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Show EDITORS NOTE; . This story, reprinted from the Northern . Miner, Toronto, Canada was sent to the NEWS ' by Henry Schoo. It reports the final settlement between Shield Development and Essex Es-sex International on the Mil-ford Mil-ford Mine. Shield Development Develop-ment and Essex International ford Mine. Shield opened the mine and mill in 1970 on a lease from Toledo Mining. Min-ing. In 1973 they leased the operation to Essex, who operated it until January of 1975, when they closed down operations. The mine and mill have been closed since while the case was in litigation. liti-gation. The mine and mill provided from 100 to 150 jobs during It's operation from 1970 to 1975. It will be welcome news to West Beaver County, if Shield brings the mine and mill back Into operation. J.P. 'Pat' Sheridan and his Shield Development Co. have come out winners in a long drawn out legal battle bat-tle wagd In the UJS. Supreme Su-preme Court against Es-! sex International, Inc. The award gives Shield $2,157,000 plus Interest back to 1975 when the suit was launched for the recovery recov-ery of damages, and loss of profits from the Mllford copper mine in Utah. (Under the terms of the Essex-Shield agreement, if that operation was terminated termin-ated by Essex, Shield was to get the right of first refusal re-fusal to purchase the equipment equip-ment and facilities provided by Essex. That, apparent-' ly was not done with bulk of the plant and equipment removed without even notifying noti-fying Shield). Mr. Sheridan tells The Northern Miner that it is Shields Intention to bring the property back into production pro-duction at a rate of 1,750 tons per day. In addition to the copper, gold and silver sil-ver content of the ore, considerable con-siderable emphasis will be placed on the recovery of the recovery of the rather significant molybdenum content con-tent that was ignored in past operations. This could amount to as much as two pounds per ton. Work on bringing the mine back will commence as soon as the Toledo matter Is cleared cle-ared up. Cost to production is expected to run to $3 million. Mr. Sheridan says that Shield, which had been granted grant-ed a time extension because ' of the law caxe, will be issuing is-suing an annual report shortly. short-ly. But In the first six months last year the com -pany did report a net profit of $634,417 and has had substantial earnings since. A t that time Shield had working work-ing capital of $1,752,297. For all the trials and tribulations trib-ulations that the Shield shareholders have suffer -(Continued on Page 2) here's more about SHIELD MINE ed, they haven't fared all that badly. For one thing they recently received a dividend of one share of Diepdaume Mines for each share of Shield held. This stock is listed on the VancouverStock Exchange and is currently trading around the $2 mark. And there are more of these dividends of spinoffs coming. If Shield exercises exercis-es all its existing options, it will own 557,000 shares of Talisman Mines at an average cost of 38?. Providing Pro-viding regulatory approval is granted plans are to distribute dis-tribute this Talisman stock to Shield holders on the basis of one share for each six. Coming up for distribution distribu-tion also, will be shares of South Shield, a new company com-pany being formed' to hold all Shield's UJS. assets. Shield also holds a ma-job ma-job stake In New Texmont Explorations, whose 90 owned subsidiary Intex Mining Min-ing Co. is going to go public pub-lic and carry out some direct dir-ect financing for work on Its well regarded TullyTwp. gold propertylntheTlmmlns area. While this would be further down the line, It could well be that Shield will also distribute some of Its Intex holdings. |