-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CsrbxB+CtfeR/Z+EOYOCCn6c09rkjydqpJhiNfXWAaGuoNc23kA4CsH1FUYBsxSQ IYRkUE/vPNNC5TW4Hevsrg== 0000802595-01-000016.txt : 20010322 0000802595-01-000016.hdr.sgml : 20010322 ACCESSION NUMBER: 0000802595-01-000016 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20010321 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MOTHER LODE GOLD MINES CONSOLIDATED CENTRAL INDEX KEY: 0000802595 STANDARD INDUSTRIAL CLASSIFICATION: GOLD & SILVER ORES [1040] IRS NUMBER: 942236016 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-16468 FILM NUMBER: 1573299 BUSINESS ADDRESS: STREET 1: 1440 CONCANNON BLVD STREET 2: NONE CITY: LIVERMORE STATE: CA ZIP: 94550 BUSINESS PHONE: 9254550802 MAIL ADDRESS: STREET 1: 1440 CONCANNON BLVD STREET 2: NONE CITY: LIVERMORE STATE: CA ZIP: 94550 10QSB 1 0001.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-QSB (Mark One) X QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED) For The Quarter Ended: June 30, 2000 _ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934. (NO FEE REQUIRED) For the Transition Period from ______________ to _______________. Commission File Number: 0-16468 MOTHER LODE GOLD MINES CONSOLIDATED (Exact name of Company as specified in its charter) CALIFORNIA 94-2236016 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 6601 Koll Center Parkway, Suite 132 Pleasanton, CA 94566-3126 (Address of principal executive offices) (Zip Code) Company's telephone number, including area code: (925) 461-4553 SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT: None SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT: Common Stock, No Par Value Documents incorporated by reference: Not Applicable Indicate by check mark whether the Company (l) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Act of 1934 during the preceding 12 months (or for such shorter period that the Company was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date. Class Outstanding Common Stock, 4,098,854 without par value as of June 30, 2000 Total Pages: 12 Exhibit Index on Page: 10 PART I - FINANCIAL INFORMATION Item 1. Financial information required by Item 310(b) of Regulation S-B and by Rule 10.01 of Regulation SX, for the Company's fiscal quarter ended June 30, 2000. The Company has prepared this information without independent audit. MOTHER LODE GOLD MINES CONSOLIDATED AND SUBSIDIARIES (A Development Stage Company) CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2000 TABLE OF CONTENTS Consolidated Balance Sheets as of June 30, 2000 and December 31, 1999 3 Consolidated Statement of Operations for the 6-month and 317 month period ending June 30, 2000. 4 Consolidated Statement of Cash Flows for the 6-month and 317 month period ending June 30, 2000 5 Consolidated Statements of Stockholder's Equity from inception on February 8, 1974 to June 30, 2000. 6 Notes to Consolidated Statements 7 (The balance of this page is intentionally left blank) MOTHER LODE GOLD MINES CONSOLIDATED AND SUBSIDIARIES (A Development Stage Company) BALANCE SHEETS (1990 through 2000 Unaudited) ASSETS June 30 December 31 2000 1999 (Unaudited) (Unaudited) Current Assets Cash $104 $2,061 Prepaid expenses 0 0 Total current assets 104 2,061 Other Assets Property rights 618,332 618,332 Note receivable from Amador United Gold Mines 47,953 46,512 Deposits 1,969 1,969 Total other assets 668,254 666,813 $668,358 $668,874 LIABILITIES AND SHAREHOLDERS EQUITY Current Liabilities Accounts payable $11,001 $28,909 California income tax 12,607 12,532 Total current liabilities 23,608 41,441 Non-current liabilities Notes payable 370,697 341,015 Deferred fees payable 175,627 175,627 Deferred officer's salary 213 213 Total non-current liabilities 546,538 516,855 Minority interest in equity of subsidiaries 238,662 238,679 Stockholder's equity Common stock, without par value, Authorized, 7,500,000 shares: Issued and outstanding, June 30 2000: 4,098,854 1999: 4,074,431 5,368,560 5,261,108 Paid-in capital representing rights to acquire a maximum of 1,420,656 shares (See Note 3) 1,251,830 1,438,715 Deficit accumulated during development stage (6,760,840) (6,827,924) Net stockholder's equity (140,450) (128,101) $668,358 $668,874 See accompanying notes MOTHER LODE GOLD MINES CONSOLIDATED AND SUBSIDIARIES (A Development Stage Company) CONSOLIDATED STATEMENTS OF OPERATIONS (1990 through 1999 Unaudited) 317 months from inception Three Months Ended Six Months Ended Feb 8, 1974 Jun. 30 Jun. 30 Jun. 30 Jun. 30 to Jun.30 2000 1999 2000 1999 2000 Pre-operating revenues: Payments received under joint venture agreements: Meridian Minerals $0 $0 $0 $0 754,924 Other 0 0 0 0 393,793 Investment income 0 0 0 0 69,991 Other Income 725 724 1,441 1,433 675,754 Sub-total 725 724 1,441 1,433 1,894,462 Pre-operating Expenses Lease and non-creditable option payments on mining properties 0 0 0 0 238,869 Loss on abandonment 0 0 0 0 2,435,903 Evaluation of mining properties (2,000) (9,285) (2,000) (9,260) 2,747,648 Legal and accounting 0 20 0 20 703,241 Interest expense 7,131 6,707 14,186 13,535 1,188,199 Administrative compensation 0 0 (79,433) 0 1,875,969 Other administrative expense 528 1,422 1,481 2,716 754,203 Depreciation 27 0 55 0 60,584 California Franchise tax 75 850 75 850 57,467 Uncompleted securities offering expense 0 0 0 0 78,635 Other expenses 45 0 45 0 214,073 Sub-total 5,805 (286) (65,591) 7,861 10,353,771 Net operating income (5,081) 1,010 67,032 (6,428) (8,459,330) Net gain resulting from subsidiary's issuance of stock for an amount different from MLGM's carrying value 0 0 0 0 485,364 Minority interest in loss of subsidiaries 0 2 0 4 1,213,024 Net gain/(loss) ($5,081) $1,012 $67,032 ($6,424) ($6,760,942) Primary gain/loss per share ($0.001) $0.000 $0.017 ($0.002) ($2.270) Fully diluted gain/loss per share ($0.001) $0.000 $0.014 ($0.001) ($2.134) See accompanying notes MOTHER LODE GOLD MINES CONSOLIDATED AND SUBSIDIARIES (A Development Stage Company) CONSOLIDATED STATEMENTS OF CASH FLOW (1990 through 1999 Unaudited) 317 months Six Months Ended from inception Jun. 30 Jun. 30 Feb 8, 1974 to 2000 1999 Jun 30, 2000 Cash flows from operating activities: $67,032 ($6,424) ($6,761,262) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 0 0 50,490 Salaries and fees 0 423 1,689,814 (Increase) Decrease in deposits 0 0 (1,969) (Increase) Decrease in pre-paid expenses 0 50 0 (Increase) Decrease in loans receivables (1,441) (1,433) (47,953) Increase (Decrease) in accounts payables (17,908) 5,670 11,001 Increase (Decrease) in long term loans 0 0 175,627 Increase (Decrease) in deferred officer salaries 0 0 213 Increase (Decrease) in income taxes payable 75 (262) 12,607 (Increase) Decrease in property loss abandonment 0 0 2,261,246 Other 0 0 320 Gross cash used in operating activities (19,273) 4,021 4,151,397 Cash flow from investing activities: Minority investment 34 0 238,662 Purchase of equipment 0 0 (50,728) Proceeds from sale of equipment 0 0 (2,100) Purchase of mining property 0 0 (2,888,042) Net cash provided by (used in) investing 34 0 (2,702,208) Cash flows from financing activities: Issuance of Series B Stock 0 0 47,748 Proceeds from sale of company stock 0 0 4,982,795 Increase (Decrease) in expiration of: Series A Preferred Stock 0 (9,310) (9,310) 1984 Option Plan (79,433) 0 (79,433) Net borrowing from notes payable 29,682 11,492 370,697 Net cash provided by financing activities (49,751) 2,182 5,312,497 Net increase (decrease) in cash ($1,958) ($224) $104 Cash, beginning of period 2,062 288 0 Cash, end of period $104 $64 $104 A. Supplemental disclosures of cash flow information for the 317 month since inception to June 30, 2000: Cash paid for: Interest $719,084 Income taxes $35,353 B. Supplemental schedule of non-cash investing and financing activities for the 317 months from inception to June 30, 1999: The Company has satisfied various liabilities (Note 3) by issuance of stock or options (Exercise price: $0.0001 per share) to acquire common stock: Stock Options Stock Salaries $1,204,082 Equipment 0 $5,000 Total $1,204,082 $5,000 See accompanying notes MOTHER LODE GOLD MINES CONSOLIDATED AND SUBSIDIARIES (A Development Stage Company) CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY (1990 through 1999 Unaudited) Deficit Accumulated Issued and Outstanding Paid-in During the Shares Amount Capital Development Stage From Inception, February 24, 1974 thru December 31, 1996 3,876,119 $4,977,473 $1,671,919 ($6,668,113) No shares were sold from Jan thru Dec 1997 Dec 1997: Shares issued to partners of terminated Gold Drilling Program No. 1 2,661 5,322 Paid-in capital representing options to acquire a cumulative maximum of 1,375,001 common shares 30,974 December 31, 1997 pre-operating net loss 0 0 0 (66,855) As of December 31, 1997 3,878,780 4,982,795 1,702,893 (6,734,968) No shares were sold from Jan thru Dec 1998 Paid-in capital representing options to acquire a cumulative maximum of 1,531,294 common shares 23,495 December 31, 1998 pre-operating net loss 0 0 0 (70,291) As of December 31, 1998 3,878,780 4,982,795 1,726,338 (6,805,299) No shares were sold from Jan thru Dec 1999 Series A Preferred shares converted to common shares 155,490 278,313 (278,313) Series A Preferred options expired (9,310) Paid-in capital representing options to acquire a cumulative maximum of 1,442,544 common shares 0 December 31, 1999 pre-operating net gain 0 0 0 (22,625) As of December 31, 1999 4,034,170 $5,261,108 $1,438,715 ($6,827,924) No shares were sold from Jan thru Mar 2000 Series A Preferred shares converted to common shares 64,684 107,452 (107,452) 1984 Stock option Plan Deferred Compensation Expiration of Options (79,433) Paid-in capital representing options to acquire a cumulative maximum of 1,420,656 common shares 0 June 30, 2000 pre-operating net gain 0 0 0 67,032 As of June 30, 2000 4,098,854 $5,368,560 $1,251,830 ($6,760,840) See accompanying notes MOTHER LODE GOLD MINES CONSOLIDATED AND SUBSIDIARIES NOTES TO FINANCIAL STATEMENTS JUNE 30, 2000 1. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared by the Company in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-QSB and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the three-month period ended June 30, 2000 are not necessarily indicative of the results that may be expected for the year ending December 31, 2000. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Form 10KSB for the year ended December 31, 1999. 2. MINING PROPERTIES A. The Company currently has property rights only in El Dorado County on approximately 600 acres in the "Big Canyon" mining area in El Dorado County, California. 1. Big Canyon Mining and Cattle Corporation Property A lease, with an option to purchase for surface and mineral rights on 584.07 acres was made effective July 1, 1996. 2. Fort Yuma Claims: Two unpatented lode claims, directly owned by the Company, totaling about 20 acres, are located in an area open to mineral entry under the General Mining Law of 1972. B. Minimum Annual Land Lease Payments Assuming these properties are retained, and the payment schedule tentatively agreed to for the Big Canyon property is unchanged, the minimum payments are as follows: Year Amount 2000 (6 months) $2,100 2001 $2,100 2002 $2,100 3. STOCK OPTION PLANS The Company has two active stock option plans (1995 Stock Option Plan and Directors' Stock Option Plan).Northern Mines Inc., a subsidiary of the Company has no active stock plan as all of the options expired March 1, 2000. The options are valued at the amount of the salary or other amounts owed, and are recorded in these amounts as paid-in capital, with offsets to expense, or accounts payable as appropriate. As of the date of this Form 10-QSB, they are summarized as follows: A. Option plans for employees, directors and consultants: Plan Expiration Exercise Common Shares Reserved for Date Price Under Option Future Grant 1. Mother Lode Gold Mines Consolidated, unissued shares of common stock: 1995 Plan Jun 2005 $2.00 100,000 0 Director's Jun 2005 $2.00 40,000 60,000 Total 140,000 60,000 The exercise prices of the foregoing incentive options were above market prices at the date of grant, so no compensation expense, or capital credit has been accounted for in connection with these options. MOTHER LODE GOLD MINES CONSOLIDATED AND SUBSIDIARIES NOTES TO FINANCIAL STATEMENTS JUNE 30, 2000 B. Compensatory options issued for services and/or in satisfaction of Company indebtedness. 1. Mother Lode Gold Mines Consolidated: a.Options on Series A preferred stock, callable at $10 per share, $.0001 exercise price, each convertible to common stock for a minimum of 2.1316 shares, increasing at a rate of 10% per annum to a maximum of 3.3368 shares after five years, and if the common stock has not been registered under the Securities Act of 1933, then increasing at 10% per annum to a maximum of 5.4901 shares, until final expiration at the end of an additional five years. Through June 30, 2000, a total of 290,056 options for preferred shares were issued and outstanding for salaries and fees to officers and others, at prices ranging from $10.00 to $1.53/share of preferred stock. Shares on Exercise Common Shares Amount of Expense Conversion Price/Share Under Option or Debt Relief Minimum: 585,605 Maximum, 5 years class: .0001 266,156 Maximum, 10 years class: .0001 1,154,500 1,420,656 $1,204,082 b. Options on Series B preferred stock, callable at $10 per share , $.0001 exercise price, each convertible to common stock for a minimum of 5.00 shares, increasing at a rate of 0.05 shares per annum to a maximum of 5.20 shares after four years, and if the common stock has not been registered under the Securities Act of 1933, at a rate of 5.25 shares from the fifth anniversary, until final expiration at the end of an additional five years. Through June 30, 2000 a total of 4,775 options for preferred shares were issued for lease payments due to third parties at $10.00/share of preferred stock. Shares on Exercise Common Shares Amount of Expense Conversion Price/Share Under Option or Debt Relief Minimum: 4,775 Maximum, 5 year Class .0001 24,830 $ 47,748 Combined Series A and Series B Total amount of expense relief (Series A and Series B) $1,251,830 c. A summary of the changes in options outstanding, as of June 30, 2000 follows: Compensatory Options, Maximum Shares of common stock: January 1, 2000 Series B Preferred 24,830 Series A Preferred, 5-year expiration class 329,377 Series A Preferred, 10-year expiration class 1,115,170 Total 1,469,382 Net Changes, 2000 Series A Preferred, 5-year expiration class (63,221) Series A Preferred, 10-year expiration class 39,325 Balance, June 30, 2000 1,445,486 4. OFFICE LEASE The Company shares 1,400 square feet of office space in a Class A low rise building in a garden office park. The Company's share of the monthly lease payment is $510, plus annual operating and tax escalations. Part I - Financial Information (continued) Item 2. Management's Discussion an Analysis of Financial Condition and Results of Operations. Summary of Financial Results. Mother Lode Gold Mines Consolidated and its consolidated subsidiaries (the "Company") showed a Second Quarter 2000 loss of $5,081, with the combined first six months having a gain of $67,032. The Company has no cash income from the projects in which the Company has an interest. Sources of cash flow to the Company have historically been derived from: (1) mining contracts with other mining companies, (2) securities offerings and (3) drilling programs. As of June 30, 2000, the Company had outstanding advances for land and administrative services to subsidiary corporations as follows: Amador United Gold Mines - $101,165; Northern Mines Inc. - $174,648; Pacific FarEast Minerals, Inc. - $4,574. During the second Quarter, there were no placements of common stock. There were a total of 64,684 shares issued on exercise of Series A Preferred options. The total number of common shares of the Company as of June 30, 2000 is 4,098,854. Cash payments for officer's compensation were suspended effective October 1, 1988, and remain in effect through June 30, 2000 and are in effect as of the date of this report. These deferred salaries are payable in stock options or cash, as the Board of Directors may from time to time decide. For the quarter ending June 30, 2000 no options were issued. To date, 350,000 shares have been authorized and options for 290,056 shares of Series A Preferred Stock have been granted and remain active. Preparation of Financial Statements. The consolidated financial statements of June 30, 2000, and for the three-month period then ended, were prepared by the Company and have not been reviewed by independent auditors prior to filing. Amador United Gold Mines ("AUGM"). There was no activity by this corporation during the Second Quarter 2000. The Company owns 48.37 % of the common stock (the only outstanding security) of AUGM. Northern Mines Inc. ("NMI"). There was no activity by this corporation during the Second Quarter 2000. The Company owns 81.86% of the common stock (the only outstanding security) of NMI. Pacific FarEast Minerals, Inc. ("PFEM") During the First Quarter 2000, PFEM continued its responsibilities under the two joint ventures in the People's Republic of China. The Company owns 35% of the common stock of PFEM. PART II - OTHER INFORMATION Item 1. Legal Proceedings. The Company is not aware of any material legal proceedings to which the Company or any subsidiary is a party or of which any of their properties is subject, nordoes the Company know of any such proceedings currently contemplated by any governmental agency. Item 2. Changes in Security: Not Applicable. Item 3. Default Upon Senior Securities: Not applicable. Item 4. Submission of Matters to a Vote of Security Holders: Not applicable. Item 5. Other Information: Not applicable Item 6. Exhibits and Reports on Form 8-K. Not Applicable Exhibit 11, Statement re Computation of Per Share Earnings which Exhibit begins at Sequential Page 12. No reports on Form 8-K were filed during the period of this Form 10-QSB. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Company had duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. MOTHER LODE GOLD MINES CONSOLIDATED By o/s Frank M. Orrell o/s Byron S. James Frank M. Orrell, Byron S. James, Chairman, CEO Chief Financial Officer Date: February 20, 2001 Date: February 20, 2001 MOTHER LODE GOLD MINES CONSOLIDATED AND SUBSIDARIES EARNINGS PER SHARE (FULLY DILUTED) CUMULATIVE 317 MONTHS 3 MONTHS 3 MONTHS 6 MONTHS 6 MONTHS 12 MONTHS DATE SHARES SHARES MONTHS TO 6/30/00 TO 6/30/00 TO 6/30/99 TO 6/30/00 TO 6/30/99 TO 12/31/99 For the period 02/08/74 thru 12/31/96 (A,B,C,D) 275 810,494,430 01/01/97 (C) 22,853 4,513,352 3 13,540,056 03/31/97 (C) 22,450 4,535,802 3 13,607,406 06/30/97 (C) 20,192 4,555,994 3 13,667,982 09/30/97 (C) 4,035 4,560,029 3 13,680,087 12/31/97 (C) 4,035 4,564,064 3 13,692,192 03/31/98 (C) 4,035 4,568,099 3 13,704,297 06/30/98 (C) 4,035 4,572,134 3 13,706,402 09/30/98 (C) 16,366 4,588,500 3 13,765,500 12/31/98 (C) 16,366 4,604,866 3 13,814,598 13,.814,598 13,814,598 03/31/99 (C) 0 4,604,866 3 13,814,598 13,814,598 13,814,598 13,814,598 06/30/99 (C) 95,037 4,699,903 3 14,099,709 14,099,709 09/30/99 (C) 28,713 4,728,616 3 14,185,848 14,185,848 12/31/99 (C) 31,640 4,760,256 3 14,208,768 14,208,768 03/31/00 (C) 32,342 4,792,598 3 14,377,794 14,377,794 14,377,794 06/30/00 (C) 32,342 4,824,940 0 0 317 1,004,441,667 14,377,794 13,814,598 28,658,562 27,629,196 55,914,753 MONTHS 317 3 3 6 6 12 WEIGHTED AVERAGE SHARES 3,168,586 4,792,598 4,604,866 4,776,427 4,604,866 4,659,563 NET INCOME/(LOSS) ($6,760,942) ($5,081) $1,012 $67,032 ($6,424) ($22,675) EARNINGS/(LOSS) PER SHARE FULLY DILUTED ($2.134) ($0.001) $0.000 $0.014 ($0.001) ($0.005) NOTES: (A) Share amounts have been restated for the following: 5:1 stock split - 1977; 15:1 stock split - 1978; 10% stock dividend - 1984. (B) Includes February 1992 cancellation of shares held by Northern Mines, Inc., an 82% owned subsidiary of Mother Lode Gold Mines Consolidated. (C) Assumes the exercise and conversion of Series A preferred shares previously issued were converted on this date. (D) Previous reports of earnings-per-share have reflected the exercise of 100,614 options that could have occurred in 1975. These options were not execised and hence are deleted from this, and all future, earnings-per-share reports. MOTHER LODE GOLD MINES CONSOLIDATED AND SUBSIDARIES EARNINGS PER SHARE (PRIMARY CUMULATIVE 317 MONTHS 3 MONTHS 3 MONTHS 6 MONTHS 6 MONTHS 12 MONTHS DATE SHARES SHARES MONTHS TO 6/30/00 TO 6/30/00 TO 6/30/99 TO 6/30/00 TO 6/30/99 TO 12/31/99 For the period 02/08/74 thru 12/31/96 (A,B,C) 275 779,649,314 01/01/97 0 3,876,522 3 11,629,566 03/31/97 2,258 3,878,780 3 11,636,340 06/30/97 0 3,878,780 3 11,636,340 09/30/97 0 3,878,780 3 11,636,340 12/31/97 0 3,878,780 3 11,636,340 03/31/98 0 3,878,780 3 11,636,340 06/30/98 0 3,878,780 3 11,636,340 9/30/98 0 3,878,780 3 11,636,340 12/31/98 0 3,878,780 3 11,636,340 11,636,340 11,636,340 03/31/99 0 3,878,780 3 11,636,340 11,636,340 11,636,340 11,636,340 06/30/99 95,037 3,973,811 3 11,921,541 11,921,541 09/30/99 28,713 4,002,530 3 12,007,590 12,007,590 12/31/99 31,640 4,034,170 3 12,102,510 12,102,510 03/31/00 32,342 4,066,512 3 12,199,536 12,199,536 12,199,536 06/30/00 32,342 4,098,854 0 317 944,237,027 12,199,536 11,636,340 24,302,046 23,272,680 47,201,721 MONTHS 317 3 3 6 6 12 WEIGHTED AVERAGE SHARES 2,978,666 4,066,512 3,878,780 4,050,341 3,878,780 3,933,477 NET INCOME/(LOSS) ($6,760,942) ($5,081) $1,012 $67,032 ($6,424) ($22,625) EARNINGS/(LOSS) PER SHARE PRIMARY ($2.270) ($0.001) $0.000 $0.017 ($0.002) ($0.006) NOTES: (A) Share amounts have been restated for the following: 5:1 stock split - 1977; 15:1 stock split - 1978; 10% stock dividend - 1984. (B) Includes February 1992 cancellation of shares held by Northern Mines, Inc., an 82% owned subsidiary of Mother Lode Gold Mines Consolidated. (C) Previous reports of earnings-per-share have reflected the exercise of 100,614 options that could have occurred in 1975. These options were not execised and hence are deleted from this, and all future, earnings-per-share reports. Sequential Page Number 10 -----END PRIVACY-ENHANCED MESSAGE-----