The intent of this letter is to bring you up to date with the company’s progress and plans for 2002.
* As of March 8, 2001, the company purchased outright the Unity Gold mining properties and rights to the Bureau of Land Management leased claims. The exchange of 3.5 million shares of stock for property ownership canceled all debt obligations: a) $50,000 minimum per year for ten years b) 10% royalty of gross net profit and c) $3,500,000 total debt.
* $95,500 has been raised to date under our Washington State exemption permit for $1,000,000.
* Owned and controlled acreage was increased from 540 acres to 650 contiguous acres by new stakings.
* Rehabilitation of the Charity Mine portal by mining contractor James Young of Montana was completed in September and October 2001. *See the enclosed photo collage taken during this period.
* The mining contractor removed the old portal and 140 feet of the old crosscut tunnel and constructed a new portal in solid rock. Steel matting with rock bolts was installed in the terracing above the portal to stop the hillside from sloughing down into the new portal area.
* Unity will continue to sell stock under our Washington State permit in order to fund the 2002 season. Use of funds for 2002: Mobilize contractor with surface and underground equipment and employees, purchase trailers and establish trailer sites and facilities for work crews. Contractor will develop ore and we will initially ship off-premises to an independent mill which will provide additional start-up income until our own mill facilities are installed.
* Unity has made great progress this year and the precious minerals boom is about to begin… Although gold and silver prices have remained relatively unchanged, January to November 2001, stock prices for 9 out of 10 major producers recently cited in a survey have increased an average of 49.66% or nearly 50% !
“There are junior companies out there beginning to explore again. There are new opportunities. All we need is the proverbial spark to make this market catch fire. With share prices of gold producers on the rise, it is only a matter of time before we see new junior companies sprouting up everywhere and a healthy exploration scene restored.” Keith M. Barron, PhD., August 22, 2001 Dr. Barron is a practicing geologist with 17 years gold exploration experience in 10 countries. www.gold-eagle.com/editorials
The price of Unity GoldSilver stock remains $2.00/share. Once production begins or gold/silver prices begin to rise, Unity may increase the stock price commensurate with the new price for precious minerals. If you intend to increase your Unity stock holdings, or if you have friends or family who would like to participate, “The opportunity is real! The time is now!”
* Board of directors: William Hommel, Guy Nanamkin, William Thomas, Richard Flaig, and Ray Bohn.
If you have any questions or comments please give me a call at 509-747-1613. Thanks for your confidence, participation and patience. The wait will be well worth it !!
Ray G. Bohn, President