LETTER TO SHAREHOLDERS
Board of Directors (l-r): James Ruder (Chairman),
Donald Gustafson, R. Herbert Hampton,
Taki Anagnoston and Robert Thul.
LETTER TO SHAREHOLDERS
Board of Directors (l-r): James Ruder (Chairman),
Donald Gustafson, R. Herbert Hampton,
Taki Anagnoston and Robert Thul.
Dear Shareholders
This past year has seen wide ranging improvement at our 33% owned joint venture in Cripple Creek Colorado, the Cripple Creek & Victor Gold Mining Company (CC&V) compared to previous year’s operations. CC&V’s gold production increased over the previous year, although gold production did not meet mine expansion projections. CC&V’s primary crushing facility is operating to design specifications, its truck fleet is providing budgeted hours and production and the operations at its valley leach facility have improved. We are looking forward to further improvement in CC&V’s performance during 2005 and beyond.
The single most important function of your Company for 2005 is to assist the Manager in guiding the performance of the Cripple Creek operation. This priority is followed closely by the development of the Illipah gold exploration program in Nevada. The first phase of the Illipah exploration program commenced in early April, 2005 and will take about two months to complete. We are excited about the program and will continue to provide you with information on its progress.