<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended DECEMBER 31, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____________________ to ______________________
Commission File No. 132-3
-----------------------------------------------------------
SILVER MOUNTAIN LEAD MINES, INC.
------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Idaho 82-6008744
- - ------------------------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
6500 Mineral Drive
Coeur d'Alene, Idaho 83814-8788
- - ------------------------------------------- -------------------------
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code) 208-769-4100
-------------------------
Securities registered pursuant to Section 12(g) of the Act:
Title of each class
------------------------------------------
Common stock, par value 10 cents per share
Indicate by check mark whether the Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months, and (2) has been subject to such
filing requirements for at least the past 90 days. Yes XX No
-------- ------
Indicate by check mark if disclosure of delinquent filers pursuant
to Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K. [ X ]
The aggregate market value of the registrant's voting common stock
held by non-affiliates was $153,300 as of May 24, 1991, the date Silver Mountain
Lead Mines ceased being quoted on the Spokane Stock Exchange (due to the
Exchange's discontinuance of operations). As of February 29, 1996, there were
3,066,000 shares of the registrant's common stock outstanding.
<PAGE> 2
PART I
------
Item 1. Business
--------
Silver Mountain Lead Mines, Inc. (Silver Mountain or the Company),
an Idaho corporation, was organized in 1952. At present the
Company is engaged in no activity other than necessary maintenance
work on its property.
On June 15, 1954, Silver Mountain entered into an agreement with
Hecla Mining Company (Hecla) and The Bunker Hill Company (Bunker
Hill) whereby these two companies would explore and develop the
mining properties owned or held by Silver Mountain and would mine
any commercial ore deposits discovered as a result of this
exploration and development.
The contract provided that if commercial ore was found on the
Silver Mountain property, Hecla and Bunker Hill would provide all
necessary mining equipment and would mine the ore of which Silver
Mountain would receive 25% with Hecla and Bunker Hill sharing
equally in the remaining 75%. Any charges against Silver Mountain
for such costs, in excess of their net smelter returns from any
ores produced, would be carried forward to be paid only from net
profits from any future production of such property.
The contract contained a provision that when and if a commercial
ore body was discovered on the property or after a total of
$1,000,000 had been expended on exploration and development of said
property, Silver Mountain would then own an undivided 25% interest
in the property.
On October 7, 1959, Silver Mountain was advised by Hecla and Bunker
Hill that exploration work, which cost in excess of $1,600,000, had
been performed on the property under the terms of the above
agreement. $538,000 of such costs was advanced by the Defense
Minerals Exploration Administration. After being notified of this
fact, Silver Mountain deeded to Hecla and Bunker Hill each an
undivided 37.5% interest in the Silver Mountain property under the
terms of the agreement.
Since the 1954 Agreement was terminated on October 7, 1959, the
necessary maintenance and assessment work on the property has been
performed by Hecla and Bunker Hill or other outside parties and
Silver Mountain has been charged 25% of such expenses.
On November 1, 1982, Bunker Limited Partnership purchased from The
Bunker Hill Company all of its Idaho assets and certain
liabilities. Included in this purchase by Bunker Limited
Partnership were its 37.5% interest in the Silver Mountain
property, 896,000 shares of Silver Mountain stock, and notes
receivable from Silver Mountain. As a result of this purchase,
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<PAGE> 3
Bunker Limited Partnership and Hecla continued management of the
Silver Mountain property.
On June 6, 1988, the Company entered into a mining lease with Hecla
whereby Hecla received the exclusive right to the exploration,
development and mining operations upon the Company's property for a
period of 25 years subject to cancellation if the property was not
in production within 15 years. This lease was in exchange for a
net profits royalty of 40%. On January 18, 1991, the lease was
terminated.
At February 9, 1995, Bunker Limited Partnership and Hecla Mining
Company, pursuant to an agreement dated June 15, 1954, each owned
an undivided 37.5% interest in the Silver Mountain property. Stock
ownership of the two companies at February 9, 1995, was as follows:
<TABLE>
<CAPTION>
Shares Held as of Percent of
February 9, 1995 Ownership
----------------- ----------
<S> <C> <C>
Bunker Limited Partnership 896,000 29.22%
Hecla Mining Company 115,000 3.75%
--------- -----
Total 1,011,000 32.97%
========= =====
</TABLE>
On February 10, 1995, Hecla Mining Company acquired Bunker Limited
Partnership's 37.5% undivided interest in the Silver Mountain
property and their entire stock interest in the Company. Hecla
currently holds 1,011,000 or 32.97% shares of common stock of the
Company.
From November 1, 1982 to December 31, 1994, Bunker Limited
Partnership provided the Company with general accounting services.
Commencing January 1, 1995, Hecla Mining Company (which owned
32.97% of common stock from February 10, 1995 to December 31, 1995)
provided accounting and legal services to Silver Mountain. In
1995, Silver Mountain paid Hecla Mining Company $9,000 for these
services. At December 31, 1995, the Company had obligations to
Hecla Mining Company totaling $4,458 and $63,927 for accounts
payable and notes payable, respectively. At December 31, 1994, the
Company held notes payable to Hecla Mining Company and Bunker
Limited Partnership totaling $38,038 and $25,889, respectively.
Silver Mountain is an inactive company. It has no known ore
reserves and at present has no immediate plans for developing the
property.
-3-
<PAGE> 4
Item 2. Property
--------
Silver Mountain's property is located about one and one-half miles
east of Mullan, Idaho. In 1993, Silver Mountain, together with the
co-owners (Hecla Mining Company and Bunker Limited Partnership)
relinquished its rights to certain unpatented mining claims,
thereby reducing its property ownership from a 25% interest in 26
patented claims, 93 unpatented claims, and 160 acres of mineral
rights to a 25% interest in 37 patented mining claims and 160 acres
of patented mineral property.
Item 3. Legal Proceedings
-----------------
None
Item 4. Submission of Matters to a Vote of Security Holders
---------------------------------------------------
None
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<PAGE> 5
PART II
-------
Item 5. Market for the Registrant's Common Stock and Related
----------------------------------------------------
Security Holder Matters
-----------------------
a. The Company's stock ceased to be traded on any stock exchange
May 24, 1991 when the Spokane Stock Exchange (where the stock
had been listed) discontinued operations. The relative high
and low sales price for 1991 up to the date trading activity
ceased on the Spokane Stock Exchange are as follows:
<TABLE>
<CAPTION>
Sales Price
Fiscal Year Fiscal Quarter Ended High Low
- - ----------- -------------------- -------------------
<S> <C> <C>
1991.................... March 31, 1991 .10 .07
June 30, 1991 (through
May 24, 1991) .07 .05
</TABLE>
At February 29, 1996, the bid and ask price for the Company's
common stock was five cents and eight cents, respectively.
However, there has not been an established trading market for
the common stock price since May 24, 1991, and, as such, the
bid and ask price do not constitute a reliable indication of
the price that a holder of common stock could expect to
receive upon the sale of any particular quantity thereof.
b. As of February 29, 1996, there were approximately 1,058
shareholders of the Company's common stock.
c. The Company has paid no dividends and does not anticipate
being able to pay any in the foreseeable future.
-5-
<PAGE> 6
Item 6. Selected Financial Data
-----------------------
The Company is an inactive company. A summary of its operations
for the five-year period ended December 31, 1995 is as follows:
<TABLE>
<CAPTION>
1995 1994 1993 1992 1991
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Income:
Royalties $ - - $ - - $ - - $ - - $ 1,172
Net timber proceeds - - - - - - 28,318 - -
Other 2,478 1,685 1,845 1,645 2,024
---------- ---------- ---------- ---------- ----------
Total income 2,478 1,685 1,845 29,963 3,196
Administrative expense (9,245) (1,400) (1,931) (1,573) (9,138)
---------- ---------- ---------- ---------- ----------
Net income (loss) from
operations before
income taxes (6,767) 285 (86) 28,390 (5,942)
Provision for income
taxes 33 - - 4,431 - - - -
---------- ---------- ---------- ---------- ----------
Net income (loss) $ (6,800) $ 285 $ (4,517) $ 28,390 $ (5,942)
========== ========== ========== ========== ==========
Net income (loss)
per common share $ (0.00222) $ 0.00009 $ (0.00147) $ 0.00926 $ (0.00194)
========== ========== ========== ========== ==========
Total assets $ 398,719 $ 401,505 $ 401,327 $ 402,881 $ 377,658
========== ========== ========== ========== ==========
Long-term debt $ 63,927 $ 63,927 $ 63,927 $ 63,927 $ 63,927
========== ========== ========== ========== ==========
</TABLE>
No cash dividends were declared in the five-year period ended
December 31, 1995.
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<PAGE> 7
Item 7. Management's Discussion and Analysis of Financial
-------------------------------------------------
Results of Operations
---------------------
The Company's general financial condition remained unchanged during
1995 compared to 1994. Cash and cash equivalents decreased $2,786
(4%) from $64,351 at December 31, 1994 to $61,565 at December 31,
1995. Working capital declined $6,800 (11%) from $63,907 at
December 31, 1994 to $57,107 at December 31, 1995. The decreases
in cash and cash equivalents and working capital are primarily
attributable to holding costs partially offset by an $805 increase
in interest income.
The 1995 net loss of $6,800 was $7,085 less than the net income in
1994 totaling $285. This decrease in earnings was primarily
attributable to an $8,000 increase in accounting and legal fees
partially offset by a $805 increase in interest income. In January
1995, Hecla Mining Company began to provide accounting and legal
services to the Company for $750 per month.
The Company expects to keep the property on a care-and-maintenance
basis. Management believes that the Company has sufficient cash
and cash equivalents at December 31, 1995 to meet its present and
intermediate financial requirements.
The Company is presently inactive and is no longer considered to be
in the development stage. All costs are being expensed as
incurred. Through December 31, 1994, the Company was considered a
development stage company.
Silver Mountain has not adopted the provisions of Statement of
Financial Accounting Standards, No. 121, "Accounting for the
Impairment of Long-Lived Assets and for Long-Lived Assets to be
Disposed Of" (SFAS No. 121) which is required to be adopted for
fiscal years beginning after December 15, 1995. Management
believes that the adoption of the provision of SFAS No. 121 will
not have a material effect on the results of operations, financial
condition, or cash flows of Silver Mountain.
The information reported under Item 6. Selected Financial Data and
Item 8. Financial Statements and Supplementary Data regarding
financial condition is incorporated herein by reference.
Item 8. Financial Statements and Supplementary Data
-------------------------------------------
-7-
<PAGE> 8
SILVER MOUNTAIN LEAD MINES, INC.
UNAUDITED BALANCE SHEETS
December 31, 1995 and 1994
----------
<TABLE>
<CAPTION>
ASSETS
1995 1994
--------- ---------
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 61,565 $ 64,351
--------- ---------
Total current assets 61,565 64,351
--------- ---------
Property, plant and equipment
Mining claims 307,095 307,095
Deferred development costs 30,059 30,059
--------- ---------
337,154 337,154
--------- ---------
Total assets $ 398,719 $ 401,505
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 4,458 $ 444
--------- ---------
Total current liabilities 4,458 444
--------- ---------
Long-term liabilities:
Note payable - Hecla Mining Company 63,927 38,038
Notes payable - Bunker Limited Partnership - - 25,889
--------- ---------
63,927 63,927
--------- ---------
Total liabilities 68,385 64,371
--------- ---------
Stockholders' equity:
Common stock; nonassessable, par value
$0.10 per share 5,000,000 shares authorized,
3,066,000 shares outstanding 306,600 306,600
Accumulated surplus 23,734 30,534
--------- ---------
330,334 337,134
--------- ---------
Total liabilities and stockholders' equity $ 398,719 $ 401,505
========= =========
</TABLE>
The accompanying notes are an integral part
of the financial statements.
-8-
<PAGE> 9
SILVER MOUNTAIN LEAD MINES, INC.
UNAUDITED STATEMENTS OF INCOME AND ACCUMULATED SURPLUS
For the years ended December 31, 1995, 1994, and 1993
_________
<TABLE>
<CAPTION>
1995 1994 1993
--------- -------- ---------
<S> <C> <C> <C>
Income:
Transfer fees $ 32 $ 44 $ 180
Interest income 2,446 1,641 1,665
--------- -------- ---------
Total income 2,478 1,685 1,845
--------- -------- ---------
Expenses:
Accounting and legal fees 9,000 1,000 1,000
Office expenses (20) - - 43
Filing fees 250 250 250
Property taxes (230) 104 450
Stock transfer expense 245 36 188
--------- -------- ---------
Total expenses 9,245 1,390 1,931
Income (loss) from operations
before provision for income taxes (6,767) 295 (86)
Provision for income taxes 33 10 4,431
--------- -------- ---------
Net income (loss) (6,800) 285 (4,517)
Accumulated surplus at beginning
of year 30,534 30,249 34,766
--------- -------- ---------
Accumulated surplus at end of year $ 23,734 $ 30,534 $ 30,249
========= ======== =========
Net income (loss) per common share $(0.00222) $0.00009 $(0.00147)
========= ======== =========
Cash dividends per share $ - - $ - - $ - -
===== ===== =====
Weighted average number of common
shares outstanding 3,066,000 3,066,000 3,066,000
========= ========= =========
</TABLE>
The accompanying notes are an integral
part of the financial statements.
-9-
<PAGE> 10
SILVER MOUNTAIN LEAD MINES, INC.
UNAUDITED STATEMENTS OF CASH FLOWS
For the years ended December 31, 1995, 1994 and 1993
_________
<TABLE>
<CAPTION>
1995 1994 1993
-------- -------- --------
<S> <C> <C> <C>
Operating activities:
Net income (loss) $ (6,800) $ 285 $ (4,517)
Adjustments to reconcile net income (loss)
to net cash provided (used) by
operations:
Change in:
Accounts payable 4,014 (107) (56)
Accrued income tax payable - - - - 3,019
-------- -------- --------
Net cash provided (used) by operating
activities (2,786) 178 (1,554)
-------- -------- --------
Net increase (decrease) in cash and cash
equivalents (2,786) 178 (1,554)
Cash and cash equivalents at beginning of period 64,351 64,173 65,727
-------- -------- --------
Cash and cash equivalents at end of period $ 61,565 $ 64,351 $ 64,173
======== ======== ========
Supplemental disclosure of cash flow information
Cash paid during period for income tax $ - - $ - - $ - -
======== ======== ========
</TABLE>
The accompanying notes are an integral part of the financial statements.
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<PAGE> 11
SILVER MOUNTAIN LEAD MINES, INC.
NOTES TO FINANCIAL STATEMENTS
--------------
NOTE 1: SIGNIFICANT ACCOUNTING POLICIES
The Company is presently inactive and is no longer considered to be
in the exploration and development stage. All costs are presently
being expensed as incurred.
No provision has been made for depreciation since the Company is
inactive.
The Company considers cash equivalents to consist of highly liquid
investments with a remaining maturity of three months or less when
purchased.
Property, plant and equipment are stated at the lower of cost or
estimated net realizable value. Maintenance, repairs and renewals
are charged to operations. Betterments of a major nature would be
capitalized. When assets are retired or sold, the costs and
related allowances for depreciation and amortization are eliminated
from the accounts and any resulting gain or loss is reflected in
operations. Idle facilities, placed on a standby basis, are
carried at the lower of net book value or estimated net realizable
value.
NOTE 2: PROPERTY, PLANT AND EQUIPMENT
The Company acquired its property located in the Coeur d'Alene
Mining District, Shoshone County, Idaho, for cash of $494.50 and
through issuance of 3,066,000 shares of capital stock. A total of
316,000 shares were issued to officers and/or directors at the date
of issuance including 92,600 shares issued to current officers
and/or directors.
Silver Mountain has not adopted the provisions of Statement of
Financial Accounting Standards, No. 121, "Accounting for the
Impairment of Long-Lived Assets and for Long-Lived Assets to be
Disposed Of" (SFAS No. 121) which is required to be adopted for
fiscal years beginning after December 15, 1995. Management
believes that the adoption of the provision of SFAS No. 121 will
not have a material effect on the results of operations, financial
condition, or cash flows of Silver Mountain.
-11-
<PAGE> 12
NOTE 3: LONG-TERM LIABILITIES
The notes payable to Hecla Mining Company and Bunker Limited
Partnership represent noninterest bearing advances for annual
assessment work which are to be repaid only from production should
a commercial ore deposit be discovered and mined. At December 31,
1995, the Company owed Hecla Mining Company $63,927 for such
advances. Pursuant to a February 9, 1995 agreement, Bunker Limited
Partnership sold its interest in the Company and notes receivable
from the Company to Hecla Mining Company.
NOTE 4: RELATED PARTIES
At February 9, 1995, Bunker Limited Partnership and Hecla Mining
Company, pursuant to an agreement dated June 15, 1954, each owned
an undivided 37.5% interest in the Silver Mountain property. Stock
ownership of the two companies at February 9, 1995, was as follows:
<TABLE>
<CAPTION>
Shares Held as of Percent of
February 9, 1995 Ownership
----------------- ----------
<S> <C> <C>
Bunker Limited Partnership 896,000 29.22%
Hecla Mining Company 115,000 3.75%
--------- -----
Total 1,011,000 32.97%
========= =====
</TABLE>
On February 10, 1995, Hecla Mining Company acquired Bunker Limited
Partnership's 37.5% undivided interest in the Silver Mountain
property and their entire stock interest in the Company. Hecla
currently holds 1,011,000 or 32.97% shares of common stock of the
Company.
From November 1, 1982 to December 31, 1994, Bunker Limited
Partnership provided the Company with general accounting services.
Commencing January 1, 1995, Hecla Mining Company (which owned
32.97% of common stock from February 10, 1995 to December 31, 1995)
provided accounting and legal services to Silver Mountain. In
1995, Silver Mountain paid Hecla Mining Company $9,000 for these
services. At December 31, 1995, the Company had obligations to
Hecla Mining Company totaling $4,458 and $63,927 for accounts
payable and notes payable, respectively. At December 31, 1994, the
Company held notes payable to Hecla Mining Company and Bunker
Limited Partnership totaling $38,038 and $25,889, respectively.
NOTE 5: FAIR VALUE OF FINANCIAL INSTRUMENTS
The following estimated fair value amounts have been determined
using available market information and appropriate valuation
methodologies. However, considerable judgment is required to
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<PAGE> 13
interpret market data and to develop the estimates of fair value.
Accordingly, the estimates presented herein are not necessarily
indicative of the amounts the Company could realize in a current
market exchange.
The following methods and assumptions were used to estimate the
fair value of each class of financial instruments for which it is
practicable to estimate that value. Potential income tax
ramifications related to the realization of unrealized gains and
losses that would be incurred in an actual sale or settlement have
not been taken into consideration.
The carrying amounts for cash and cash equivalents and current
liabilities are a reasonable estimate of their fair values.
The estimated fair values of financial instruments are as follows:
<TABLE>
<CAPTION>
December 31,
------------------------------------------------
1995 1994
--------------------- ----------------------
Carrying Fair Carrying Fair
Amounts Value Amounts
Value
--------- -------- -------- ---------
<S> <C> <C> <C> <C>
Financial assets
Cash and cash equivalents $ 61,565 $ 61,565 $ 64,351 $ 64,351
Financial liabilities
Accounts payable 4,458 4,458 444 444
Note payable - Hecla Mining Co. 63,927 (A) 38,038 (A)
Notes payable - Bunker Limited
Partnership - - (A) 25,889 (A)
</TABLE>
(A) Fair value information is not available.
Item 9. Disagreements on Accounting and Financial Disclosure
----------------------------------------------------
Not applicable.
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<PAGE> 14
PART III
--------
Item 10. Directors and Executive Officers of the Registrant
--------------------------------------------------
The names, ages and present principal occupation of management's
nominees, other directorships held by them and the year each first
became a director are set forth in the table below.
<TABLE>
<CAPTION>
Name, Age & Date First Elected Principal Occupation & Directorships
- - ------------------------------ ------------------------------------
<S> <C>
MICHAEL B. WHITE Vice President - Secretary and General
Director since March 20, 1995 Counsel of Hecla Mining Company,
Age 45 Coeur d'Alene, Idaho
JOHN P. STILWELL Vice President - Finance
Director since January 2, 1996 Hecla Mining Company, Coeur d'Alene,
Age 43 Idaho
VINCENT R. NEWBURY Independent prospector, Spokane, WA
Director since 1952
Age 84
</TABLE>
On March 20, 1995, Messrs. White and Heatherly were appointed as
directors to fill the vacancies on the Board created by the
resignation of Messrs. Griffith and Grismer. Messrs. Kendrick,
Anson and Barlow have also resigned from the Board. Mr. Heatherly
retired and on January 2, 1996, Mr. Stilwell was appointed as
director.
<TABLE>
<CAPTION>
EXECUTIVE OFFICERS
Name Age Office
- - -----------------------------------------------------------------------
<S> <C> <C>
Michael B. White 45 President
John P. Stilwell 43 Vice President
Nathaniel K. Adams 34 Secretary
</TABLE>
Item 11. Executive Compensation
----------------------
Silver Mountain paid no remuneration in 1995 to its officers and
directors. Any compensation that may have been paid to the
officers and directors of Silver Mountain for their services to the
Company was paid by their respective principal employers. Silver
Mountain has no compensation plans for its officers and directors
and there are no stock options outstanding.
Hecla has in the past engaged in necessary maintenance work on the
Silver Mountain property and required assessment work on Silver
Mountain's unpatented mining claims. As of December 31, 1994,
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<PAGE> 15
Hecla had advanced to Silver Mountain the aggregate sum of $38,038
and Bunker Limited Partnership, by virtue of its purchase of Bunker
Hill's interest, had advanced in the aggregate $23,889. Silver
Mountain was additionally indebted to Bunker Limited Partnership,
by virtue of its purchase of Bunker Hill's interest, in the amount
of $2,000 on a note issued in 1954 which is to be repaid, without
interest, only from production should a commercial ore deposit be
discovered and mined. In 1995, Bunker Limited Partnership sold its
interest in the Company and in notes receivable from the Company to
Hecla Mining Company.
Item 13. Certain Relationships and Related Transactions
----------------------------------------------
From November 1, 1982 to December 31, 1994, Bunker Limited
Partnership provided general accounting services. Commencing
January 1, 1995, Hecla Mining Company (which owned 32.97% of common
stock from February 10, 1995 to December 31, 1995) provided
accounting and legal services to Silver Mountain. In 1995 Silver
Mountain paid Hecla Mining Company $9,000 for these services. At
December 31, 1995, the Company had obligations to Hecla Mining
Company totaling $4,458 and $63,927 for accounts payable and notes
payable, respectively. At December 31, 1994, the Company held
notes payable to Hecla Mining Company and Bunker Limited
Partnership totaling $38,038 and $25,889, respectively.
-15-
<PAGE> 16
PART IV
-------
Item 12. Security Ownership of Certain Beneficial Owners &
-------------------------------------------------
Management
----------
As of December 31, 1995, there were 3,066,000 shares of the
Company's common stock, par value $.10 per share outstanding.
The table below sets forth, as of December 31, 1995, the number of
shares of the Company's outstanding common stock held by Hecla
Mining Company.
<TABLE>
<CAPTION>
Name & Address of Amount and Nature
Beneficial Owner of Beneficial Ownership Percent of Class
- - ----------------- ----------------------- ----------------
<S> <C> <C>
Hecla Mining Company 1,011,000 shares direct 32.97%
6500 Mineral Drive (Sole voting & investment
Coeur d'Alene, ID 83814 power)
</TABLE>
The Company is not aware of any person (including any "group" as
that term is used in Section 13 (d) (3) of the Securities Exchange
Act of 1934), other than as set forth above, who is the beneficial
owner of more than five percent of the Company's common stock as of
December 31, 1995.
On February 10, 1995, Hecla Mining Company acquired Bunker Limited
Partnership's 37.5% undivided interest in the Silver Mountain
property and their entire stock interest in the Company. Hecla
currently holds 1,011,000 or 32.97% shares of common stock of the
Company.
The table below sets forth, as of December 31, 1995, the number of
shares of the Company's outstanding stock held by the director
nominees individually and by all directors and officers of the
Company as a group:
<TABLE>
<CAPTION>
Amount and Nature
Name of Beneficial Ownership Percent of Class
- - ---- ----------------------- ----------------
<S> <C> <C>
Vincent R. Newbury 75,000 shares direct* 2.45%
</TABLE>
*The direct beneficial owner is believed to have sole voting and
investment power.
-16-
<PAGE> 17
Item l4. Exhibits, Financial Statement Schedules and Reports on
------------------------------------------------------
Form 8-K
--------
(a) (1) and (2) All Financial Statements:
Unaudited Balance Sheets, December 31, 1995 and
1994
Unaudited Statements of Income and Accumulated
Surplus for the Years Ended December 31, 1995,
1994 and 1993
Unaudited Statements of Cash Flows for the Years
Ended December 31, 1995, 1994 and 1993
Notes to Financial Statements
(a) (3) and (c) Exhibits:
None
(b) Reports on Form 8-K:
None
(d) Financial Statements Required by Regulations S-X
which are excluded from the annual report to
shareholders:
None
-17-
<PAGE> 18
SIGNATURES
----------
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Registrant has duly caused
this annual report to be signed on its behalf by the undersigned,
thereunto duly authorized, on March 27, 1996
SILVER MOUNTAIN LEAD MINES, INC.
By /s/ Michael B. White
-------------------------------
Michael B. White, President
and Director
Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons on
behalf of the Registrant and in the capacities and on the dates
indicated.
/s/ Michael B. White 3/27/96 /s/ John P. Stilwell 3/27/96
- - ------------------------------- -------------------------------
Michael B. White Date John P. Stilwell Date
President and Director Vice-President and Director
Chief Executive Officer Chief Accounting Officer
/s/ Nathaniel K. Adams 3/27/96 /s/ Vincent R. Newbury 3/27/96
- - ------------------------------- -------------------------------
Nathaniel K. Adams Date Vincent R. Newbury Date
Secretary Director
/s/ David F. Wolfe 3/27/96
- - -------------------------------
David F. Wolfe Date
Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<CASH> 61,565
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 61,565
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0
0
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</TABLE>
