United Resource Holdings Group, Inc. (URHG)

[themtharhills]

From:
http://urhg.net/uncategorized/2014-annual-shareholders-meeting-notice-agenda-proxy-and-ballot-2/

Annual meeting of the shareholders of United Milling & Refining Corp. report:

The following report relates to the status of the Company’s shareholders and certain circumstances affecting the Company’s shareholders since the Company’s incorporation:
Location of Operations
The Company is headquartered at 1280 Alexandria Ct., McCarran, Nevada 89434 within the Reno-Tahoe Industrial Center, in Storey County, Nevada, and operates its beneficiation processing plant at that location.
Status of Officers and Employees
Robert G. Kilroy is the sole officer and director of the Company. Mr. Kilroy assumed the following officer and director positions with the Company: (i) Treasurer, on June 30, 2012; (ii) President and Chief Executive Officer, on May 11, 2011; (iii) Director, on April 26, 2010; and (iv) Secretary, on April 26, 2010.
Operational Developments
The Company contracted via a Mineral Processing Agreement for 4000 ton with Lake Mountain Mining, LLC, for the recovery of gold and silver from a historic mining district (Olinghouse) in Washoe County, Nevada, crushing and concentrating at least 80 tons thru the end of the second quarter of 2014; in the third quarter of 2014, crushing another 40 tons was achieved; however, because the concentration circuit, originally designed for black sands was not capable concentrating at a profitable rate, which is 5-ton/hours, this crushed material awaiting concentrating in an updated circuit. Approximately, $500,000 is required to purchase, install, and permit a new crushing/concentration circuit, which at 5-ton/hour processing and two (10-hours) work shifts will result in a profitable beneficiation processing. The Company also is continuing its efforts to expand its operations with the submission of an upgrade to a Class II Air Permit. However, an Operating Permit to Construct a Class I Air Permit currently is being engineered, and an application has been drafted for submission to the Nevada Bureau of Air Pollution Control. The upgrade to the Class I Air Permit will allow the Company to significantly expand its capacity to use smelters, which may substantially increase the precious metal recovery of processed ores.
Financing Activities
The Company has been actively engaged in attempts to secure financing through many different means, including, but not limited to: (i) the new issuance of common stock for private sale to third parties; and (ii) the issuance of debt. To date, the Company has primarily funded its operations through private placements, equipment financing, and short-term debt from the parent company United Resource Holdings Group, Inc.
Shareholder Status
The Company’s remaining 6384 shareholders, representing approximately 13% ownership of the Company await a formal offer from the Company’s parent company, United Resource Holdings Group, Inc. (“URGH”), and on October 23, 2014, the shareholders of URGH approved the acquiring of the remaining Company shareholders at a three (3) of the Company for one (1) share of URGH; the timing and method for such offer are under consideration by URGH, who continues its due diligence regarding time and method with various legal counsels, government agencies and regulators for the most efficient and cost effective means.