SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 10549
QUARTERLY REPORT UNDER SECTION 13 or 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended Commission file number
September 30, 1999 0-20217
(Exact name of registrant as appended in its charter)
COUNTRYLAND WELLNESS RESORTS, INC.
(State or other jurisdiction of
incorporation or organization) (I.R.S. Employer identification No.)
Nevada 84-068750
(Address of principal executive offices) (Zip Code)
2205 Purple Majesty Court
Las Vegas, Nevada 89117
(Registrant's telephone number, including area code)
(702) 240-4408
-1-
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 of 15 (d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such report), and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No
Indicate the number of shares outstanding of each of the issuer's classes
of common stock as of the latest practicable date.
Title of Class
Common Class 90,777,573
COUNTRYLAND WELLNESS RESORTS, INC.
Index Page
Part I FINANCIAL INFORMATION
Item 1 Financial Statements
Balance Sheet 3
Notes to Financial Statements 4
Item 2 Management's Discussion and Analysis of Financial
Condition and Results of Operations 6
COUNTRYLAND WELLNESS RESORTS, INC.
BALANCE SHEET
September 30, 1999 and 1998
ASSETS
September 30, September 30,
1999 1998
(Dollars In Thousands)
Current assets
Cash $ 932,482 $ 862,726
Marketable securities (Note 1) 404,750,000 1,100,161,949
Gold in storage (Note 9) 0 27,317,000
Receivables
Current - contracts 2,464,477 3,207,883
Retention - contracts 271,872 567,789
Interest, related (Note 2) 63,964 61,836
Other 1,525 7,394
Total receivables 2,801,838 1,132,186,530
Costs and estimated earnings in
excess of billings (Note 3) 656,700 207,769
Notes receivable related (Note 4) 747,114 81,635
Note receivable (Note 5) 32,305 530,000
Total current assets 5,170,439 5,688,981
Property and equipment (Note 1)
Transportation equipment 353,795 353,795
Operating equipment 277,821 245,389
Office equipment and furnishings 84,867 84,867
Leasehold improvements 32,876 36,696
749,359 720,747
Mining properties (Note 10) 2,191,187,000 2,208,731,000
Less: Accumulated depreciation (480,479) (397,863)
Net property and equipment 2,191,450,880 2,209,053,884
Other assets
Federal income tax deposit 384,627 371,138
Note receivable, related (Note 4) 65,724 64,724
Deposit 96,914 0
Total other assets 547,265 435,862
Total assets 2,600,652,904 3,346,929,395
The accompanying notes and auditors' report should be read in connection
with these financial statements.
2
COUNTRYLAND WELLNESS RESORTS, INC.
BALANCE SHEET
SEPTEMBER 30, 1999 AND 1998
LIABILITIES AND STOCKHOLDERS' EQUITY
September 30, September 30,
1999 1998
Current liabilities
Bank line of credit (Note 6) $ 600,000 $
Trade accounts payable 576,089 833,253
Stockholder distributions payable 263,000 3,999,900
Accrued expenses 163,990 72,889
Billings in excess of costs and 68,600
estimated earnings (Note 3) 620,565 537,990
Total curent liabilities 2,292,244 5,444,032
Stockholders' equity
Common stock, par value $
200,000,000 shares authorized,
90,777,573 shares issued and
outstanding 272,332 272,332
Paid-in capital 385,418 385,418
Retained earnings 3,308,922 618,277
Total stockholders' equity 2,594,393,988 3,340,209,336
Total liabilities and
stockholders' equity 2,600,652,904 3,346,929,395
The accountants' review report and accompanying notes should be read in
connection with these financial statements.
3
COUNTRYLAND WELLNESS RESORTS, INC.
STATEMENT OF INCOME
FOR THE YEAR ENDED SEPTEMBER 30,1999 AND 1998
September 30, September 30,
1999 1998
Contract income $11,282,206 100.00% $15,039,822 100.00%
Direct costs
Labor and labor costs 3,202,457 28.38% 3,582,898 23.82%
Materials 3,901,431 34.58% 6,131,363 40.77%
Subcontracts 398,654 3.53% 295,237 1.96%
Other 148,019 1.32% 76,841 0.51%
Total direct costs 7,650,561 67.81% 10,086,339 67.06%
Gross profit from
contracting 3,631,645 32.19% 4,953,483 32.94%
General and administrative
expense 1,047,125 9.28% 2,203,997 14.65%
Income from operations 2,584,520 22.91% 2,749,486 18.29%
Other income (expense)
Interest income 29,190 0.26% 146,977 0.97%
Discounts 19,039 0.17% 24,921 0.16%
Miscellaneous income 50,524 0.45% 128,884 0.86%
Interest expense 178,216 1.57% (40,480) -0.27%
Unrealized stock loss (170,844) -1.51% (676) -
Total other income(expense) 106,125 0.94% 259,626 1.72%
Net income 2,690,645 23.85% 3,009,112 20.01%
The accompanying notes and auditors' report should be read in connection with
these financial statements.
4
COUNTRYLAND WELLNESS RESORTS, INC.
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE TEN MONTHS ENDED JULY 31, 1999
Common Common Paid Retained Total
Stock Stock in Earnings Stockholders
Shares Value Capital Equity
Balance, September 30, 1998 13,750 244,500 140,918 618,277 1,003,695
Net income - - - 2,690,645 2,690,645
Balance July 31, 1999 13,750 244,500 140,918 3,308,922 3,694,340
The accountants' review report and accompanying notes should be read in
connection with these financial statements.
5
COUNTRYLAND WELLNESS RESORTS, INC.
STATEMENT OF CASH FLOWS
FOR THE TEN MONTHS ENDED JULY 31, 1999
Cash flows from operating activities $
Cash received from customers 12,158,297
Cash paid to suppliers and employees (8,756,231)
Interest received 20,208
Cash provided by operating activities 3,422,274
Cash flows from investing activities
Purchases of equipment and improvements (28,612)
Advances on notes receivable (666,479)
Repayment of notes receivable 530,000
Proceeds from sale of marketable securities 212,473
Cash provided by investing activities 47,382
Cash flows from financing activities
Advance on line of credit 600,000
Distributions to stockholders (3,999,900)
Cash provided by financing activities (3,399,900)
Net increase in cash 69,756
Cash at September 30, 1998 862,726
Cash at July 31, 1999 $ 932,482
The accountants' review report and accompanying notes should be read in
connection with these financial statements.
6
COUNTRYLAND WELLNESS RESORTS, INC.
STATEMENT OF CASH FLOWS (CONT'D)
FOR THE TEN MONTHS ENDED JULY 31, 1999
Reconciliation of net income to net cash provided by operating activities
Net income $ 2,690,645
Adjustments
Depreciation 82,616
Gain on sale of marketable securities (50,524)
Decrease (increase) in assets
Receivables 1,043,064
Costs and estimated earnings in excess
of billings (448,931)
Deposits (142,708)
Increase (decrease) in liabilities
Accounts payable (257,164)
Accrued bonuses 263,000
Accrued interest, related 163,990
Other accrued expenses (4,289)
Billings in excess of costs and estimated
earnings 82,575
Net cash provided by operating activities $ 3,422,274
The accountants' review report and accompanying notes should be read in
connection with these financial statements.
7
COUNTRYLAND WELLNESS RESORTS, INC.
NOTES TO FINANCIAL STATEMENTS
JULY 31, 1999
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Company Activities
Countryland Wellness Resorts, Inc. (the Company) is an electrical
contracting firm operating primarily in the Northern Nevada area. The
firm does new construction, retrofit and repair work on commercial and
governmental projects. The work performed under cost-plus-fee and
fixed-price contracts with various contracts being modified by
incentive and penalty provisions. Company is engaged in starting a
Life Extension (Wellness) Program and the mining of gold and silver.
Financial Statement Classification
In accordance with normal practice in the construciton industry, the
Company includes in current assets and liabilities amounts realizable
and payable over a period in excess of one year. Consistent with this
practice, asset and liability accounts relating to construction
contracts are classified as current. The lives of contracts entered
into by the Company generally range from six to eighteen months.
Property and Equipment
Property and equipment are recorded at cost. Expenditures for
renewals and betterments which extend the life or improve existing
properties are capitalized. Maintenance and repairs are charged
against income.
Depreciation of property and equipment is provided principally on the
straight-line method. For income tax purposes, the ACRS and MACRS
methods of cost recovery are used. The estimated useful lives for
financial statement purposes are as follows:
Lives (years)
Transportation equipment 5
Operating equipment 4-7
Office equipment and furnishings 5-7
Leasehold improvements 39
Depreciation expense for the period ended July 31, 1999 was $82,616.
Revenue and Cost Recognition
Revenues from contracts are recognized on the percentage-of-completion
method based on the proportion of costs incurred on the contract to
total estimated contract costs. Material estimated losses prior to
completion are recognized in their entirety when apparent.
Costs and estimated earnings in excess of amounts billed are
classified as current assets. Billings in excess of costs and
estimated earnings are classified as current liabilities.
See accountants' review report.
8
NOTE 1
The Company placed six (6) of its bank guarantees issued by BNI Bank
with Striker Gold Mines, Ltd. in a joint venture that will produce 9%
per day to the Company. For 3,000,000 shares of common stock
(restricted) the Company assigned to Las Vegas Entertainment Network,
Inc., a public company trading on the small caps of the NASDAQ Stock
Exchange. At the time of the transaction these shares of common stock
had a value of $4,750,000. The Company has another transaction with
U.S. Guarantee Corporation, a Nevada corporation where USGC has
committed to the Company a loan of $400,000,000 by using the four (4)
bank guarantees from Bank BNI, Indonesia however the Company has
not received any funds from USGC.
In preparing financial statements in conformity with generally
accepted accounting principles, management makes estimates and
assumptions that affect the reported amounts of assets and liabilities
and disclosures of contingent assets and liabilities at the date of
the financial statements, as well as the reported amounts of revenues
and expenses during the reporting period. Actual results could differ
from those estimates.
Tax Method and Distributions
The Company's stockholders have elected Subchapter S Corporation
status. Under these provisions, the Company pays no Federal income
tax. The Company's income is taxed to the stockholders in their
individual tax returns.
Cash and Cash Equivalents
For purposes of the statement of cash flows, the Company considers all
highly liquid debt instruments purchased with a maturity of three
months or less to be cash equivalents.
NOTE 2: INTEREST RECEIVABLE, RELATED
This represents accrued interest on a note from a related party.
Management intends to collect this amount during the current period.
NOTE 3: COSTS AND ESTIMATED EARNINGS ON CONTRACTS IN PROGRESS
Costs incurred on contracts in progress $ 4,420,487
Estimated earnings 2,629,588
Contract revenue earned to date 7,050,075
Less billings to date 7,013,940
Net under billings $ 36,135
See accountants' review report.
9
COUNTRYLAND WELLNESS RESORTS, INC.
NOTES TO THE FINANCIAL STATEMENTS
JULY 31, 1999
NOTE 3: COSTS AND ESTIMATED EARNINGS ON CONTRACTS IN PROGRESS (CONT'D)
The net under billings are included in the balance sheet as follows:
Costs and estimated earnings in excess of billings $ 656,700
Billings in excess of costs and estimated earnings (620,565)
$ 36,135
NOTE 4: NOTES RECEIVABLE, RELATED
Notes receivable, related at July 31, 1999 consist of the following:
Amounts Due
Interest Within After
Rate one year one year
Unsecured note due from a major
stockholder of a related company.
The entire balance was repaid in
August 1999. 7.00% $ 200,000 -
Note secured by real estate, due
from a key employee of the Company.
Principal and interest payments of
$882 are due monthly. 7.00% 5,497 $ 65,724
Unsecured note due from a key
employee of the Company. The entire
balance is due December 31, 1999. - 23,000 -
Unsecured note due from a company
owned by the major stockholders of
the Company. The entire balance is
due December 31, 1999. 7.00% 518,617 -
$747,114 $ 65,724
See accountants' review report.
10
COUNTRYLAND WELLNESS RESORTS, INC.
NOTES TO THE FINANCIAL STATEMENTS
JULY 31, 1999
NOTE 5: LINE OF CREDIT
The Company las a line of credit agreement with a bank subject to a
$1,000,000 limit. The credit line is secured by the accounts
receivable, inventory and equipment of the Company and bears interest
at prime, (8.0% at July 31, 1999) payable monthly. The agreement
expires April 30, 2000. There was a balance of $600,000 owing on the
line at July 31, 1999.
NOTE 6: ACCRUED INTEREST, RELATED
This represents interest payable to the majority stockholder of the
Company. The amount will be paid on or before December 31, 1999.
NOTE 7: CONTRACT BACKLOG
The following schedule is a reconciliation of construction contract
backlog representing signed contracts as of July 31, 1999:
Balance, September 30,1998 $ 5,219,287
Contract adjustments 697,511
New contracts during the year 9,580,125
15,496,923
Less: Contract revenue earned 11,282,206
Balance, July 31, 1999 $ 4,214,717
NOTE 8: CONCENTRATIONS OF CREDIT RISK
The Company maintains its cash balances in a financial
institution. The balances in the financial institutions are
insured by the Federal Deposit Insurance Corporation up to
$100,000. At July 31, 1999, the Company's uninsured cash balances
total $ 1,226,534.
See accountants' review report.
11
NOTE 9:
With respect to gold in storage at the NDS Bonded Warehouse at
Dominguez Hills, California, the Company has determined that the
warehouse went out of business about three or four years ago and said
gold deposit has been declared a casualty loss. In the opinion of the
Company Counsel the gold has been lost or stolen, and in any event is
missing. The loss to the Company is $27,317,000 which the Company has
no insurance to cover. The matter is currently under investigation.
NOTE 10: PROVEN GOLD AND SILVER RESERVE ON MINING PROPERTIES
The process of estimating mineral reserves is very complex, requiring
significant subjective decision in the evaluation of available
geological, engineering, and economic data for each reserve. The data
for a given reserve may change substantially over time as a result of
additional development activity, production under varying economic
conditions, etc.
Consequently, material revision to the existing reserve estimates may
occur in the future. Although, every reasonable effort was made to
ensure that the reserve estimates reported represent the most
accurate assessment possible, the significance of the subjective
decision required, the variances in the available data for various
reserves, make these estimates generally less precise than other
estimates in connection with financial disclosure. Proven reserves
are estimated quantities of gold and silver which geological and
engineering data demonstrate, with reasonable certainty, to be
recoverable in future years from known reserves under existing
economic and operating conditions.
Stickel and Associates, independent consultants in applied geology,
geophysics and engineering, has estimated 7,000,000 troy ounces of
gold and 19,000,000 troy ounces of silver. The values of these
reserves based on average market prices as of September 30, 1999 and
September 30, 1998 are as follows:
9/30/99 9/30/98
(Dollars in Thousands)
Gold 7,000,000 troy ounces
@$297.90/troy ounce $2,085,300,000
@$296.40/troy ounce $2,074,800,000
Silver 19,000,000 troy ounces
@$5.573/troy ounce $ 105,887,000
@$5.200/troy ounce $ 98,800,000
12
NOTE 11:
The Company acquired Network Electric Company on September 19,1999, a
Nevada corporation engaged on the business of electrical contractor
for the sum of $20,000,000 payable by a Pay Out Order No. 0000887531
to be paid out from proceeds of the loan for $400,000,000 from U. S.
Guarantee Corporation or, in the event such funds are not forthcoming,
from proceeds of the trading program with Striker Gold Mines, Ltd.
NOTE 12: CHANGE OF NAME AND OTHER MATTERS
The Board of Directors adopted on September 15, 1999 the following
resolutions:
a. The name of the Company was changed to Countryland Wellness
Resorts, Inc.
b. The China International Packaging Leasing Co., Ltd. merger
was cancelled.
c. The Company has acquired Network Electric Company as a wholly
owned subsidiary.
d. The Company has entered into a Joint Venture Agreement with
Striker Gold Mines, Ltd.
e. The Company has entered into a Loan Agreement with U.S.
Guarantee Corporation.
13
INDEPENDENT'S ACCOUNTANTS' REPORT
To the Board of Directors
Network Electric Company
(A Nevada Corporation)
Sparks, Nevada
Our report on the review of the balance sheet of Network Electric Company (a
Nevada Corporation) as of July 31, 1999 and the related statements of income,
changes in stockholders' equity, and cash flows for the ten months then ended,
appears on page 1. Our review was made for the purpose of expressing limited
assurance on the basic financial statements taken as a whole. The information
on page S-2 through S-7 of this report is presented only for the purpose of
additional analysis and is not a required part of the basic financial
statements. Such information is the representation of the management of Network
Electric Company, and has been subjected to the inquiry and analytical
procedures applied in the review of the basic financial statements and
similarly, no opinion as to such information is being expressed. Based on our
review, we are not aware of any material modifications that should be made to
the supplemental information.
Brown, Fink, Boyce, & Co.
Sacremento, California
August 18, 1999
Part II OTHER INFORMATION
ITEM 1 Legal Proceedings 7
ITEM 2 Changes in Securities 7
ITEM 3 Defaults upon Senior Securities 7
ITEM 4 Submission of Matters to a Vote of Security Holders 7
ITEM 5 Other Information 7
ITEM 6 Exhibits and Reports on Forms 8-K 7
ITEM 2 Management's Discussion and Analysis of Financial Condition and
Results of Operations
Results of Operations
Summary of significant Accounting Policies
Nature of the Business: Countryland Wellness Internet Network Trust, a Nevada
trust was originally incorporated in Colorado on October 29, 1974, as
Minerals Mining Corporation. The name was first changed to Grand American
International Corporation, then Continental Wellness Casinos Corp., and then,
on December 22, 1997, to Continental Wellness Casinos Trust, a real estate
investment trust. On December 16, 1998 the Company merged with China Internat-
ional Packaging and Leasing Co., Ltd., and the present name was adopted. The
Company had been engaged in the discovery and development of precious metals
with mining properties located at Quincy, Plumas County, California. The
Company has 750 acres of land where 39 unpatented mineing claims are located.
All assessment work has been done at the mines and all reports have been filed
with the Bureau of Land Management, Sacramento, California and the County of
Plumas in accordance with the mining rules and regulations. The Company has
permits to operate the mines from the United States Forestry Department, Quincy,
California. The Company presently does not intend to re-open mining operations
to recover the gold and silver in the proven reserves, and will not do so until
the price of gold increases significantly.
The Company is in the process of getting its live longer center, a longevity
members association, with the purpose of making people live longer by using
preventive medicine with genes testing for discovery of predominant illness
in the different subjects and repair defective genes by genetic engineering
followed with a program of exercise and nutrition. The hotel's guests sign a
long term rental agreement for a room or suite at the Company's resort hotel
and casino for a week or two per year for a period of ten years, payable in
advance, and also receive one week of care at the center. The rental cost is
$ 1,000.00 per week per year per guest.
The transaction with China International Packaging and Leasing Co., Ltd. was
cancelled. The Company acquired Network Electric Company for a Pay Out Order
to be paid from funds due to the Company.
The Company entered into a Loan Agreement with U.S. Guarantee Corporation and
received a Loan Committment from them in the amount of $400,000,000 and the
Company placed as collateral for this loan four bank guarantees from Bank BNI
Indonesia, loan still pending funding.
The Company entered on a Joint Venture Agreement with Striker Gold Mines, Ltd.
to invest six bank guarantees from Bank BNI Indonesia to be used on an
Investment Program that will regenerate 9% per day and the Company will receive
50% of the profit. The program is ready to start in about 30 days.
The Company entered into an agreement with Las Vegas Entertainment Network,
Inc., a public traded Company listed on the small caps of the NASDAQ Stock
Exchange were the Company given the right to LVEN to use one of the guarantee
issued by Bank BNI Indonesia and loan a Gold Certificate (Restricted) for 10,600
troy ounces of gold and the Company received 3,000,000 (Restricted) shares of
Common Stock from LVEN.
Liquidity and Capital Resources
The expansion and diversification of the Registrant's business has occurred
selectively for the past two years through the development of the Registrant's
mines for the production of gold and silver and other precious metals. The
Registrant is organizing its longevity center, a wellness resort for life
extension. The strategic and aggressive growth program enables the Registrant
to provide future earnings for the Company. The Registrant is confident that
the program of long term room rentals in a resort hotel and casino in
conjunction with a longevity center, will increase sales and produce a
positive cash flow.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
As of September 30, 1999 the Company was not a party to any material
legal proceedings other than ordinary routine litigations incidental
to its business.
Item 2. Changes in Securities
Not applicable
Item 3. Defaults Upon Senior Securities
Not applicable
Item 4. Submission of Matters to a vote of Security Holders
Not applicable
Item 5. Other Information
Not applicable
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
"A" Geological Evaluation of Gold Claims Reserves.
(b) Reports on Form 8-K
Amendment No. 9
SIGNATURES
Pursuant to the requirements of Section 13 of 15 (d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
COUNTRYLAND WELLNESS RESORTS, INC.
By (S) FERNANDO JUAN DATED: November 9, 1999
Fernando Juan
Vice President and Chief Financial Officer
Exhibit "A"
GEOLOGIC EVALUATION OF GOLD CLAIMS
IN
PLUMAS COUNTY, CALIFORNIA
STICKEL & ASSOCIATES
P.O. Box 91, Tustin, CA 92681
(714) 751-4742
May 14, 1985
Minerals, Mining and Energy Corp.
7750 El Camino Real, Suite K
Rancho La Costa, California 92008
Attention: Stewart Douglas, President
Subject: Review of Literature and Inspection of Gold Claims in Plumas
County, California, Black-hawk, Alan, MMC and Dean Lode Claims
conconsisting of 750 acres.
References: 1) Geology of the Pulga and Bucks Lake Quadrangles, Butte and
Plumas Counties, California, USGS Prof. Paper 731, date 1973.
2) Examination and Sampling of the Blackhawk and Section 13
Claims, Plumas County, California, by Win. H. Bird, date
June 1, 1976.
3) Bucks Lake Quadrangle, Map, USGS, 1:62,500, DATE 1950.
Gentlemen
This letter presents our present geological engineering evaluation of the
subject gold and silver claims that are located in Plumas County, California.
We visited and inspected the property on April 19 and 20, 1985. The property
consists of approximately 750 acres of lode claims with a reported overlying of
a few placer claims. The properties lie about 5 and 11 miles directly west of
Quincy on the Bucks Lake Road.
The claims are named Blackhawk, Alan, MMC, and Dean. The Blackhawk, Alan and
MMC claims lie in the northwest corner of Section 13, T24N, R8E.
GEOLOGY
These claims lie along the southwest and northwest borders of a northwest
trending zone or band of highly fractured peridotite altered to serpentine.
Broad fault zones bound the peridotite bodies or bands and there are no
indications of heat alteration. There has been no production from hard rock
mining, however, significant placer hydraulicking and sluicing has occurred.
The placer deposits occur in two periods of erosion, the Present and the
Tertiary. Although, concentrations of gold have only been found in the
Blackhawk and Dean claims, it does occur scattered throughout the peridotite.
PRESENCE OF GOLD AND SILVER
Reference 2 indicates that there is a conservative 10,000,000 tons of hard
rock ore reserves. Rock Chip and channel samples were obtained from 10 to 50
foot sections of road cuts and outcrops on these claims and it is reported -
assayed high in gold (Au). The highest gold value was 2.80 oz /ton, however, the
overall average was .7 oz/ton. Silver(Ag) ranged from a trace to 2.62 oz/ton.
These values varied greatly, depending upon the freshness of the outcrop.
Assays also indicated the presence of platinoid metals.
Total amount of gold and silver in these claims is 7,000,000 oz. of gold and
19,000,000 oz. of silver. These figures were compiled from data presented
in Reference 2.
It is reported that during the summer of 1983, approximately $30,000 worth of
placer gold was dredged from one of the creeks flowing through the Blackhawk
claims. This gold was dredged from an area of the creek about 100 yards long.
Stickel 7 Associates warrant that our services are performed within the
limits prescribed by our clients, with the usual thoroughness and competence
of the geological engineering profession. No other warranty or
representation, either expressed or implied, is included or intended in our
proposals or reports or contracts.
We appreciate the opportunity of presenting this report. If you have any
questions, please contact this office.
Very truly yours,
STICKEL & ASSOCIATES
By (S) J. F. STICKEL
J.F. STICKEL RG 2999
JFS/hr
April 25, 1986
It is our opinion that the described and proven indicated ore reserves are
based on data as described above.
STICKEL & ASSOCIATES
By (S) J.F. STICKEL
J.F. STICKEL, RG 2999
