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Silver Mountain Lead Mines Inc – ‘10-K405’ for 12/31/95

As of:  Wednesday, 3/27/96   ·   For:  12/31/95   ·   Accession #:  90366-96-2   ·   File #:  1-03728

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  As Of                Filer                Filing    For·On·As Docs:Size

 3/27/96  Silver Mountain Lead Mines Inc    10-K405    12/31/95    2:31K

Annual Report — [x] Reg. S-K Item 405   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K405     Silver Mountain Lead Mines Inc Form 10-K              18     68K 
 2: EX-27       Financial Data Schedule                                1      6K 


10-K405   —   Silver Mountain Lead Mines Inc Form 10-K
Document Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
2Item 1. Business
4Item 2. Property
"Item 3. Legal Proceedings
"Item 4. Submission of Matters to a Vote of Security Holders
5Item 5. Market for the Registrant's Common Stock and Related
6Item 6. Selected Financial Data
7Item 7. Management's Discussion and Analysis of Financial
"Item 8. Financial Statements and Supplementary Data
13Item 9. Disagreements on Accounting and Financial Disclosure
14Item 10. Directors and Executive Officers of the Registrant
"Item 11. Executive Compensation
15Item 13. Certain Relationships and Related Transactions
16Item 12. Security Ownership of Certain Beneficial Owners &
17Item l4. Exhibits, Financial Statement Schedules and Reports on
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SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended DECEMBER 31, 1995 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________________ to ______________________ Commission File No. 132-3 ----------------------------------------------------------- SILVER MOUNTAIN LEAD MINES, INC. ------------------------------------------------------ (Exact name of Registrant as specified in its charter) Idaho 82-6008744 ------------------------------- ------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 6500 Mineral Drive Coeur d'Alene, Idaho 83814-8788 ------------------------------------------- ------------------------- (Address of principal executive offices) (Zip Code) (Registrant's telephone number, including area code) 208-769-4100 ------------------------- Securities registered pursuant to Section 12(g) of the Act: Title of each class ------------------------------------------ Common stock, par value 10 cents per share Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for at least the past 90 days. Yes XX No -------- ------ Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [ X ] The aggregate market value of the registrant's voting common stock held by non-affiliates was $153,300 as of May 24, 1991, the date Silver Mountain Lead Mines ceased being quoted on the Spokane Stock Exchange (due to the Exchange's discontinuance of operations). As of February 29, 1996, there were 3,066,000 shares of the registrant's common stock outstanding.
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PART I ------ Item 1. Business -------- Silver Mountain Lead Mines, Inc. (Silver Mountain or the Company), an Idaho corporation, was organized in 1952. At present the Company is engaged in no activity other than necessary maintenance work on its property. On June 15, 1954, Silver Mountain entered into an agreement with Hecla Mining Company (Hecla) and The Bunker Hill Company (Bunker Hill) whereby these two companies would explore and develop the mining properties owned or held by Silver Mountain and would mine any commercial ore deposits discovered as a result of this exploration and development. The contract provided that if commercial ore was found on the Silver Mountain property, Hecla and Bunker Hill would provide all necessary mining equipment and would mine the ore of which Silver Mountain would receive 25% with Hecla and Bunker Hill sharing equally in the remaining 75%. Any charges against Silver Mountain for such costs, in excess of their net smelter returns from any ores produced, would be carried forward to be paid only from net profits from any future production of such property. The contract contained a provision that when and if a commercial ore body was discovered on the property or after a total of $1,000,000 had been expended on exploration and development of said property, Silver Mountain would then own an undivided 25% interest in the property. On October 7, 1959, Silver Mountain was advised by Hecla and Bunker Hill that exploration work, which cost in excess of $1,600,000, had been performed on the property under the terms of the above agreement. $538,000 of such costs was advanced by the Defense Minerals Exploration Administration. After being notified of this fact, Silver Mountain deeded to Hecla and Bunker Hill each an undivided 37.5% interest in the Silver Mountain property under the terms of the agreement. Since the 1954 Agreement was terminated on October 7, 1959, the necessary maintenance and assessment work on the property has been performed by Hecla and Bunker Hill or other outside parties and Silver Mountain has been charged 25% of such expenses. On November 1, 1982, Bunker Limited Partnership purchased from The Bunker Hill Company all of its Idaho assets and certain liabilities. Included in this purchase by Bunker Limited Partnership were its 37.5% interest in the Silver Mountain property, 896,000 shares of Silver Mountain stock, and notes receivable from Silver Mountain. As a result of this purchase, -2-
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Bunker Limited Partnership and Hecla continued management of the Silver Mountain property. On June 6, 1988, the Company entered into a mining lease with Hecla whereby Hecla received the exclusive right to the exploration, development and mining operations upon the Company's property for a period of 25 years subject to cancellation if the property was not in production within 15 years. This lease was in exchange for a net profits royalty of 40%. On January 18, 1991, the lease was terminated. At February 9, 1995, Bunker Limited Partnership and Hecla Mining Company, pursuant to an agreement dated June 15, 1954, each owned an undivided 37.5% interest in the Silver Mountain property. Stock ownership of the two companies at February 9, 1995, was as follows: [Download Table] Shares Held as of Percent of February 9, 1995 Ownership ----------------- ---------- Bunker Limited Partnership 896,000 29.22% Hecla Mining Company 115,000 3.75% --------- ----- Total 1,011,000 32.97% ========= ===== On February 10, 1995, Hecla Mining Company acquired Bunker Limited Partnership's 37.5% undivided interest in the Silver Mountain property and their entire stock interest in the Company. Hecla currently holds 1,011,000 or 32.97% shares of common stock of the Company. From November 1, 1982 to December 31, 1994, Bunker Limited Partnership provided the Company with general accounting services. Commencing January 1, 1995, Hecla Mining Company (which owned 32.97% of common stock from February 10, 1995 to December 31, 1995) provided accounting and legal services to Silver Mountain. In 1995, Silver Mountain paid Hecla Mining Company $9,000 for these services. At December 31, 1995, the Company had obligations to Hecla Mining Company totaling $4,458 and $63,927 for accounts payable and notes payable, respectively. At December 31, 1994, the Company held notes payable to Hecla Mining Company and Bunker Limited Partnership totaling $38,038 and $25,889, respectively. Silver Mountain is an inactive company. It has no known ore reserves and at present has no immediate plans for developing the property. -3-
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Item 2. Property -------- Silver Mountain's property is located about one and one-half miles east of Mullan, Idaho. In 1993, Silver Mountain, together with the co-owners (Hecla Mining Company and Bunker Limited Partnership) relinquished its rights to certain unpatented mining claims, thereby reducing its property ownership from a 25% interest in 26 patented claims, 93 unpatented claims, and 160 acres of mineral rights to a 25% interest in 37 patented mining claims and 160 acres of patented mineral property. Item 3. Legal Proceedings ----------------- None Item 4. Submission of Matters to a Vote of Security Holders --------------------------------------------------- None -4-
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PART II ------- Item 5. Market for the Registrant's Common Stock and Related ---------------------------------------------------- Security Holder Matters ----------------------- a. The Company's stock ceased to be traded on any stock exchange May 24, 1991 when the Spokane Stock Exchange (where the stock had been listed) discontinued operations. The relative high and low sales price for 1991 up to the date trading activity ceased on the Spokane Stock Exchange are as follows: [Download Table] Sales Price Fiscal Year Fiscal Quarter Ended High Low ----------- -------------------- ------------------- 1991.................... March 31, 1991 .10 .07 June 30, 1991 (through May 24, 1991) .07 .05 At February 29, 1996, the bid and ask price for the Company's common stock was five cents and eight cents, respectively. However, there has not been an established trading market for the common stock price since May 24, 1991, and, as such, the bid and ask price do not constitute a reliable indication of the price that a holder of common stock could expect to receive upon the sale of any particular quantity thereof. b. As of February 29, 1996, there were approximately 1,058 shareholders of the Company's common stock. c. The Company has paid no dividends and does not anticipate being able to pay any in the foreseeable future. -5-
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Item 6. Selected Financial Data ----------------------- The Company is an inactive company. A summary of its operations for the five-year period ended December 31, 1995 is as follows: [Download Table] 1995 1994 1993 1992 1991 ---------- ---------- ---------- ---------- ---------- Income: Royalties $ - - $ - - $ - - $ - - $ 1,172 Net timber proceeds - - - - - - 28,318 - - Other 2,478 1,685 1,845 1,645 2,024 ---------- ---------- ---------- ---------- ---------- Total income 2,478 1,685 1,845 29,963 3,196 Administrative expense (9,245) (1,400) (1,931) (1,573) (9,138) ---------- ---------- ---------- ---------- ---------- Net income (loss) from operations before income taxes (6,767) 285 (86) 28,390 (5,942) Provision for income taxes 33 - - 4,431 - - - - ---------- ---------- ---------- ---------- ---------- Net income (loss) $ (6,800) $ 285 $ (4,517) $ 28,390 $ (5,942) ========== ========== ========== ========== ========== Net income (loss) per common share $ (0.00222) $ 0.00009 $ (0.00147) $ 0.00926 $ (0.00194) ========== ========== ========== ========== ========== Total assets $ 398,719 $ 401,505 $ 401,327 $ 402,881 $ 377,658 ========== ========== ========== ========== ========== Long-term debt $ 63,927 $ 63,927 $ 63,927 $ 63,927 $ 63,927 ========== ========== ========== ========== ========== No cash dividends were declared in the five-year period ended December 31, 1995. -6-
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Item 7. Management's Discussion and Analysis of Financial ------------------------------------------------- Results of Operations --------------------- The Company's general financial condition remained unchanged during 1995 compared to 1994. Cash and cash equivalents decreased $2,786 (4%) from $64,351 at December 31, 1994 to $61,565 at December 31, 1995. Working capital declined $6,800 (11%) from $63,907 at December 31, 1994 to $57,107 at December 31, 1995. The decreases in cash and cash equivalents and working capital are primarily attributable to holding costs partially offset by an $805 increase in interest income. The 1995 net loss of $6,800 was $7,085 less than the net income in 1994 totaling $285. This decrease in earnings was primarily attributable to an $8,000 increase in accounting and legal fees partially offset by a $805 increase in interest income. In January 1995, Hecla Mining Company began to provide accounting and legal services to the Company for $750 per month. The Company expects to keep the property on a care-and-maintenance basis. Management believes that the Company has sufficient cash and cash equivalents at December 31, 1995 to meet its present and intermediate financial requirements. The Company is presently inactive and is no longer considered to be in the development stage. All costs are being expensed as incurred. Through December 31, 1994, the Company was considered a development stage company. Silver Mountain has not adopted the provisions of Statement of Financial Accounting Standards, No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of" (SFAS No. 121) which is required to be adopted for fiscal years beginning after December 15, 1995. Management believes that the adoption of the provision of SFAS No. 121 will not have a material effect on the results of operations, financial condition, or cash flows of Silver Mountain. The information reported under Item 6. Selected Financial Data and Item 8. Financial Statements and Supplementary Data regarding financial condition is incorporated herein by reference. Item 8. Financial Statements and Supplementary Data ------------------------------------------- -7-
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SILVER MOUNTAIN LEAD MINES, INC. UNAUDITED BALANCE SHEETS December 31, 1995 and 1994 ---------- [Download Table] ASSETS 1995 1994 --------- --------- Current assets: Cash and cash equivalents $ 61,565 $ 64,351 --------- --------- Total current assets 61,565 64,351 --------- --------- Property, plant and equipment Mining claims 307,095 307,095 Deferred development costs 30,059 30,059 --------- --------- 337,154 337,154 --------- --------- Total assets $ 398,719 $ 401,505 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 4,458 $ 444 --------- --------- Total current liabilities 4,458 444 --------- --------- Long-term liabilities: Note payable - Hecla Mining Company 63,927 38,038 Notes payable - Bunker Limited Partnership - - 25,889 --------- --------- 63,927 63,927 --------- --------- Total liabilities 68,385 64,371 --------- --------- Stockholders' equity: Common stock; nonassessable, par value $0.10 per share 5,000,000 shares authorized, 3,066,000 shares outstanding 306,600 306,600 Accumulated surplus 23,734 30,534 --------- --------- 330,334 337,134 --------- --------- Total liabilities and stockholders' equity $ 398,719 $ 401,505 ========= ========= The accompanying notes are an integral part of the financial statements. -8-
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SILVER MOUNTAIN LEAD MINES, INC. UNAUDITED STATEMENTS OF INCOME AND ACCUMULATED SURPLUS For the years ended December 31, 1995, 1994, and 1993 _________ [Download Table] 1995 1994 1993 --------- -------- --------- Income: Transfer fees $ 32 $ 44 $ 180 Interest income 2,446 1,641 1,665 --------- -------- --------- Total income 2,478 1,685 1,845 --------- -------- --------- Expenses: Accounting and legal fees 9,000 1,000 1,000 Office expenses (20) - - 43 Filing fees 250 250 250 Property taxes (230) 104 450 Stock transfer expense 245 36 188 --------- -------- --------- Total expenses 9,245 1,390 1,931 Income (loss) from operations before provision for income taxes (6,767) 295 (86) Provision for income taxes 33 10 4,431 --------- -------- --------- Net income (loss) (6,800) 285 (4,517) Accumulated surplus at beginning of year 30,534 30,249 34,766 --------- -------- --------- Accumulated surplus at end of year $ 23,734 $ 30,534 $ 30,249 ========= ======== ========= Net income (loss) per common share $(0.00222) $0.00009 $(0.00147) ========= ======== ========= Cash dividends per share $ - - $ - - $ - - ===== ===== ===== Weighted average number of common shares outstanding 3,066,000 3,066,000 3,066,000 ========= ========= ========= The accompanying notes are an integral part of the financial statements. -9-
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SILVER MOUNTAIN LEAD MINES, INC. UNAUDITED STATEMENTS OF CASH FLOWS For the years ended December 31, 1995, 1994 and 1993 _________ [Download Table] 1995 1994 1993 -------- -------- -------- Operating activities: Net income (loss) $ (6,800) $ 285 $ (4,517) Adjustments to reconcile net income (loss) to net cash provided (used) by operations: Change in: Accounts payable 4,014 (107) (56) Accrued income tax payable - - - - 3,019 -------- -------- -------- Net cash provided (used) by operating activities (2,786) 178 (1,554) -------- -------- -------- Net increase (decrease) in cash and cash equivalents (2,786) 178 (1,554) Cash and cash equivalents at beginning of period 64,351 64,173 65,727 -------- -------- -------- Cash and cash equivalents at end of period $ 61,565 $ 64,351 $ 64,173 ======== ======== ======== Supplemental disclosure of cash flow information Cash paid during period for income tax $ - - $ - - $ - - ======== ======== ======== The accompanying notes are an integral part of the financial statements. -10-
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SILVER MOUNTAIN LEAD MINES, INC. NOTES TO FINANCIAL STATEMENTS -------------- NOTE 1: SIGNIFICANT ACCOUNTING POLICIES The Company is presently inactive and is no longer considered to be in the exploration and development stage. All costs are presently being expensed as incurred. No provision has been made for depreciation since the Company is inactive. The Company considers cash equivalents to consist of highly liquid investments with a remaining maturity of three months or less when purchased. Property, plant and equipment are stated at the lower of cost or estimated net realizable value. Maintenance, repairs and renewals are charged to operations. Betterments of a major nature would be capitalized. When assets are retired or sold, the costs and related allowances for depreciation and amortization are eliminated from the accounts and any resulting gain or loss is reflected in operations. Idle facilities, placed on a standby basis, are carried at the lower of net book value or estimated net realizable value. NOTE 2: PROPERTY, PLANT AND EQUIPMENT The Company acquired its property located in the Coeur d'Alene Mining District, Shoshone County, Idaho, for cash of $494.50 and through issuance of 3,066,000 shares of capital stock. A total of 316,000 shares were issued to officers and/or directors at the date of issuance including 92,600 shares issued to current officers and/or directors. Silver Mountain has not adopted the provisions of Statement of Financial Accounting Standards, No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of" (SFAS No. 121) which is required to be adopted for fiscal years beginning after December 15, 1995. Management believes that the adoption of the provision of SFAS No. 121 will not have a material effect on the results of operations, financial condition, or cash flows of Silver Mountain. -11-
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NOTE 3: LONG-TERM LIABILITIES The notes payable to Hecla Mining Company and Bunker Limited Partnership represent noninterest bearing advances for annual assessment work which are to be repaid only from production should a commercial ore deposit be discovered and mined. At December 31, 1995, the Company owed Hecla Mining Company $63,927 for such advances. Pursuant to a February 9, 1995 agreement, Bunker Limited Partnership sold its interest in the Company and notes receivable from the Company to Hecla Mining Company. NOTE 4: RELATED PARTIES At February 9, 1995, Bunker Limited Partnership and Hecla Mining Company, pursuant to an agreement dated June 15, 1954, each owned an undivided 37.5% interest in the Silver Mountain property. Stock ownership of the two companies at February 9, 1995, was as follows: [Download Table] Shares Held as of Percent of February 9, 1995 Ownership ----------------- ---------- Bunker Limited Partnership 896,000 29.22% Hecla Mining Company 115,000 3.75% --------- ----- Total 1,011,000 32.97% ========= ===== On February 10, 1995, Hecla Mining Company acquired Bunker Limited Partnership's 37.5% undivided interest in the Silver Mountain property and their entire stock interest in the Company. Hecla currently holds 1,011,000 or 32.97% shares of common stock of the Company. From November 1, 1982 to December 31, 1994, Bunker Limited Partnership provided the Company with general accounting services. Commencing January 1, 1995, Hecla Mining Company (which owned 32.97% of common stock from February 10, 1995 to December 31, 1995) provided accounting and legal services to Silver Mountain. In 1995, Silver Mountain paid Hecla Mining Company $9,000 for these services. At December 31, 1995, the Company had obligations to Hecla Mining Company totaling $4,458 and $63,927 for accounts payable and notes payable, respectively. At December 31, 1994, the Company held notes payable to Hecla Mining Company and Bunker Limited Partnership totaling $38,038 and $25,889, respectively. NOTE 5: FAIR VALUE OF FINANCIAL INSTRUMENTS The following estimated fair value amounts have been determined using available market information and appropriate valuation methodologies. However, considerable judgment is required to -12-
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interpret market data and to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current market exchange. The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value. Potential income tax ramifications related to the realization of unrealized gains and losses that would be incurred in an actual sale or settlement have not been taken into consideration. The carrying amounts for cash and cash equivalents and current liabilities are a reasonable estimate of their fair values. The estimated fair values of financial instruments are as follows: [Download Table] December 31, ------------------------------------------------ 1995 1994 --------------------- ---------------------- Carrying Fair Carrying Fair Amounts Value Amounts Value --------- -------- -------- --------- Financial assets Cash and cash equivalents $ 61,565 $ 61,565 $ 64,351 $ 64,351 Financial liabilities Accounts payable 4,458 4,458 444 444 Note payable - Hecla Mining Co. 63,927 (A) 38,038 (A) Notes payable - Bunker Limited Partnership - - (A) 25,889 (A) (A) Fair value information is not available. Item 9. Disagreements on Accounting and Financial Disclosure ---------------------------------------------------- Not applicable. -13-
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PART III -------- Item 10. Directors and Executive Officers of the Registrant -------------------------------------------------- The names, ages and present principal occupation of management's nominees, other directorships held by them and the year each first became a director are set forth in the table below. [Download Table] Name, Age & Date First Elected Principal Occupation & Directorships ------------------------------ ------------------------------------ MICHAEL B. WHITE Vice President - Secretary and General Director since March 20, 1995 Counsel of Hecla Mining Company, Age 45 Coeur d'Alene, Idaho JOHN P. STILWELL Vice President - Finance Director since January 2, 1996 Hecla Mining Company, Coeur d'Alene, Age 43 Idaho VINCENT R. NEWBURY Independent prospector, Spokane, WA Director since 1952 Age 84 On March 20, 1995, Messrs. White and Heatherly were appointed as directors to fill the vacancies on the Board created by the resignation of Messrs. Griffith and Grismer. Messrs. Kendrick, Anson and Barlow have also resigned from the Board. Mr. Heatherly retired and on January 2, 1996, Mr. Stilwell was appointed as director. [Download Table] EXECUTIVE OFFICERS Name Age Office ----------------------------------------------------------------------- Michael B. White 45 President John P. Stilwell 43 Vice President Nathaniel K. Adams 34 Secretary Item 11. Executive Compensation ---------------------- Silver Mountain paid no remuneration in 1995 to its officers and directors. Any compensation that may have been paid to the officers and directors of Silver Mountain for their services to the Company was paid by their respective principal employers. Silver Mountain has no compensation plans for its officers and directors and there are no stock options outstanding. Hecla has in the past engaged in necessary maintenance work on the Silver Mountain property and required assessment work on Silver Mountain's unpatented mining claims. As of December 31, 1994, -14-
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Hecla had advanced to Silver Mountain the aggregate sum of $38,038 and Bunker Limited Partnership, by virtue of its purchase of Bunker Hill's interest, had advanced in the aggregate $23,889. Silver Mountain was additionally indebted to Bunker Limited Partnership, by virtue of its purchase of Bunker Hill's interest, in the amount of $2,000 on a note issued in 1954 which is to be repaid, without interest, only from production should a commercial ore deposit be discovered and mined. In 1995, Bunker Limited Partnership sold its interest in the Company and in notes receivable from the Company to Hecla Mining Company. Item 13. Certain Relationships and Related Transactions ---------------------------------------------- From November 1, 1982 to December 31, 1994, Bunker Limited Partnership provided general accounting services. Commencing January 1, 1995, Hecla Mining Company (which owned 32.97% of common stock from February 10, 1995 to December 31, 1995) provided accounting and legal services to Silver Mountain. In 1995 Silver Mountain paid Hecla Mining Company $9,000 for these services. At December 31, 1995, the Company had obligations to Hecla Mining Company totaling $4,458 and $63,927 for accounts payable and notes payable, respectively. At December 31, 1994, the Company held notes payable to Hecla Mining Company and Bunker Limited Partnership totaling $38,038 and $25,889, respectively. -15-
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PART IV ------- Item 12. Security Ownership of Certain Beneficial Owners & ------------------------------------------------- Management ---------- As of December 31, 1995, there were 3,066,000 shares of the Company's common stock, par value $.10 per share outstanding. The table below sets forth, as of December 31, 1995, the number of shares of the Company's outstanding common stock held by Hecla Mining Company. [Download Table] Name & Address of Amount and Nature Beneficial Owner of Beneficial Ownership Percent of Class ----------------- ----------------------- ---------------- Hecla Mining Company 1,011,000 shares direct 32.97% 6500 Mineral Drive (Sole voting & investment Coeur d'Alene, ID 83814 power) The Company is not aware of any person (including any "group" as that term is used in Section 13 (d) (3) of the Securities Exchange Act of 1934), other than as set forth above, who is the beneficial owner of more than five percent of the Company's common stock as of December 31, 1995. On February 10, 1995, Hecla Mining Company acquired Bunker Limited Partnership's 37.5% undivided interest in the Silver Mountain property and their entire stock interest in the Company. Hecla currently holds 1,011,000 or 32.97% shares of common stock of the Company. The table below sets forth, as of December 31, 1995, the number of shares of the Company's outstanding stock held by the director nominees individually and by all directors and officers of the Company as a group: [Download Table] Amount and Nature Name of Beneficial Ownership Percent of Class ---- ----------------------- ---------------- Vincent R. Newbury 75,000 shares direct* 2.45% *The direct beneficial owner is believed to have sole voting and investment power. -16-
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Item l4. Exhibits, Financial Statement Schedules and Reports on ------------------------------------------------------ Form 8-K -------- (a) (1) and (2) All Financial Statements: Unaudited Balance Sheets, December 31, 1995 and 1994 Unaudited Statements of Income and Accumulated Surplus for the Years Ended December 31, 1995, 1994 and 1993 Unaudited Statements of Cash Flows for the Years Ended December 31, 1995, 1994 and 1993 Notes to Financial Statements (a) (3) and (c) Exhibits: None (b) Reports on Form 8-K: None (d) Financial Statements Required by Regulations S-X which are excluded from the annual report to shareholders: None -17-
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SIGNATURES ---------- Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized, on March 27, 1996 SILVER MOUNTAIN LEAD MINES, INC. By /s/ Michael B. White ------------------------------- Michael B. White, President and Director Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. /s/ Michael B. White 3/27/96 /s/ John P. Stilwell 3/27/96 ------------------------------- ------------------------------- Michael B. White Date John P. Stilwell Date President and Director Vice-President and Director Chief Executive Officer Chief Accounting Officer /s/ Nathaniel K. Adams 3/27/96 /s/ Vincent R. Newbury 3/27/96 ------------------------------- ------------------------------- Nathaniel K. Adams Date Vincent R. Newbury Date Secretary Director /s/ David F. Wolfe 3/27/96 ------------------------------- David F. Wolfe Date Chief Financial Officer

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