Business of Issuer: Registrant is diversified mineral exploration and development company. Registrant owns a currently idled processing facility in Calgary, Alberta, Canada; alunite properties which contain alumina, sulfur and potash; and other mineral properties and prospects. The Company intends to focus its resources in furthering its mineral exploration activities and alternative uses for the currently idle Calgary plant [note: some litigation]
Registrant owns, and controls mineral property interests in Colorado, Idaho, Montana, Nevada and Utah...it has not been proven that any of these deposits are commercially viable ----------------------
Vanadium/Phosphate Properties [idaho]...Registrant is investigating plans for development of the property, however there can be no assurance that marketing and financing arrangements can be obtained [2100 acres]
Emigrant Property [montana]...copper, molybdenum, gold, silver, lead and zinc mineralization, which has not yet been fully delineated [38+37 acres]
"LC" Alunite Property [colorado]...Results of exploration work to date show a total of 61.1 million tons of mineralized material. The grade of the material is calculated to average approximately 39.6% alunite (approximately 14.7% alumina)...note: progress on the project will be restricted [1667 acres]
"NG" Property [utah]...Results of exploration and drilling programs on the properties to date show 129 million tons of mineralized material with a grade calculated to be 37.9% alunite (approximately 14.03% alumina) with an additional 287 million tons of mineralized material with average grades calculated to range from 33.5% to 39.4% alunite (approximately 12.4% to 14.6% alumina) [700 acres]
Calgary Facility...Registrant owns a hydrometallurgical facility that produced purified phosphate products. The facility occupies a 20,000 square foot building and is located in southeast Calgary, Alberta on a 12-acre site leased from the adjacent landowner. Efforts to re-start the facility for purified phosphate products have been frustrated by a general economic slowdown. Management is seeking sublease arrangements for other activities at the plant and is in the process of selling equipment that does not have general use. [note: legal proceeding] ----------------- MINERAL RIGHTS The Company's mineral properties include patented mining claims. These land and mineral properties are not in production. The recovery of the Company's investment in these assets is dependent upon future sales of the Company's interests therein or production from such assets. In addition, the Company leases various other mineral rights. Such leases are cancelable at the option of the Company
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