, Uinta Base & Meridan.
3. Said claim was located on the 31 day of December, 1988 on which date a
notice of location was posted.
4. The locators hereby locate and claim 1500 linear surface feet of this
vein, lode or disseminated deposit, together with 300 linear surface
feet on each side of the vein, lode or disseminated deposit and all
extralateral rights allowed by law.
General course of this vein, lode and or disseminated deposit is in a
Northeasterly and Southwesterly direction.
5. Beginning at the discovery monument, at which point this notice is
posted, we hereby claim 50 linear feet in a southwesterly and 1450
linear feet in a northeasterly direction.
6. Discovery monument is situated about 2100' South & 405' West from the NW
corner Section 15.
7. This lode claim is held for all valuable minerals contained therein and
it is the express intention of said locators to explore and develop this
lode claim.
8. Each locator declares that he or she is a citizen of the United States.
9. Names and addresses of locators;
Lloyd L. Wall, 2180 East Claybourne Ave. S.L.C. UT
Larry Regis Jr, 5310 Revere Dr, Holladay, UT
Peter M. Kandaris, c/o Mid America Minerals
341 South Main Street, Suite 302, S.L.C. UT
10. This relocation is made to correct a neglected B.L.M. filing of
assessment work for the 1987-1988 year. Said work was completed and
filed with the Duchesne County Recorder See Entry No. 267699 & No.
267700 dated September 29, 1988.
11. /s/Pamela M. Kandaris-Cha, as agent for locators
12. Recording Requested By
Pamela M. Kandaris-Cha
13. When Recorded Mail To
Mid America Minerals Inc.
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
14. COUNTY AND B.L.M. RECORDATION DATA
UTMC 320748
[Submitted and sworn to before me a notary on 1-9-89
/s/sic. , Notary
Duchesne, Utah
Comm. expires 4/15/89]
<PAGE>
<PAGE> 5
LODE MINING CLAIM - LOCATION NOTICE
TO WHOM IT MAY CONCERN: Please take notice that a claim has been located as
follows:
1. Name of this lode claim is HEMATITE No. 5.
2. Said claim is situated in Township 2 North, Range 6 West. Section(s) 15,
Uinta Base & Meridan.
3. Said claim was located on the 31 day of December, 1988 on which date a
notice of location was posted.
4. The locators hereby locate and claim 1500 linear surface feet of this
vein, lode or disseminated deposit, together with 300 linear surface
feet on each side of the vein, lode or disseminated deposit and all
extralateral rights allowed by law.
General course of this vein, lode and or disseminated deposit is in a
Northeasterly and Southwesterly direction.
5. Beginning at the discovery monument, at which point this notice is
posted, we hereby claim 50 linear feet in a southwesterly and 1450
linear feet in a northeasterly direction.
6. Discovery monument is situated about 2140' South & 3070' West from the NE
corner Section 15.
7. This lode claim is held for all valuable minerals contained therein and
it is the express intention of said locators to explore and develop this
lode claim.
8. Each locator declares that he or she is a citizen of the United States.
9. Names and addresses of locators;
Lloyd L. Wall, 2180 East Claybourne Ave. S.L.C. UT
Larry Regis Jr, 5310 Revere Dr, Holladay, UT
Peter M. Kandaris, c/o Mid America Minerals
341 South Main Street, Suite 302, S.L.C. UT
10. This relocation is made to correct a neglected B.L.M. filing of
assessment work for the 1987-1988 year. Said work was completed and
filed with the Duchesne County Recorder See Entry No. 267699 & No.
267700 dated September 29, 1988.
11. /s/Pamela M. Kandaris-Cha, as agent for locators
12. Recording Requested By
Pamela M. Kandaris-Cha
13. When Recorded Mail To
Mid America Minerals Inc.
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
14. COUNTY AND B.L.M. RECORDATION DATA
UTMC 320749
[Submitted and sworn to before me a notary on 1-9-89
/s/sic. , Notary
Duchesne, Utah
Comm. expires 4/15/89]
<PAGE>
<PAGE> 6
LODE MINING CLAIM - LOCATION NOTICE
TO WHOM IT MAY CONCERN: Please take notice that a claim has been located as
follows:
1. Name of this lode claim is HEMATITE No. 6.
2. Said claim is situated in Township 2 North, Range 6 West. Section(s) 16,
Uinta Base & Meridan.
3. Said claim was located on the 31 day of December, 1988 on which date a
notice of location was posted.
4. The locators hereby locate and claim 1500 linear surface feet of this
vein, lode or disseminated deposit, together with 300 linear surface
feet on each side of the vein, lode or disseminated deposit and all
extralateral rights allowed by law.
General course of this vein, lode and or disseminated deposit is in a
Northeasterly and Southwesterly direction.
5. Beginning at the discovery monument, at which point this notice is
posted, we hereby claim 50 linear feet in a southwesterly and 1450
linear feet in a northeasterly direction.
6. Discovery monument is situated about 1720' South & 890 West from the NW
corner Section 15.
7. This lode claim is held for all valuable minerals contained therein and
it is the express intention of said locators to explore and develop this
lode claim.
8. Each locator declares that he or she is a citizen of the United States.
9. Names and addresses of locators;
Lloyd L. Wall, 2180 East Claybourne Ave. S.L.C. UT
Larry Regis Jr, 5310 Revere Dr, Holladay, UT
Peter M. Kandaris, c/o Mid America Minerals
341 South Main Street, Suite 302, S.L.C. UT
10. This relocation is made to correct a neglected B.L.M. filing of
assessment work for the 1987-1988 year. Said work was completed and
filed with the Duchesne County Recorder See Entry No. 267699 & No.
267700 dated September 29, 1988.
11. /s/Pamela M. Kandaris-Cha, as agent for locators
12. Recording Requested By
Pamela M. Kandaris-Cha
13. When Recorded Mail To
Mid America Minerals Inc.
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
14. COUNTY AND B.L.M. RECORDATION DATA
UTMC 320750
[Submitted and sworn to before me a notary on 1-9-89
/s/sic. , Notary
Duchesne, Utah
Comm. expires 4/15/89]
<PAGE>
<PAGE> 7
LODE MINING CLAIM - LOCATION NOTICE
TO WHOM IT MAY CONCERN: Please take notice that a claim has been located as
follows:
1. Name of this lode claim is HEMATITE No. 7.
2. Said claim is situated in Township 2 North, Range 6 West. Section(s) 16,
Uinta Base & Meridan.
3. Said claim was located on the 31 day of December, 1988 on which date a
notice of location was posted.
4. The locators hereby locate and claim 1500 linear surface feet of this
vein, lode or disseminated deposit, together with 300 linear surface
feet on each side of the vein, lode or disseminated deposit and all
extralateral rights allowed by law.
General course of this vein, lode and or disseminated deposit is in a
Northeasterly and Southwesterly direction.
5. Beginning at the discovery monument, at which point this notice is
posted, we hereby claim 50 linear feet in a southwesterly and 1450
linear feet in a northeasterly direction.
6. Discovery monument is situated about 1630' South & 1485' West from the NW
corner Section 15.
7. This lode claim is held for all valuable minerals contained therein and
it is the express intention of said locators to explore and develop this
lode claim.
8. Each locator declares that he or she is a citizen of the United States.
9. Names and addresses of locators;
Lloyd L. Wall, 2180 East Claybourne Ave. S.L.C. UT
Larry Regis Jr, 5310 Revere Dr, Holladay, UT
Peter M. Kandaris, c/o Mid America Minerals
341 South Main Street, Suite 302, S.L.C. UT
10. This relocation is made to correct a neglected B.L.M. filing of
assessment work for the 1987-1988 year. Said work was completed and
filed with the Duchesne County Recorder See Entry No. 267699 & No.
267700 dated September 29, 1988.
11. /s/Pamela M. Kandaris-Cha, as agent for locators
12. Recording Requested By
Pamela M. Kandaris-Cha
13. When Recorded Mail To
Mid America Minerals Inc.
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
14. COUNTY AND B.L.M. RECORDATION DATA
UTMC 320751
[Submitted and sworn to before me a notary on 1-9-89
/s/sic. , Notary
Duchesne, Utah
Comm. expires 4/15/89]
<PAGE>
<PAGE> 8
LODE MINING CLAIM - LOCATION NOTICE
TO WHOM IT MAY CONCERN: Please take notice that a claim has been located as
follows:
1. Name of this lode claim is HEMATITE No. 8.
2. Said claim is situated in Township 2 North, Range 6 West. Section(s) 16,
Uinta Base & Meridan.
3. Said claim was located on the 31 day of December, 1988 on which date a
notice of location was posted.
4. The locators hereby locate and claim 1500 linear surface feet of this
vein, lode or disseminated deposit, together with 300 linear surface
feet on each side of the vein, lode or disseminated deposit and all
extralateral rights allowed by law.
General course of this vein, lode and or disseminated deposit is in a
Northeasterly and Southwesterly direction.
5. Beginning at the discovery monument, at which point this notice is
posted, we hereby claim 50 linear feet in a southwesterly and 1450
linear feet in a northeasterly direction.
6. Discovery monument is situated about 1200' South & 1975' West from the NW
corner Section 15.
7. This lode claim is held for all valuable minerals contained therein and
it is the express intention of said locators to explore and develop this
lode claim.
8. Each locator declares that he or she is a citizen of the United States.
9. Names and addresses of locators;
Lloyd L. Wall, 2180 East Claybourne Ave. S.L.C. UT
Larry Regis Jr, 5310 Revere Dr, Holladay, UT
Peter M. Kandaris, c/o Mid America Minerals
341 South Main Street, Suite 302, S.L.C. UT
10. This relocation is made to correct a neglected B.L.M. filing of
assessment work for the 1987-1988 year. Said work was completed and
filed with the Duchesne County Recorder See Entry No. 267699 & No.
267700 dated September 29, 1988.
11. /s/Pamela M. Kandaris-Cha, as agent for locators
12. Recording Requested By
Pamela M. Kandaris-Cha
13. When Recorded Mail To
Mid America Minerals Inc.
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
14. COUNTY AND B.L.M. RECORDATION DATA
UTMC 320752
[Submitted and sworn to before me a notary on 1-9-89
/s/sic. , Notary
Duchesne, Utah
Comm. expires 4/15/89]
<PAGE>
<PAGE> 9
LODE MINING CLAIM - LOCATION NOTICE
TO WHOM IT MAY CONCERN: Please take notice that a claim has been located as
follows:
1. Name of this lode claim is HEMATITE No. 9.
2. Said claim is situated in Township 2 North, Range 6 West. Section(s) 16,
Uinta Base & Meridan.
3. Said claim was located on the 31 day of December, 1988 on which date a
notice of location was posted.
4. The locators hereby locate and claim 1500 linear surface feet of this
vein, lode or disseminated deposit, together with 300 linear surface
feet on each side of the vein, lode or disseminated deposit and all
extralateral rights allowed by law.
General course of this vein, lode and or disseminated deposit is in a
Northeasterly and Southwesterly direction.
5. Beginning at the discovery monument, at which point this notice is
posted, we hereby claim 50 linear feet in a northeasterly and 1450
linear feet in a southwesterly direction.
6. Discovery monument is situated about 1720' South & 1530' West from the NW
corner Section 15.
7. This lode claim is held for all valuable minerals contained therein and
it is the express intention of said locators to explore and develop this
lode claim.
8. Each locator declares that he or she is a citizen of the United States.
9. Names and addresses of locators;
Lloyd L. Wall, 2180 East Claybourne Ave. S.L.C. UT
Larry Regis Jr, 5310 Revere Dr, Holladay, UT
Peter M. Kandaris, c/o Mid America Minerals
341 South Main Street, Suite 302, S.L.C. UT
10. This relocation is made to correct a neglected B.L.M. filing of
assessment work for the 1987-1988 year. Said work was completed and
filed with the Duchesne County Recorder See Entry No. 267699 & No.
267700 dated September 29, 1988.
11. /s/Pamela M. Kandaris-Cha, as agent for locators
12. Recording Requested By
Pamela M. Kandaris-Cha
13. When Recorded Mail To
Mid America Minerals Inc.
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
14. COUNTY AND B.L.M. RECORDATION DATA
UTMC 320753
[Submitted and sworn to before me a notary on 1-9-89
/s/sic. , Notary
Duchesne, Utah
Comm. expires 4/15/89]
<PAGE>
<PAGE> 10
LODE MINING CLAIM - LOCATION NOTICE
TO WHOM IT MAY CONCERN: Please take notice that a claim has been located as
follows:
1. Name of this lode claim is HEMATITE No. 15.
2. Said claim is situated in Township 2 North, Range 6 West. Section(s) 15,
Uinta Base & Meridan.
3. Said claim was located on the 31 day of December, 1988 on which date a
notice of location was posted.
4. The locators hereby locate and claim 1500 linear surface feet of this
vein, lode or disseminated deposit, together with 300 linear surface
feet on each side of the vein, lode or disseminated deposit and all
extralateral rights allowed by law.
General course of this vein, lode and or disseminated deposit is in a
Northeasterly and Southwesterly direction.
5. Beginning at the discovery monument, at which point this notice is
posted, we hereby claim 50 linear feet in a southwesterly and 1450
linear feet in a northeasterly direction.
6. Discovery monument is situated about 2390' South & 2520' West from the NE
corner Section 15.
7. This lode claim is held for all valuable minerals contained therein and
it is the express intention of said locators to explore and develop this
lode claim.
8. Each locator declares that he or she is a citizen of the United States.
9. Names and addresses of locators;
Lloyd L. Wall, 2180 East Claybourne Ave. S.L.C. UT
Larry Regis Jr, 5310 Revere Dr, Holladay, UT
Peter M. Kandaris, c/o Mid America Minerals
341 South Main Street, Suite 302, S.L.C. UT
10. This relocation is made to correct a neglected B.L.M. filing of
assessment work for the 1987-1988 year. Said work was completed and
filed with the Duchesne County Recorder See Entry No. 267699 & No.
267700 dated September 29, 1988.
11. /s/Pamela M. Kandaris-Cha, as agent for locators
12. Recording Requested By
Pamela M. Kandaris-Cha
13. When Recorded Mail To
Mid America Minerals Inc.
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
14. COUNTY AND B.L.M. RECORDATION DATA
UTMC 320759
[Submitted and sworn to before me a notary on 1-9-89
/s/sic. , Notary
Duchesne, Utah
Comm. expires 4/15/89]
<PAGE>
<PAGE> 11
LODE MINING CLAIM - LOCATION NOTICE
TO WHOM IT MAY CONCERN: Please take notice that a claim has been located as
follows:
1. Name of this lode claim is HEMATITE No. 16.
2. Said claim is situated in Township 2 North, Range 6 West. Section(s) 15,
Uinta Base & Meridan.
3. Said claim was located on the 31 day of December, 1988 on which date a
notice of location was posted.
4. The locators hereby locate and claim 1500 linear surface feet of this
vein, lode or disseminated deposit, together with 300 linear surface
feet on each side of the vein, lode or disseminated deposit and all
extralateral rights allowed by law.
General course of this vein, lode and or disseminated deposit is in a
Northeasterly and Southwesterly direction.
5. Beginning at the discovery monument, at which point this notice is
posted, we hereby claim 50 linear feet in a southwesterly and 1450
linear feet in a northeasterly direction.
6. Discovery monument is situated about 2360' South & 1975 West from the NE
corner Section 15.
7. This lode claim is held for all valuable minerals contained therein and
it is the express intention of said locators to explore and develop this
lode claim.
8. Each locator declares that he or she is a citizen of the United States.
9. Names and addresses of locators;
Lloyd L. Wall, 2180 East Claybourne Ave. S.L.C. UT
Larry Regis Jr, 5310 Revere Dr, Holladay, UT
Peter M. Kandaris, c/o Mid America Minerals
341 South Main Street, Suite 302, S.L.C. UT
10. This relocation is made to correct a neglected B.L.M. filing of
assessment work for the 1987-1988 year. Said work was completed and
filed with the Duchesne County Recorder See Entry No. 267699 & No.
267700 dated September 29, 1988.
11. /s/Pamela M. Kandaris-Cha, as agent for locators
12. Recording Requested By
Pamela M. Kandaris-Cha
13. When Recorded Mail To
Mid America Minerals Inc.
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
14. COUNTY AND B.L.M. RECORDATION DATA
UTMC 320760
[Submitted and sworn to before me a notary on 1-9-89
/s/sic. , Notary
Duchesne, Utah
Comm. expires 4/15/89]
<PAGE>
<PAGE> 12
LODE MINING CLAIM - LOCATION NOTICE
TO WHOM IT MAY CONCERN: Please take notice that a claim has been located as
follows:
1. Name of this lode claim is HEMATITE No. 17.
2. Said claim is situated in Township 2 North, Range 6 West. Section(s) 15,
Uinta Base & Meridan.
3. Said claim was located on the 31 day of December, 1988 on which date a
notice of location was posted.
4. The locators hereby locate and claim 1500 linear surface feet of this
vein, lode or disseminated deposit, together with 300 linear surface
feet on each side of the vein, lode or disseminated deposit and all
extralateral rights allowed by law.
General course of this vein, lode and or disseminated deposit is in a
Northeasterly and Southwesterly direction.
5. Beginning at the discovery monument, at which point this notice is
posted, we hereby claim 50 linear feet in a southwesterly and 1450
linear feet in a northeasterly direction.
6. Discovery monument is situated about 2870' South & 1430 West from the NE
corner Section 15.
7. This lode claim is held for all valuable minerals contained therein and
it is the express intention of said locators to explore and develop this
lode claim.
8. Each locator declares that he or she is a citizen of the United States.
9. Names and addresses of locators;
Lloyd L. Wall, 2180 East Claybourne Ave. S.L.C. UT
Larry Regis Jr, 5310 Revere Dr, Holladay, UT
Peter M. Kandaris, c/o Mid America Minerals
341 South Main Street, Suite 302, S.L.C. UT
10. This relocation is made to correct a neglected B.L.M. filing of
assessment work for the 1987-1988 year. Said work was completed and
filed with the Duchesne County Recorder See Entry No. 267699 & No.
267700 dated September 29, 1988.
11. /s/Pamela M. Kandaris-Cha, as agent for locators
12. Recording Requested By
Pamela M. Kandaris-Cha
13. When Recorded Mail To
Mid America Minerals Inc.
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
14. COUNTY AND B.L.M. RECORDATION DATA
UTMC 320761
[Submitted and sworn to before me a notary on 1-9-89
/s/sic. , Notary
Duchesne, Utah
Comm. expires 4/15/89]
<PAGE>
<PAGE> 13
LODE MINING CLAIM - LOCATION NOTICE
TO WHOM IT MAY CONCERN: Please take notice that a claim has been located as
follows:
1. Name of this lode claim is HEMATITE No. 18.
2. Said claim is situated in Township 2 North, Range 6 West. Section(s) 15,
Uinta Base & Meridan.
3. Said claim was located on the 31 day of December, 1988 on which date a
notice of location was posted.
4. The locators hereby locate and claim 1500 linear surface feet of this
vein, lode or disseminated deposit, together with 300 linear surface
feet on each side of the vein, lode or disseminated deposit and all
extralateral rights allowed by law.
General course of this vein, lode and or disseminated deposit is in a
Northeasterly and Southwesterly direction.
5. Beginning at the discovery monument, at which point this notice is
posted, we hereby claim 50 linear feet in a southwesterly and 1450
linear feet in a northeasterly direction.
6. Discovery monument is situated about 3120' South & 870 West from the NE
corner Section 15.
7. This lode claim is held for all valuable minerals contained therein and
it is the express intention of said locators to explore and develop this
lode claim.
8. Each locator declares that he or she is a citizen of the United States.
9. Names and addresses of locators;
Lloyd L. Wall, 2180 East Claybourne Ave. S.L.C. UT
Larry Regis Jr, 5310 Revere Dr, Holladay, UT
Peter M. Kandaris, c/o Mid America Minerals
341 South Main Street, Suite 302, S.L.C. UT
10. This relocation is made to correct a neglected B.L.M. filing of
assessment work for the 1987-1988 year. Said work was completed and
filed with the Duchesne County Recorder See Entry No. 267699 & No.
267700 dated September 29, 1988.
11. /s/Pamela M. Kandaris-Cha, as agent for locators
12. Recording Requested By
Pamela M. Kandaris-Cha
13. When Recorded Mail To
Mid America Minerals Inc.
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
14. COUNTY AND B.L.M. RECORDATION DATA
UTMC 320762
[Submitted and sworn to before me a notary on 1-9-89
/s/sic. , Notary
Duchesne, Utah
Comm. expires 4/15/89]
<PAGE>
<PAGE> 14
LODE MINING CLAIM - LOCATION NOTICE
TO WHOM IT MAY CONCERN: Please take notice that a claim has been located as
follows:
1. Name of this lode claim is HEMATITE No. 19.
2. Said claim is situated in Township 2 North, Range 6 West. Section(s) 19
and 15, Uinta Base & Meridan.
3. Said claim was located on the 31 day of December, 1988 on which date a
notice of location was posted.
4. The locators hereby locate and claim 1500 linear surface feet of this
vein, lode or disseminated deposit, together with 300 linear surface
feet on each side of the vein, lode or disseminated deposit and all
extralateral rights allowed by law.
General course of this vein, lode and or disseminated deposit is in a
Northeasterly and Southwesterly direction.
5. Beginning at the discovery monument, at which point this notice is
posted, we hereby claim 50 linear feet in a southwesterly and 1450
linear feet in a northeasterly direction.
6. Discovery monument is situated about 510' North & 1915' West from the NE
corner Section 15.
7. This lode claim is held for all valuable minerals contained therein and
it is the express intention of said locators to explore and develop this
lode claim.
8. Each locator declares that he or she is a citizen of the United States.
9. Names and addresses of locators;
Lloyd L. Wall, 2180 East Claybourne Ave. S.L.C. UT
Larry Regis Jr, 5310 Revere Dr, Holladay, UT
Peter M. Kandaris, c/o Mid America Minerals
341 South Main Street, Suite 302, S.L.C. UT
10. This relocation is made to correct a neglected B.L.M. filing of
assessment work for the 1987-1988 year. Said work was completed and
filed with the Duchesne County Recorder See Entry No. 267699 & No.
267700 dated September 29, 1988.
11. /s/Pamela M. Kandaris-Cha, as agent for locators
12. Recording Requested By
Pamela M. Kandaris-Cha
13. When Recorded Mail To
Mid America Minerals Inc.
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
14. COUNTY AND B.L.M. RECORDATION DATA
UTMC 320763
[Submitted and sworn to before me a notary on 1-9-89
/s/sic. , Notary
Duchesne, Utah
Comm. expires 4/15/89]
<PAGE>
<PAGE> 15
LODE MINING CLAIM - LOCATION NOTICE
TO WHOM IT MAY CONCERN: Please take notice that a claim has been located as
follows:
1. Name of this lode claim is HEMATITE No. 20.
2. Said claim is situated in Township 2 North, Range 6 West. Section(s) 10
and 15, Uinta Base & Meridan.
3. Said claim was located on the 31 day of December, 1988 on which date a
notice of location was posted.
4. The locators hereby locate and claim 1500 linear surface feet of this
vein, lode or disseminated deposit, together with 300 linear surface
feet on each side of the vein, lode or disseminated deposit and all
extralateral rights allowed by law.
General course of this vein, lode and or disseminated deposit is in a
Northeasterly and Southwesterly direction.
5. Beginning at the discovery monument, at which point this notice is
posted, we hereby claim 50 linear feet in a northeasterly and 1450
linear feet in a southwesterly direction.
6. Discovery monument is situated about 270' North & 1365' West from the NE
corner Section 15.
7. This lode claim is held for all valuable minerals contained therein and
it is the express intention of said locators to explore and develop this
lode claim.
8. Each locator declares that he or she is a citizen of the United States.
9. Names and addresses of locators;
Lloyd L. Wall, 2180 East Claybourne Ave. S.L.C. UT
Larry Regis Jr, 5310 Revere Dr, Holladay, UT
Peter M. Kandaris, c/o Mid America Minerals
341 South Main Street, Suite 302, S.L.C. UT
10. This relocation is made to correct a neglected B.L.M. filing of
assessment work for the 1987-1988 year. Said work was completed and
filed with the Duchesne County Recorder See Entry No. 267699 & No.
267700 dated September 29, 1988.
11. /s/Pamela M. Kandaris-Cha, as agent for locators
12. Recording Requested By
Pamela M. Kandaris-Cha
13. When Recorded Mail To
Mid America Minerals Inc.
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
14. COUNTY AND B.L.M. RECORDATION DATA
UTMC 320764
[Submitted and sworn to before me a notary on 1-9-89
/s/sic. , Notary
Duchesne, Utah
Comm. expires 4/15/89]
<PAGE>
<PAGE> 16
LODE MINING CLAIM - LOCATION NOTICE
TO WHOM IT MAY CONCERN: Please take notice that a claim has been located as
follows:
1. Name of this lode claim is HEMATITE No. 21.
2. Said claim is situated in Township 2 North, Range 6 West. Section(s) 10
and 15, Uinta Base & Meridan.
3. Said claim was located on the 31 day of December, 1988 on which date a
notice of location was posted.
4. The locators hereby locate and claim 1500 linear surface feet of this
vein, lode or disseminated deposit, together with 300 linear surface
feet on each side of the vein, lode or disseminated deposit and all
extralateral rights allowed by law.
General course of this vein, lode and or disseminated deposit is in a
Northeasterly and Southwesterly direction.
5. Beginning at the discovery monument, at which point this notice is
posted, we hereby claim 50 linear feet in a northeasterly and 1450
linear feet in a southwesterly direction.
6. Discovery monument is situated about 20' North & 815' West from the NE
corner Section 15.
7. This lode claim is held for all valuable minerals contained therein and
it is the express intention of said locators to explore and develop this
lode claim.
8. Each locator declares that he or she is a citizen of the United States.
9. Names and addresses of locators;
Lloyd L. Wall, 2180 East Claybourne Ave. S.L.C. UT
Larry Regis Jr, 5310 Revere Dr, Holladay, UT
Peter M. Kandaris, c/o Mid America Minerals
341 South Main Street, Suite 302, S.L.C. UT
10. This relocation is made to correct a neglected B.L.M. filing of
assessment work for the 1987-1988 year. Said work was completed and
filed with the Duchesne County Recorder See Entry No. 267699 & No.
267700 dated September 29, 1988.
11. /s/Pamela M. Kandaris-Cha, as agent for locators
12. Recording Requested By
Pamela M. Kandaris-Cha
13. When Recorded Mail To
Mid America Minerals Inc.
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
14. COUNTY AND B.L.M. RECORDATION DATA
UTMC 320765
[Submitted and sworn to before me a notary on 1-9-89
/s/sic. , Notary
Duchesne, Utah
Comm. expires 4/15/89]
<PAGE>
<PAGE> 17
LODE MINING CLAIM - LOCATION NOTICE
TO WHOM IT MAY CONCERN: Please take notice that a claim has been located as
follows:
1. Name of this lode claim is HEMATITE No. 22.
2. Said claim is situated in Township 2 North, Range 6 West. Section(s) 15,
Uinta Base & Meridan.
3. Said claim was located on the 31 day of December, 1988 on which date a
notice of location was posted.
4. The locators hereby locate and claim 1500 linear surface feet of this
vein, lode or disseminated deposit, together with 300 linear surface
feet on each side of the vein, lode or disseminated deposit and all
extralateral rights allowed by law.
General course of this vein, lode and or disseminated deposit is in a
Northeasterly and Southwesterly direction.
5. Beginning at the discovery monument, at which point this notice is
posted, we hereby claim 50 linear feet in a northeasterly and 1450
linear feet in a southwesterly direction.
6. Discovery monument is situated about 215' South & 270' West from the NE
corner Section 15.
7. This lode claim is held for all valuable minerals contained therein and
it is the express intention of said locators to explore and develop this
lode claim.
8. Each locator declares that he or she is a citizen of the United States.
9. Names and addresses of locators;
Lloyd L. Wall, 2180 East Claybourne Ave. S.L.C. UT
Larry Regis Jr, 5310 Revere Dr, Holladay, UT
Peter M. Kandaris, c/o Mid America Minerals
341 South Main Street, Suite 302, S.L.C. UT
10. This relocation is made to correct a neglected B.L.M. filing of
assessment work for the 1987-1988 year. Said work was completed and
filed with the Duchesne County Recorder See Entry No. 267699 & No.
267700 dated September 29, 1988.
11. /s/Pamela M. Kandaris-Cha, as agent for locators
12. Recording Requested By
Pamela M. Kandaris-Cha
13. When Recorded Mail To
Mid America Minerals Inc.
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
14. COUNTY AND B.L.M. RECORDATION DATA
UTMC 320766
[Submitted and sworn to before me a notary on 1-9-89
/s/sic. , Notary
Duchesne, Utah
Comm. expires 4/15/89]
<PAGE>
<PAGE> 18
LODE MINING CLAIM - LOCATION NOTICE
TO WHOM IT MAY CONCERN: Please take notice that a claim has been located as
follows:
1. Name of this lode claim is HEMATITE No. 23.
2. Said claim is situated in Township 2 North, Range 6 West. Section(s) 14
and 15, Uinta Base & Meridan.
3. Said claim was located on the 31 day of December, 1988 on which date a
notice of location was posted.
4. The locators hereby locate and claim 1500 linear surface feet of this
vein, lode or disseminated deposit, together with 300 linear surface
feet on each side of the vein, lode or disseminated deposit and all
extralateral rights allowed by law.
General course of this vein, lode and or disseminated deposit is in a
Northeasterly and Southwesterly direction.
5. Beginning at the discovery monument, at which point this notice is
posted, we hereby claim 50 linear feet in a northeasterly and 1450
linear feet in a southwesterly direction.
6. Discovery monument is situated about 460' North & 280' East from the NE
corner Section 15.
7. This lode claim is held for all valuable minerals contained therein and
it is the express intention of said locators to explore and develop this
lode claim.
8. Each locator declares that he or she is a citizen of the United States.
9. Names and addresses of locators;
Lloyd L. Wall, 2180 East Claybourne Ave. S.L.C. UT
Larry Regis Jr, 5310 Revere Dr, Holladay, UT
Peter M. Kandaris, c/o Mid America Minerals
341 South Main Street, Suite 302, S.L.C. UT
10. This relocation is made to correct a neglected B.L.M. filing of
assessment work for the 1987-1988 year. Said work was completed and
filed with the Duchesne County Recorder See Entry No. 267699 & No.
267700 dated September 29, 1988.
11. /s/Pamela M. Kandaris-Cha, as agent for locators
12. Recording Requested By
Pamela M. Kandaris-Cha
13. When Recorded Mail To
Mid America Minerals Inc.
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
14. COUNTY AND B.L.M. RECORDATION DATA
UTMC 320767
[Submitted and sworn to before me a notary on 1-9-89
/s/sic. , Notary
Duchesne, Utah
Comm. expires 4/15/89]
<PAGE>
<PAGE> 19
LODE MINING CLAIM - LOCATION NOTICE
TO WHOM IT MAY CONCERN: Please take notice that a claim has been located as
follows:
1. Name of this lode claim is HEMATITE No. 27.
2. Said claim is situated in Township 2 North, Range 6 West. Section(s) 15,
Uinta Base & Meridan.
3. Said claim was located on the 31 day of December, 1988 on which date a
notice of location was posted.
4. The locators hereby locate and claim 1500 linear surface feet of this
vein, lode or disseminated deposit, together with 300 linear surface
feet on each side of the vein, lode or disseminated deposit and all
extralateral rights allowed by law.
General course of this vein, lode and or disseminated deposit is in a
Northeasterly and Southwesterly direction.
5. Beginning at the discovery monument, at which point this notice is
posted, we hereby claim 50 linear feet in a northeasterly and 1450
linear feet in a southwesterly direction.
6. Discovery monument is situated about 2985' South & 1470' West from the NE
corner Section 15.
7. This lode claim is held for all valuable minerals contained therein and
it is the express intention of said locators to explore and develop this
lode claim.
8. Each locator declares that he or she is a citizen of the United States.
9. Names and addresses of locators;
Lloyd L. Wall, 2180 East Claybourne Ave. S.L.C. UT
Larry Regis Jr, 5310 Revere Dr, Holladay, UT
Peter M. Kandaris, c/o Mid America Minerals
341 South Main Street, Suite 302, S.L.C. UT
10. This relocation is made to correct a neglected B.L.M. filing of
assessment work for the 1987-1988 year. Said work was completed and
filed with the Duchesne County Recorder See Entry No. 267699 & No.
267700 dated September 29, 1988.
11. /s/Pamela M. Kandaris-Cha, as agent for locators
12. Recording Requested By
Pamela M. Kandaris-Cha
13. When Recorded Mail To
Mid America Minerals Inc.
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
14. COUNTY AND B.L.M. RECORDATION DATA
UTMC 320771
[Submitted and sworn to before me a notary on 1-9-89
/s/sic. , Notary
Duchesne, Utah
Comm. expires 4/15/89]
<PAGE>
<PAGE> 20
LODE MINING CLAIM - LOCATION NOTICE
TO WHOM IT MAY CONCERN: Please take notice that a claim has been located as
follows:
1. Name of this lode claim is HEMATITE No. 28.
2. Said claim is situated in Township 2 North, Range 6 West. Section(s) 15,
Uinta Base & Meridan.
3. Said claim was located on the 31 day of December, 1988 on which date a
notice of location was posted.
4. The locators hereby locate and claim 1500 linear surface feet of this
vein, lode or disseminated deposit, together with 300 linear surface
feet on each side of the vein, lode or disseminated deposit and all
extralateral rights allowed by law.
General course of this vein, lode and or disseminated deposit is in a
Northeasterly and Southwesterly direction.
5. Beginning at the discovery monument, at which point this notice is
posted, we hereby claim 50 linear feet in a northeasterly and 1450
linear feet in a southwesterly direction.
6. Discovery monument is situated about 3230' South & 915' West from the NE
corner Section 15.
7. This lode claim is held for all valuable minerals contained therein and
it is the express intention of said locators to explore and develop this
lode claim.
8. Each locator declares that he or she is a citizen of the United States.
9. Names and addresses of locators;
Lloyd L. Wall, 2180 East Claybourne Ave. S.L.C. UT
Larry Regis Jr, 5310 Revere Dr, Holladay, UT
Peter M. Kandaris, c/o Mid America Minerals
341 South Main Street, Suite 302, S.L.C. UT
10. This relocation is made to correct a neglected B.L.M. filing of
assessment work for the 1987-1988 year. Said work was completed and
filed with the Duchesne County Recorder See Entry No. 267699 & No.
267700 dated September 29, 1988.
11. /s/Pamela M. Kandaris-Cha, as agent for locators
12. Recording Requested By
Pamela M. Kandaris-Cha
13. When Recorded Mail To
Mid America Minerals Inc.
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
14. COUNTY AND B.L.M. RECORDATION DATA
UTMC 320772
[Submitted and sworn to before me a notary on 1-9-89
/s/sic. , Notary
Duchesne, Utah
Comm. expires 4/15/89]
<PAGE>
<PAGE> 21
LODE MINING CLAIM - LOCATION NOTICE
TO WHOM IT MAY CONCERN: Please take notice that a claim has been located as
follows:
1. Name of this lode claim is HEMATITE No. 29.
2. Said claim is situated in Township 2 North, Range 6 West. Section(s) 14
and 15, Uinta Base & Meridan.
3. Said claim was located on the 31 day of December, 1988 on which date a
notice of location was posted.
4. The locators hereby locate and claim 1500 linear surface feet of this
vein, lode or disseminated deposit, together with 300 linear surface
feet on each side of the vein, lode or disseminated deposit and all
extralateral rights allowed by law.
General course of this vein, lode and or disseminated deposit is in a
Northeasterly and Southwesterly direction.
5. Beginning at the discovery monument, at which point this notice is
posted, we hereby claim 50 linear feet in a northeasterly and 1450
linear feet in a southwesterly direction.
6. Discovery monument is situated about 2760' South & 70' West from the NE
corner Section 15.
7. This lode claim is held for all valuable minerals contained therein and
it is the express intention of said locators to explore and develop this
lode claim.
8. Each locator declares that he or she is a citizen of the United States.
9. Names and addresses of locators;
Lloyd L. Wall, 2180 East Claybourne Ave. S.L.C. UT
Larry Regis Jr, 5310 Revere Dr, Holladay, UT
Peter M. Kandaris, c/o Mid America Minerals
341 South Main Street, Suite 302, S.L.C. UT
10. This relocation is made to correct a neglected B.L.M. filing of
assessment work for the 1987-1988 year. Said work was completed and
filed with the Duchesne County Recorder See Entry No. 267699 & No.
267700 dated September 29, 1988.
11. /s/Pamela M. Kandaris-Cha, as agent for locators
12. Recording Requested By
Pamela M. Kandaris-Cha
13. When Recorded Mail To
Mid America Minerals Inc.
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
14. COUNTY AND B.L.M. RECORDATION DATA
UTMC 320773
[Submitted and sworn to before me a notary on 1-9-89
/s/sic. , Notary
Duchesne, Utah
Comm. expires 4/15/89]
<PAGE>
<PAGE> 22
LODE MINING CLAIM - LOCATION NOTICE
TO WHOM IT MAY CONCERN: Please take notice that a claim has been located as
follows:
1. Name of this lode claim is HEMATITE No. 30.
2. Said claim is situated in Township 2 North, Range 6 West. Section(s) 14
and 15, Uinta Base & Meridan.
3. Said claim was located on the 31 day of December, 1988 on which date a
notice of location was posted.
4. The locators hereby locate and claim 1500 linear surface feet of this
vein, lode or disseminated deposit, together with 300 linear surface
feet on each side of the vein, lode or disseminated deposit and all
extralateral rights allowed by law.
General course of this vein, lode and or disseminated deposit is in a
Northeasterly and Southwesterly direction.
5. Beginning at the discovery monument, at which point this notice is
posted, we hereby claim 50 linear feet in a northeasterly and 1450
linear feet in a southwesterly direction.
6. Discovery monument is situated about 2985' South & 475' East from the NE
corner Section 15.
7. This lode claim is held for all valuable minerals contained therein and
it is the express intention of said locators to explore and develop this
lode claim.
8. Each locator declares that he or she is a citizen of the United States.
9. Names and addresses of locators;
Lloyd L. Wall, 2180 East Claybourne Ave. S.L.C. UT
Larry Regis Jr, 5310 Revere Dr, Holladay, UT
Peter M. Kandaris, c/o Mid America Minerals
341 South Main Street, Suite 302, S.L.C. UT
10. This relocation is made to correct a neglected B.L.M. filing of
assessment work for the 1987-1988 year. Said work was completed and
filed with the Duchesne County Recorder See Entry No. 267699 & No.
267700 dated September 29, 1988.
11. /s/Pamela M. Kandaris-Cha, as agent for locators
12. Recording Requested By
Pamela M. Kandaris-Cha
13. When Recorded Mail To
Mid America Minerals Inc.
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
14. COUNTY AND B.L.M. RECORDATION DATA
UTMC 320774
[Submitted and sworn to before me a notary on 1-9-89
/s/sic. , Notary
Duchesne, Utah
Comm. expires 4/15/89]
<PAGE>
<PAGE> 23
LODE MINING CLAIM - LOCATION NOTICE
TO WHOM IT MAY CONCERN: Please take notice that a claim has been located as
follows:
1. Name of this lode claim is HEMATITE No. 31.
2. Said claim is situated in Township 2 North, Range 6 West. Section(s) 14,
Uinta Base & Meridan.
3. Said claim was located on the 31 day of December, 1988 on which date a
notice of location was posted.
4. The locators hereby locate and claim 1500 linear surface feet of this
vein, lode or disseminated deposit, together with 300 linear surface
feet on each side of the vein, lode or disseminated deposit and all
extralateral rights allowed by law.
General course of this vein, lode and or disseminated deposit is in a
Northeasterly and Southwesterly direction.
5. Beginning at the discovery monument, at which point this notice is
posted, we hereby claim 50 linear feet in a northeasterly and 1450
linear feet in a southwesterly direction.
6. Discovery monument is situated about 3230' South & 1025' East from the NE
corner Section 15.
7. This lode claim is held for all valuable minerals contained therein and
it is the express intention of said locators to explore and develop this
lode claim.
8. Each locator declares that he or she is a citizen of the United States.
9. Names and addresses of locators;
Lloyd L. Wall, 2180 East Claybourne Ave. S.L.C. UT
Larry Regis Jr, 5310 Revere Dr, Holladay, UT
Peter M. Kandaris, c/o Mid America Minerals
341 South Main Street, Suite 302, S.L.C. UT
10. This relocation is made to correct a neglected B.L.M. filing of
assessment work for the 1987-1988 year. Said work was completed and
filed with the Duchesne County Recorder See Entry No. 267699 & No.
267700 dated September 29, 1988.
11. /s/Pamela M. Kandaris-Cha, as agent for locators
12. Recording Requested By
Pamela M. Kandaris-Cha
13. When Recorded Mail To
Mid America Minerals Inc.
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
14. COUNTY AND B.L.M. RECORDATION DATA
UTMC 320775
[Submitted and sworn to before me a notary on 1-9-89
/s/sic. , Notary
Duchesne, Utah
Comm. expires 4/15/89]
<PAGE> 24
LODE MINING CLAIM - LOCATION NOTICE
TO WHOM IT MAY CONCERN: Please take notice that a claim has been located as
follows:
1. Name of this lode claim is SUNSHINE QUARTZ MINE NO. 1.
2. Said claim is situated in Township 2 North, Range 6 West. Section(s) 10
and 15, Uinta Base & Meridan.
3. Said claim was located on the 31 day of December, 1988 on which date a
notice of location was posted.
4. The locators hereby locate and claim 1500 linear surface feet of this
vein, lode or disseminated deposit, together with 300 linear surface
feet on each side of the vein, lode or disseminated deposit and all
extralateral rights allowed by law.
General course of this vein, lode and or disseminated deposit is in a
Northeasterly and Southwesterly direction.
5. Beginning at the discovery monument, at which point this notice is
posted, we hereby claim 50 linear feet in a northeasterly and 1450
linear feet in a southwesterly direction.
6. Discovery monument is situated about 320' North & 1315' East from the NW
corner Section 15.
7. This lode claim is held for all valuable minerals contained therein and
it is the express intention of said locators to explore and develop this
lode claim.
8. Each locator declares that he or she is a citizen of the United States.
9. Names and addresses of locators;
Uinta Mountain Copper Company
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
10. This relocation is made to correct a neglected B.L.M. filing of
assessment work for the 1987-1988 year. Said work was completed and
filed with the Duchesne County Recorder See Entry No. 267699 & No.
267700 dated September 29, 1988.
11. /s/Pamela M. Kandaris-Cha, as agent for locators
12. Recording Requested By
Pamela M. Kandaris-Cha
13. When Recorded Mail To
Mid America Minerals Inc.
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
14. COUNTY AND B.L.M. RECORDATION DATA
UTMC 320740
[Submitted and sworn to before me a notary on 1-9-89
/s/sic. , Notary
Duchesne, Utah
Comm. expires 4/15/89]
<PAGE> 25 LODE MINING CLAIM - LOCATION NOTICE
TO WHOM IT MAY CONCERN: Please take notice that a claim has been located as
follows:
1. Name of this lode claim is SUNSHINE QUARTZ MINE NO. 2.
2. Said claim is situated in Township 2 North, Range 6 West. Section(s) 10
15 and 16, Uinta Base & Meridan.
3. Said claim was located on the 31 day of December, 1988 on which date a
notice of location was posted.
4. The locators hereby locate and claim 1500 linear surface feet of this
vein, lode or disseminated deposit, together with 300 linear surface
feet on each side of the vein, lode or disseminated deposit and all
extralateral rights allowed by law.
General course of this vein, lode and or disseminated deposit is in a
Northeasterly and Southwesterly direction.
5. Beginning at the discovery monument, at which point this notice is
posted, we hereby claim 50 linear feet in a northeasterly and 1450
linear feet in a southwesterly direction.
6. Discovery monument is situated about 565' North & 775' East from the NW
corner Section 15.
7. This lode claim is held for all valuable minerals contained therein and
it is the express intention of said locators to explore and develop this
lode claim.
8. Each locator declares that he or she is a citizen of the United States.
9. Names and addresses of locators;
Uinta Mountain Copper Company
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
10. This relocation is made to correct a neglected B.L.M. filing of
assessment work for the 1987-1988 year. Said work was completed and
filed with the Duchesne County Recorder See Entry No. 267699 & No.
267700 dated September 29, 1988.
11. /s/Pamela M. Kandaris-Cha, as agent for locators
12. Recording Requested By
Pamela M. Kandaris-Cha
13. When Recorded Mail To
Mid America Minerals Inc.
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
14. COUNTY AND B.L.M. RECORDATION DATA
UTMC 320741
[Submitted and sworn to before me a notary on 1-9-89
/s/sic. , Notary
Duchesne, Utah
Comm. expires 4/15/89]
<PAGE>
<PAGE> 26 LODE MINING CLAIM - LOCATION NOTICE
TO WHOM IT MAY CONCERN: Please take notice that a claim has been located as
follows:
1. Name of this lode claim is SUNSHINE QUARTZ MINE NO. 3.
2. Said claim is situated in Township 2 North, Range 6 West. Section(s) 10
and 15, Uinta Base & Meridan.
3. Said claim was located on the 31 day of December, 1988 on which date a
notice of location was posted.
4. The locators hereby locate and claim 1500 linear surface feet of this
vein, lode or disseminated deposit, together with 300 linear surface
feet on each side of the vein, lode or disseminated deposit and all
extralateral rights allowed by law.
General course of this vein, lode and or disseminated deposit is in a
Northeasterly and Southwesterly direction.
5. Beginning at the discovery monument, at which point this notice is
posted, we hereby claim 50 linear feet in a northeasterly and 1450
linear feet in a southwesterly direction.
6. Discovery monument is situated about 80' North & 1855' East from the NW
corner Section 15.
7. This lode claim is held for all valuable minerals contained therein and
it is the express intention of said locators to explore and develop this
lode claim.
8. Each locator declares that he or she is a citizen of the United States.
9. Names and addresses of locators;
Uinta Mountain Copper Company
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
10. This relocation is made to correct a neglected B.L.M. filing of
assessment work for the 1987-1988 year. Said work was completed and
filed with the Duchesne County Recorder See Entry No. 267699 & No.
267700 dated September 29, 1988.
11. /s/Pamela M. Kandaris-Cha, as agent for locators
12. Recording Requested By
Pamela M. Kandaris-Cha
13. When Recorded Mail To
Mid America Minerals Inc.
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
14. COUNTY AND B.L.M. RECORDATION DATA
UTMC 320742
[Submitted and sworn to before me a notary on 1-9-89
/s/sic. , Notary
Duchesne, Utah
Comm. expires 4/15/89]
<PAGE>
<PAGE> 27 LODE MINING CLAIM - LOCATION NOTICE
TO WHOM IT MAY CONCERN: Please take notice that a claim has been located as
follows:
1. Name of this lode claim is SUNSHINE QUARTZ MINE NO. 4.
2. Said claim is situated in Township 2 North, Range 6 West. Section(s) 15,
Uinta Base & Meridan.
3. Said claim was located on the 31 day of December, 1988 on which date a
notice of location was posted.
4. The locators hereby locate and claim 1500 linear surface feet of this
vein, lode or disseminated deposit, together with 300 linear surface
feet on each side of the vein, lode or disseminated deposit and all
extralateral rights allowed by law.
General course of this vein, lode and or disseminated deposit is in a
Northeasterly and Southwesterly direction.
5. Beginning at the discovery monument, at which point this notice is
posted, we hereby claim 50 linear feet in a northeasterly and 1450
linear feet in a southwesterly direction.
6. Discovery monument is situated about 170' North & 2425' East from the NW
corner Section 15.
7. This lode claim is held for all valuable minerals contained therein and
it is the express intention of said locators to explore and develop this
lode claim.
8. Each locator declares that he or she is a citizen of the United States.
9. Names and addresses of locators;
Uinta Mountain Copper Company
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
10. This relocation is made to correct a neglected B.L.M. filing of
assessment work for the 1987-1988 year. Said work was completed and
filed with the Duchesne County Recorder See Entry No. 267699 & No.
267700 dated September 29, 1988.
11. /s/Pamela M. Kandaris-Cha, as agent for locators
12. Recording Requested By
Pamela M. Kandaris-Cha
13. When Recorded Mail To
Mid America Minerals Inc.
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
14. COUNTY AND B.L.M. RECORDATION DATA
UTMC 320743
[Submitted and sworn to before me a notary on 1-9-89
/s/sic. , Notary
Duchesne, Utah
Comm. expires 4/15/89]
<PAGE>
<PAGE> 28 LODE MINING CLAIM - LOCATION NOTICE
TO WHOM IT MAY CONCERN: Please take notice that a claim has been located as
follows:
1. Name of this lode claim is SUNSHINE QUARTZ MINE NO. 5.
2. Said claim is situated in Township 2 North, Range 6 West. Section(s) 10,
Uinta Base & Meridan.
3. Said claim was located on the 31 day of December, 1988 on which date a
notice of location was posted.
4. The locators hereby locate and claim 1500 linear surface feet of this
vein, lode or disseminated deposit, together with 300 linear surface
feet on each side of the vein, lode or disseminated deposit and all
extralateral rights allowed by law.
General course of this vein, lode and or disseminated deposit is in a
Northeasterly and Southwesterly direction.
5. Beginning at the discovery monument, at which point this notice is
posted, we hereby claim 50 linear feet in a southwesterly and 1450
linear feet in a northeasterly direction.
6. Discovery monument is situated about 180' North & 1900' East from the NW
corner Section 15.
7. This lode claim is held for all valuable minerals contained therein and
it is the express intention of said locators to explore and develop this
lode claim.
8. Each locator declares that he or she is a citizen of the United States.
9. Names and addresses of locators;
Uinta Mountain Copper Company
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
10. This relocation is made to correct a neglected B.L.M. filing of
assessment work for the 1987-1988 year. Said work was completed and
filed with the Duchesne County Recorder See Entry No. 267699 & No.
267700 dated September 29, 1988.
11. /s/Pamela M. Kandaris-Cha, as agent for locators
12. Recording Requested By
Pamela M. Kandaris-Cha
13. When Recorded Mail To
Mid America Minerals Inc.
341 South Main Street, Suite 302
Salt Lake City, Utah 84111
14. COUNTY AND B.L.M. RECORDATION DATA
UTMC 320744
[Submitted and sworn to before me a notary on 1-9-89
/s/sic. , Notary
Duchesne, Utah
Comm. expires 4/15/89]
<PAGE> 29
NOTICE OF LOCATION FOR MINING CLAIM/SITE
Title ?? U.S.C. Section 10??, makes it a crime for any person knowingly and
willfully to make to any department or agency of the United States any false,
fictitious???, or fraudulent statements or representations as to any matter in
within its jurisdiction. The Paperwork Reduction Act of 19?? (?? U.S.C.
????????) requires us to inform you that: This information is being collected
to maintain your mining claim or site as required by Section 314?? of the
Federal Land and Policy Management Act of 1976? (!@#$%^&) and will be used to
verify that the claiment? continues to have an interest in the mining claim or
site. Response to this request is required in accordance with the statute (G?
U.S.C. 1744?) to retain your benefit. The information may be submitted on this
form or its local equivalent. However, the use of this standardized form will
speed up the Bureau's entry of your response into its computer system and
provide you with better service. The Privacy Act of 1974 and Departmental
regulation at 43 CFR 2.42(d)?? provide that you be furnished the following
information in connection with the information required by this optional
notice of location form. AUTHORITY: 43 U.S.C. 1201 and 1744: 43 CFR 3833?.
This form was developed by the Bureau of Land Management, Box 45135, Salt Lake
City, UT 84145-0155.???
NOTICE IS HEREBY GIVEN: That the following person(s) or corporate entity files
notice under the laws and regulations of the United States and the State of
Utah. This location of the following (mark one only): LODE MINING CLAIM(X)
PLACER MINING CLAIM( ) TUNNELSITE( ) MILLSITE( ). If claim is lode in nature
it is located 300' either side of center and 1500' in length. If placer in
nature it is located by legal subdivision, not in excess of 20 acres per
locator and cannot exceed 160 acres. This claim/site is located to wit:
SW QUARTER OF SECTION 15, T 2 S( ) N(X), R 6 E( )W(X)MERIDIAN:SLM USM
-- --- - - -- ----
SW QUARTER OF SECTION 15, T 2 S( ) N(X), R 6 E( )W(X)MERIDIAN:SLM USM
-- --- - - -- ----
QUARTER OF SECTION , T S( ) N( ), R E( )W( )MERIDIAN:SLM USM
-- --- - - -- ----
QUARTER OF SECTION , T S( ) N( ), R E( )W( )MERIDIAN:SLM USM
-- --- - - -- ----
The discovery is tied to the following natural or permanent monument:
Approximately 4150 ft. in a SW direction from the NE corner of Section 15.
BEGINNING AT CORNER NO. 1 THENCE 1500 FT. N24E LEGAL SUBDIVISION FOR
TO CORNER NO. 2 THENCE 600 FT. S66E PLACER OR MILLSITE:
TO CORNER NO. 3 THENCE 1500 FT. S24W _____________________
TO CORNER NO. 4 THENCE 600 FT. N66W _____________________
TO POINT OF BEGINNING. TOTAL _______ ACRES
Said claim/site is situated in Duchesne County and __________ mining district.
THIS CLAIM/SITE SHALL BE KNOWN AS THE: Hematite #25
LOCATED THIS 5TH DAY OF SEPTEMBER, 1995
NAME OF LOCATOR(S) ADDRESS OF LOCATOR(S)
John Schutt Salisbury & Assoc.
E8207 Trent Ave.
SIGNATURE:/s/John Schutt Spokane, WA 99212
Signed before me this 7th day of
September, 1995. /s/Sic., Notary Agents For:
Expiration date: 2-28-99 Uintah Mountain Copper Co.
341 S. Main, Suite 401
[Mayine R. Panas
<PAGE> 30
NOTARY PUBLIC-STATE of UTAH
STATE OF UTAH COURT SYSTEM UT FORM 3830-1
P.O. BOX 990 (OCT 1992)
DUCHESNE, UT 84021
COMM. EXP. 2-28-99]
ENTRY NO. 308143 DATE 9-7-95 TIME 8:30AM BOOK LOC 18 PAGE 294
FEE $10.00 RECORDED AT REQUEST OF John Schutt-Uintah Mt. Copper
/s/Carolyn Madsen, DUCHESNE COUNTY RECORDER ___________________ DEPUTY
NOTICE OF LOCATION FOR MINING CLAIM/SITE
Title ?? U.S.C. Section 10??, makes it a crime for any person knowingly and
willfully to make to any department or agency of the United States any false,
fictitious???, or fraudulent statements or representations as to any matter in
within its jurisdiction. The Paperwork Reduction Act of 19?? (?? U.S.C.
????????) requires us to inform you that: This information is being collected
to maintain your mining claim or site as required by Section 314?? of the
Federal Land and Policy Management Act of 1976? (!@#$%^&) and will be used to
verify that the claiment? continues to have an interest in the mining claim or
site. Response to this request is required in accordance with the statute (G?
U.S.C. 1744?) to retain your benefit. The information may be submitted on this
form or its local equivalent. However, the use of this standardized form will
speed up the Bureau's entry of your response into its computer system and
provide you with better service. The Privacy Act of 1974 and Departmental
regulation at 43 CFR 2.42(d)?? provide that you be furnished the following
information in connection with the information required by this optional
notice of location form. AUTHORITY: 43 U.S.C. 1201 and 1744: 43 CFR 3833?.
This form was developed by the Bureau of Land Management, Box 45135, Salt Lake
City, UT 84145-0155.???
NOTICE IS HEREBY GIVEN: That the following person(s) or corporate entity files
notice under the laws and regulations of the United States and the State of
Utah. This location of the following (mark one only): LODE MINING CLAIM(X)
PLACER MINING CLAIM( ) TUNNELSITE( ) MILLSITE( ). If claim is lode in nature
it is located 300' either side of center and 1500' in length. If placer in
nature it is located by legal subdivision, not in excess of 20 acres per
locator and cannot exceed 160 acres. This claim/site is located to wit:
SE QUARTER OF SECTION 15, T 2 S( ) N(X), R 6 E( )W(X)MERIDIAN:SLM USM
-- --- - - -- ----
SW QUARTER OF SECTION 15, T 2 S( ) N(X), R 6 E( )W(X)MERIDIAN:SLM USM
-- --- - - -- ----
NE QUARTER OF SECTION 15, T 2 S( ) N(X), R 6 E( )W(X)MERIDIAN:SLM USM
-- --- - - -- ----
QUARTER OF SECTION , T S( ) N( ), R E( )W( )MERIDIAN:SLM USM
-- --- - - -- ----
The discovery is tied to the following natural or permanent monument:
Approximately 1400 ft. in a SW direction from the NE corner of Section 15.
BEGINNING AT CORNER NO. 1 THENCE 1500 FT. N24E LEGAL SUBDIVISION FOR
TO CORNER NO. 2 THENCE 600 FT. S66E PLACER OR MILLSITE:
TO CORNER NO. 3 THENCE 1500 FT. S24W _____________________
TO CORNER NO. 4 THENCE 600 FT. N66W _____________________
TO POINT OF BEGINNING. TOTAL _______ ACRES
Said claim/site is situated in Duchesne County and __________ mining district.
THIS CLAIM/SITE SHALL BE KNOWN AS THE: Hematite #26
LOCATED THIS 5TH DAY OF SEPTEMBER, 1995
<PAGE> 31
NAME OF LOCATOR(S) ADDRESS OF LOCATOR(S)
John Schutt Salisbury & Assoc.
E8207 Trent Ave.
SIGNATURE:/s/John Schutt Spokane, WA 99212
Signed before me this 7th day of
September, 1995. /s/Sic., Notary Agents For:
Expiration date: 2-28-99 Uintah Mountain Copper Co.
341 S. Main, Suite 401
[Mayine R. Panas
NOTARY PUBLIC-STATE of UTAH
STATE OF UTAH COURT SYSTEM UT FORM 3830-1
P.O. BOX 990 (OCT 1992)
DUCHESNE, UT 84021
COMM. EXP. 2-28-99]
ENTRY NO. 308144 DATE 9-7-95 TIME 8:31AM BOOK LOC 18 PAGE 295
FEE $10.00 RECORDED AT REQUEST OF John Schutt
/s/Carolyn Madsen, DUCHESNE COUNTY RECORDER ___________________ DEPUTY
<PAGE> 1
Exhibit No. 99.02 Proof of Labor
STATE OF UTAH ) UMC 320740 TO 320744, Sunshine Quartz Mine 1-5
ss. (aka) Sunshine Quartz or Sunshine)
COUNTY OF DUCHESNE )
I, Mike P. Kandaris, 341 South Main, Suite 401, Salt Lake City, UT 84111
being first duly sworn deposes and says that he has caused work to be done on
the Sunshine Quartz Mines 1-5 mining claim situated T. 2N., R. 2W., Sections
10, 15, & 16 Moon Lake Superfine mining district, Duchesne County, Utah, and
caused labor to be performed and/or improvements made thereon as follows:
10 days' work done on Sunshine Quartz Mines 1 to 5 consisting of Preparation
of site, ore removal, and reclamation of site by Kelly Bird Construction of
Bluebell, Utah having value of $3,130.00.
2 days' work done on Sunshine Quartz Mines 1 to 5 consisting of ore removal by
Mainard Construction of Price, Utah having a value of $2,561.00.
75 days' work done on Sunshine Quartz Mines 1 to 5 consisting of testing of
ore and preparing final product by C.M.R.I. of Golden, Colorado having a value
of $26,869.00
1 day's work done on Sunshine Quartz Mines 1 to 5 consisting of preparation of
reclamation of buying germinating seed by Mountain Valley Seed of Salt Lake
City, Utah having a value of $132.00.
1 day's work done on Sunshine Quartz Mines 1 to 5 consisting of ore delivery
to C.M.R.I. by Con Way Freight of Salt Lake City, Utah having a value of
85.00.
1 day's work done on Sunshine Quartz Mines 1 to 5 consisting of ore delivery
to C.M.R.I. by Utah Idaho Freight of Price, Utah having a value of $74.00.
Said labor was performed and/or improvements made at the instance or
request of Peter M. Kandaris, 341 South Main, Suite 401, S.L.C., UT 84111
The actual amount paid for said improvements and labor was $32,851.00 and
was paid for by Uintah Mountain Copper Co., 341 South Main #401, S.L.C., UT
84111 for the purpose of holding said claims.
That notices were posted, if any, as required by section 40-1-5, Utah
Code Annotated 1953.
/s/Mike P. Kandaris, V.P., Uintah Mt. Copper Co.
Subscribed and sworn to before me this 20th day of August, 1998.
[NOTARY PUBLIC /s/Michelle G. Peterson, Notary Public
Michelle G. Peterson
33 E. Casa Loma Dr.
Centerville, Utah 84014
My Commission Expires
October 1, 2000
STATE OF UTAH]
<PAGE>
<PAGE> 2
Proof of Labor
STATE OF UTAH ) UMC 320456 to 320745, Hematite No. 1-9
ss. UMC 320759 to 320767, Hematite No. 15-23
COUNTY OF DUCHESNE ) UMC 320771 to 320775, Hematite No. 27-31
UMC 358690 to 358691, Hematite No. 25-26
I, Mike P. Kandaris, 341 South Main, Suite 401, Salt Lake City, UT 84111
being first duly sworn deposes and says that he has caused work to be done on
the Hematite 1-9; 15-23; and 25-31 mining claims situated T. 2N., R. 6W.,
Sections 10, 14, 15, 16, Moon Lake Superfine mining district, Duchesne County,
Utah, and caused labor to be performed and/or improvements made thereon as
follows:
5 days' work done on Hematite Nos. 1,2,3,4,5,6,8,9,12,16,17,18,25,26
consisting of Road Work and opening slide areas by Kelly Bird Construction of
Bluebell, Utah having value of $1,725.00.
2 days' work done on all Hematite claims consisting of developing plan on all
claims regarding removal of ore, including on site inspection by Peter
Kandaris of Phoenix, Arizona having a value of $600.00.
10 days' work done on all hematite claims consisting of testing of all
qualities of ore for suitability to make final product by C.M.R.I. of Golden,
Colorado having a value of $3,426.00.
Said labor was performed and/or improvements made at the instance or
request of Peter M. Kandaris, 341 South Main, Suite 401, S.L.C., UT 84111
The actual amount paid for said improvements and labor was $5,751.00 and
was paid for by Uintah Mountain Copper Co., 341 South Main #401, S.L.C., UT
84111 for the purpose of holding said claims.
That notices were posted, if any, as required by section 40-1-5, Utah
Code Annotated 1953.
/s/Mike P. Kandaris, V.P., Uintah Mt. Copper Co.
Subscribed and sworn to before me this 20th day of August, 1998.
[NOTARY PUBLIC /s/Michelle G. Peterson, Notary Public
Michelle G. Peterson
33 E. Casa Loma Dr.
Centerville, Utah 84014
My Commission Expires
October 1, 2000
STATE OF UTAH]
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<FISCAL-YEAR-END> DEC-31-1999 DEC-31-1998 DEC-31-1997
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<PP&E> 8,520 8,520 8,520
<DEPRECIATION> 7,679 7,476 5,944
<TOTAL-ASSETS> 79,112 79,315 72,261
<CURRENT-LIABILITIES> 712,414 698,797 586,573
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0 0 0
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<NET-INCOME> (28,696) (173,680) (200,172)
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