Shareholder Update: August 2020 (Horn Silver Mines, Inc)
Salt Lake City, August 3rd, 2020
Dear Horn Silver Mines, Inc. Shareholder:
There has been a long hiatus in Horn Silver Mines, Inc. communication with shareholders and a corresponding lack of shareholder meetings. Records indicate that the last shareholders meeting was held in March of 1997 when a new president was elected. In that meeting, an Option Agreement was approved with the understanding that it would support further development of the Company’s properties. Little work appears to have come from this arrangement. Subsequent to that, the management team in place at the time stopped filing necessary reports with the Securities and Exchange Commission and ceased filing annual tax returns after the 1998 tax filing. All other shareholder communication stopped, as well.
In 2009, Horn Silver Mines, Inc. was formally delisted by a Securities and Exchange Commission administrative action for failure to file quarterly and annual reports since June of 1998. As a result of this, there currently is no market for Horn Silver Mines shares.
By 2010, concerns about performance and financial irregularities mandated a change of management. At a board meeting in October 2010, new management was installed, with Page Blakemore Jr. as president and Woods Silleroy as vice president, secretary, and treasurer. The board has a total of three members with Mr. Randall Mackey joining Mr. Blakemore and Mr. Silleroy.
From 2010 to present, new management immediately set about trying to return the company to solid footing. Between 2010 and the present, careful stewardship of the Company’s income has resulted in an improvement in the balance sheet. Horn Silver’s cash reserves now exceeding $300,000.
In 2016, two lease and option agreements were executed between Horn Silver and Volantis Resources, a US subsidiary of Alderan Resources based in Australia. These agreements cover the Company’s patented mining claims in Beaver County, Utah.
Starting in 2017, Volantis conducted a comprehensive exploration program that included geologic mapping, surface sampling, an airborne geophysical survey, and a comprehensive compilation of data regarding Horn Silver’s claims in the San Francisco Mining District. Volantis drilled more than 21,000 ft. of core to evaluate a number of promising geophysical targets identified by their geologic models. Despite encountering numerous significant intercepts of polymetallic mineralization during three years of exploration, no economic orebodies were defined. Shareholders are urged to monitor the Alderan website for future developments regarding this exploration program at http://alderanresources.com.au.
In November of 2019, Alderan announced an agreement with Kennecott Exploration Company (part of the Rio Tinto Group) defining a staged exploration program whereby Kennecott, at its sole discretion, may spend up to $30 million to acquire an interest in the property. Kennecott currently plans to conduct over 25,000 feet of rotary drilling during May and June of 2020. We are pleased to have an organization of this quality conducting exploration activities on Horn Silver’s mining claims. Kennecott began drilling operations in May of 2020 and currently drilling its first four-hole 6,000 foot program.
The lack of shareholder communication over the years has been a significant concern for management. Consequently, Horn Silver is attempting to establish channels that can facilitate corporate functions and ensure proper dissemination of information about the Company. The cost of mailing annual reports and conducting annual meetings is substantial, and it is therefore essential that email contact information be kept current.
Horn Silver has established a website with information about the Company, its history, its assets, and the ongoing exploration campaign (www.hornsilvermines.com). The website contains a feature that allows shareholders to register their contact information. Management strongly encourages shareholders to register with the Company in order to facilitate communication.
It is also important to keep shareholder address information current with the Company’s transfer agent, Pacific Stock Transfer (pacificstocktransfer.com/contact-us). Inquiries regarding share certificates, ownership, and share registration should be referred to them.
Pacific Transfer Information
Global Operations Center
6725 Via Austi Pkwy, Ste 300
Las Vegas, NV 89119
Phone: 702-361-3033 Ext 111
Toll Free: 800-785-7782
Fax: 702-433-1979
Corporate Office & Accounting
173 Keith St, Ste 3
Warrenton, VA 20186
Phone: 571-485-9998
Web: www.pacificstocktransfer.com
Fax: 540-878-5543
If any shareholder has questions, the Contact Page on our website can be used to contact management.
We look forward to receiving your contact information so that you can be kept advised of developments regarding the company.
Sincerely,
Page Blakemore
President & Chairman of the Board
Horn Silver Mines, Inc.