Back to GetFilings.com
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, 2000
OR
[ ] TRANSACTION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transaction period from to
Commission file number 1-316
INDEPENDENCE LEAD MINES COMPANY
(Exact name of registrant as specified on its charter)
ARIZONA 82-0131980
(State or other jurisdiction (IRS Employer
of incorporation) Identification No.)
P O BOX 717
WALLACE, IDAHO 83873
(Address of principal executive offices)
Registrant's telephone number, including area code: (208) 753-2525
Securities registered pursuant to Section 12 (b) of the Act:
Common Non-Assessable Stock,
Par Value $1.00 per Share None
Title of each class Name of each exchange
on which registered
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 (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes [X] No [ ]
As of December 31, 2000, the aggregate market value of the voting stock held
by non-affiliates of the registrant was $379,684.
(APPLICABLE ONLY TO CORPORATE REGISTRANTS)
As of December 31, 2000, there were 4,175,357 shares outstanding of the
registrant's $1.00 par value common stock; authorized common shares
of 5,000,000.
DOCUMENTS INCORPORATED BY REFERENCE
The following documents are incorporated by reference in the indicated parts
of this Form 10-K: NONE
INDEPENDENCE LEAD MINES COMPANY
Form 10-K Annual Report
For the year ended December 31, 2000
TABLE OF CONTENTS
PART I Page
Item 1. Business . . . . . . . . . . . . . . . . . . . . . . . 1
Item 2. Properties . . . . . . . . . . . . . . . . . . . . . . 2
Item 3. Legal Proceedings . . . . . . . . . . . . . . . . . . . 2
Item 4. Submission of Matters to a Vote of Security Holders . . 3
PART II
Item 5. Market for the Registrant's Common Stock and
Related Stockholder Matters . . . . . . . . . . . . . . 3
Item 6. Selected Financial Data . . . . . . . . . . . . . . . . 4
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations . . . . . . . . . .4
Item 8. Financial Statements and Supplementary Data . . . . . . 4
Item 9. Disagreements on Accounting and Financial Disclosure . 4
Index to Financial Statements . . . . . . . . . . . . . 5
PART III
Item 10. Directors and Executive Officers of the Registrant . . 10
Item 11. Executive Compensation . . . . . . . . . . . . . . . 11
Item 12. Security Ownership of Certain Beneficial
Owners and Management . . . . . . . . . . . . . . . . 11
Item 13. Certain Relationships and Related Transaction . . . 11
PART IV
Item 14. Exhibits, Financial Statement Schedules
And Reports on Form 8-K . . . . . . . . . . . . . . . 12
Exhibit Index . . . . . . . . . . . . . . . . . . . . . . . . 13
Schedule of Property, Plant and Equipment . . . . . . . . . . 14
Signature Page . . . . . . . . . . . . . . . . . . . . . . . 15
[The balance of this page has been intentionally left blank]
(i)
INDEPENDENCE LEAD MINES COMPANY
Form 10-K Annual Report
For the year ended December 31, 2000
PART I
Item 1. Business.
Independence Lead Mines Company (the "Company") is a corporation organized
under the laws of the State of Arizona on September 16, 1929. The Company is
the owner of fifteen patented and seventeen unpatented mining claims. This
claim group (the "property") is situated Northwest of Hecla Mining Company's
Lucky Friday Mine in the Coeur d'Alene Mining District, Shoshone County
Idaho. Adjacent is the community of Mullan and U.S. Interstate Highway 90.
Pursuant to the terms of an agreement dated February 8, 1968, among Hecla
Mining Company ("Hecla"), Day Mines, Inc. ("Day"), Abot Mining Company
("Abot") and the Company (the "Unitization Agreement"), the Eastern portion
of the Company's Property (approximately five-eighths of the total area of
the Property) was unitized with certain adjoining and near-by properties
owned by the Day and Abot into a unitized area, consisting of 55 claims,
(known as the "DIA Area"). Under the terms of the Unitization Agreement, ores
and minerals in place are owned by the parties thereto in the
following percentages:
Day (now Hecla by merger) 47.70%
Independence 46.30%
Abot 6.00%
By a second agreement also dated February 8, 1968, (the "Lease Agreement"),
Hecla leased the DIA Area for a period of fifty (50) years, subject to a 30-
year extension, for the purpose of conducting mineral exploration and
development of the DIA Area and mining such commercial ore as may be
discovered in the DIA Area by Hecla. Since inception of the Lease Agreement,
Hecla has performed exploration and development work on the DIA Project at a
cost of $29,836,715 at year end December 31, 2000. Ore production for 2000
was 249,629 tons and averaged 17.84 ounces silver, 9.73 % lead and 1.43%
zinc. Total Proven and Probable Ore Reserves as of January 1, 2001 were
953,820 tons assaying 18 ounces silver per ton, 9.7% lead and 1.3% zinc.
Reserves in all categories were 6,178,450 tons averaging 9.6 ounces silver,
5.4% lead and 2.3% zinc. Gold Hunter veins in all categories contain
59,515,413 ounces silver, 33,508,728 units lead and 14,312,746 units zinc.
The Lease Agreement provides that all costs and expenses incurred in the
exploration, development and operation of the DIA Area are to be paid by
Hecla subject to the right of Hecla to be reimbursed for such costs and
expenses, together with all advance royalties paid, out of any future net
profits realized from the operation of the DIA Area. After recovery of
Hecla's costs and expenses and amounts paid as advance royalties, and the
establishment of a three-month working capital reserve, net profit royalties
are to be paid to the Company and the other property owners as follows:
Day (now Hecla by Merger) 19.08%
Independence 18.52%
Abot 2.40%
Hecla, as the lessee, will retain the remaining sixty percent (60%) of any
net profits realized. Under the terms of the Unitization Agreement, one-half
of the first net profit royalties received by the Company are to be paid over
to Day (now Hecla) until Day recovers the sum of $450,000. The relationship
of the parties to the Agreement may, under certain circumstances, be
converted to a joint venture at the option of the property owners, where
after the property owners would become participating, non-operating working
interest owners who would share profits and expenses in connection with the
DIA Area in the same ratio as exists pursuant to lease arrangement with Hecla
described above.
1
Until Hecla commences to pay net profit royalties and during such period as
the Lease Agreement is in effect, Hecla is obligated to pay an advance
royalty to the Company of $750 per month subject to increase to $1,500 when
production for the DIA Area exceeds 2,000 tons per month.
Pursuant to the terms of the February 8, 1968, agreements, Hecla will be
obligated to pay a royalty of 18.52 percent of defined net profits after
Hecla has recouped its costs to explore and develop this property from the
new discovery to Independence Lead Mines Company.
The Company has no patents, licenses, franchises or concessions, which are
considered by the Company to be of importance. The business is not of a
seasonal nature. Since the potential products are traded in the open market,
the Company has no control over the competitive conditions in the industry.
There is no backlog of orders.
There are numerous Federal and State laws and regulation related to
environmental protection which have direct application to mining and milling
activities. The more significant of these laws deal with mined land
reclamation and waste-water discharge from mines and milling operations. The
Company does not believe that these laws and regulations as presently enacted
will have a direct material adverse effect on its operations.
The current officers and directors of the Company serve without compensation
and are not considered by the Company to be employees.
The western portion of the Company's property is not under the DIA Area
agreement. West Independence, as it is called, consists of 10 patented mining
claims of which four (4) claims are partly included in the DIA Area
agreement. Patented acres owned are listed below.
West Independence Acres 81.362
East Independence Acres 91.808
Total Acres 173.170
Since June 30, 1999 the Company has experienced substantial differences with
the Lessee. To establish a greater understanding of the DIA Project,
Independence commissioned Mine Systems Design, Inc. to conduct an overview of
the Project. The resulting report brought exciting insight into the true
potential of the mineralized zone of the property. With the report also came
deep concerns regarding the mining operations. These concerns are being
addressed at this time, the outcome of which cannot be predicted.
In 1999 the Company acquired 38,436 shares on the open market at an average
price of $0.49 per share, and in 2000 the Company acquired 94,800 shares at
an average price of $0.38 per share. These shares are carried as treasury
stock by the Company.
Item 2. Properties
By an agreement dated February 8, 1968 among the Company and the owners of
other adjacent or neighboring mining properties, the Company and the owners
of the other properties entered into certain agreements, the general effect
of which was to establish certain vertical boundaries between their
respective properties and to waive certain existing or potential claims to
extralateral rights to veins or ores found outside of the vertical boundaries
of their respective properties. The Property of the Company is subject to
this agreement.
Pursuant to existing law, the Company is required to perform the equivalent
of $100 of work each year on each of its 14 unpatented claims included in the
agreements mentioned in paragraph above, or to pay $100.00 per claim as a
rental fee in order to maintain possessory title to such properties. These
requirements are performed by Hecla Mining Company under the terms of the
February 8, 1968 agreements described in Item 1 of this report.
2
Further information regarding the Properties of the Company is set forth in
this report under "Item 1. Business" and is incorporated herein by reference.
Item 3. Legal Proceedings
There are no legal proceedings pending.
Item 4. Submission of matter to a Vote of Security Holders
There was no shareholder meeting held in 2000.
Part II
Item 5. Market for the Registrant's Common Equity and Related Stockholder
Matters.
(a) The market price ranges of the Company's common stock during each quarter
of the years 2000 and
1999, respectively, were as follows:
2000 1999
High Low High Low
1st Quarter 0.45 0.45 0.95 0.55
2nd Quarter 0.50 0.40 0.58 0.48
3rd Quarter 0.40 0.10 0.50 0.45
4th Quarter 0.10 0.10 0.50 0.45
(b) Approximate Number of Equity Security Holders.
Title of Class (1) Number of Record Holders December 31, 1998
Common non-assessable Approximately 2,300 (1) Capital stock, par value
$1.00 per share
- ---------------------------------------
(1) Included in the number of shareholders of record are shares held in
"nominee" or "street" name.
(c) No dividends were paid by the Registrant in 2000 or 1999, and the Company
has no plans to pay a dividend in the foreseeable future.
[The balance of this page has been intentionally left blank.]
3
Item 6. Selected Financial Data
Selected Income Statements Data:
Year ended December 31,
2000 1999 1998 1997
Net Revenues -0- 84,688 3,592 - 0 -
Net Income (Loss) 305,473 (121,391) (29,023) (34,788)
Net Income (Loss)
Per share 0.07 (0.03) (0.01) (0.01)
Selected Balance Sheets Data:
Year ended December 31,
2000 1999 1998 1997
Current Assets 199,232 60,086 8,883 396
Current Liabilities 26,039 105,065 105,185 79,160
Working Capital 173,193 (44,979) (96,302) (78,764)
Total Assets 3,332,559 3,296,413 3,244,105 3,235,618
Deferred Income 337,250 301,250 283,250 266,000
Long-Term Debt - 0 - - 0 - - 0 - - 0 -
Stockholders' Equity 2,969,270 2,890,098 2,855,670 2,890,458
Item 7. Management's Discussion and Analysis of Financial Condition and
Result of Operations.
Liquidity. The liquidity of the Company increased over the past year,
primarily due to proceeds from a legal settlement with H. F. Magnuson & Co.,
as reported in previous reports. The settlement was a one-time event, and it
is anticipated that working capital will be provided in the future by
advanced royalties and proceeds from the sale of timber on Company land.
Capital Resources. The Property of the Company is leased to Hecla Mining
Company. Capital improvements are to be paid for by Hecla pursuant to the
terms of the leases. The Company has no long-term debt.
Results of Operations. The Company is in the exploratory and development
stage and has no operations. General and administrative costs in 2000
decreased substantially over 1999 due to a reduction in legal expenses
associated with the settlement discussed above. The Company realized
income of $358,085 from the legal settlement and received $8,792 in interest
income. However, there was no revenue from operations. The Company reported
net income of $305,473 after provision for income taxes.
Item 8. Financial Statements and Supplementary Data.
The Company's financial statements appear elsewhere in this report,
beginning at page F/S-1, following page 5.
Item 9. Disagreements on Accounting and Financial Disclosure.
Not applicable.
4
INDEX TO FINANCIAL STATEMENTS
Filed as part of the Annual Report Form 10-K
December 31, 2000
Page
FINANCIAL STATEMENTS:
Balance Sheets, December 31, 2000 and 1999 . . . . . . . . F/S-2
Statement of Operations and Deficit Accumulated
During The Exploratory Stage for the Years Ended
December 31, 2000, 1999 and 1998 . . . . . . . . . . . . . F/S-3
Statement of Cash flows, for the years ended
December 31, 2000, 1999 and 1998 . . . . . . . . . . . . . F/S-4
Notes to Financial Statements . . . . . . . . . . . . . . . F/S-5
The Company's financial statements are unaudited in reliance upon
Section 210.3-11 of Regulations S-X adopted by the Securities and Exchange
Commission.
[The balance of this page has been intentionally left blank.]
F/S-1
INDEPENDENT LEAD MINES COMPANY
(An Exploration Stage Company)
BALANCE SHEET - UNAUDITED
December 31, 2000 and 1999
A S S E T S
CURRENT ASSETS 1999 2000
Cash 5,298 196,726
Royalties Receivable 1,500 1,500
Investments 2,908 1,006
------ -------
Total current assets 9,706 199,232
------ -------
PROPERTY AND EQUIPMENT, at cost
Equipment - -
Less accumulated depreciation - -
------ -------
Mining property 3,048,407 2,945,407
-------- ---------
3,048,407 2,945,407
OTHER ASSETS
Unrecovered exploration costs 187,920 187,920
--------- --------
Total Assets 3,246,033 3,332,559
========= ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES 1999 2000
---- ----
Accounts payable 28,711 12,389
Advances payable 86,100 -
Accrued Expenses 20,381 13,650
Loans from Shareholders 42,000 -
------- ------
Total current liabilities 177,192 26,039
------- -----
DEFERRED INCOME 319,250 337,250
STOCKHOLDERS' EQUITY
Common stock, $1.00 par value;
authorized 5,000,000 shares;
issued 4,371,993 shares at
12/31/99 and 4,308,793 shares
at 12/31/00; outstanding
4,333,357 at 12/31/99 and
4,175,357 shares at 12/31/00 4,371,993 4,308,793
Treasury Stock (19,116) (55,290)
Additional Paid in
Capital (deficit) (121,873) (108,293)
--------- --------
4,231,004 4,145,210
Less deficit accumulated
during the Exploratory stage (1,481,413) (1,175,940)
--------- ---------
Total Stockholder's equity 2,749,591 2,969,270
--------- ----------
Total Liabilities &
Stockholders' equity 3,246,033 3,332,559
========= =========
The accompanying notes are an integral part of these
financial Statements.
F/S-2
INDEPENDENT LEAD MINES COMPANY
(An Exploration Stage Company)
STATEMENT OF OPERATIONS AND DEFICIT ACCUMULATED DURING THE
EXPLORATORY STAGE - UNAUDITED
For the years ended December 31, 2000, 1999, 1998
2000 1999 1998
------ ------ ------
Revenue $366,877 $83,500 $2,091
Expenses
Management and Directors fees 5,000 11,500 -
Licenses and fees 217 324 1,372
Office expense 716 250 2,661
Office services 600 500 497
Shareholder Relations 3,781 1,340 4,592
Consulting 17,772 0 0
Transportation 5,766 0 0
Accounting 615 1,590 1,450
Legal 10,438 182,826 14,233
------ ------- ------
Total Expenses 44,905 198,330 24,805
------ ------- ------
Loss from Operation (44,905) (114,830) (22,714)
Other Income and (expense)
Disposition of Assets (1,902) 0 0
Interest, net 7,875 (6,561) (6,309)
Legal settlement 358,085 0 0
------- ----- -----
Total other Income 364,058 (6,561) (6,309)
Net Income (Loss) before Income Taxes 319,153 (121,391) (29,023)
Provision for income taxes (13,680) 0 0
------- ------- ------
Net Income (Loss) 305,473 (121,391) (29,023)
DEFICIT, accumulated during the
exploratory stage, beginning of
period (1,481,413) (1,360,022) (1,330,999)
DEFICIT, accumulated during the
Exploratory stage, end of period (1,175,940) (1,481,413) (1,360,022)
GAIN (LOSS) PER SHARE 0.07 (0.03) (0.01)
Weighted average common
Shares outstanding 4,225,757 4,351,675 4,347,150
[The balance of this page has been intentionally left blank.]
The accompanying notes are an integral part of these financial statements.
F/S-3
INDEPENDENT LEAD MINES COMPANY
(An Exploration Stage Company)
STATEMENT OF CASH FLOWS - UNAUDITED
For the years ended December 31, 2000, 1999, 1998
CASH FLOWS FROM OPERATING ACTIVITIES
2000 1999 1998
----- ---- -----
Net income (loss) 305,473 (121,391) (29,023)
Adjustment to reconcile net
Loss to net cash provided by
Operating activities
1. Increase (decrease) in cash
Due to changes in assets
And liabilities
Receivable - - (1,500)
Accounts payable (16,322) 22,378 2,428
Deferred income 18,000 18,000 18,000
Accrued Expense (6,730) 7,749 7,452
Advances Payable (86,100) 0 0
Net cash used by ------- ------- ------
Operating activities 214,321 (73,264) (2,643)
------- ------- -----
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of common stock 0 0 75,000
Proceeds from the sale of land 103,000 0 0
Retirement of director's share (48,000) 0 0
Repurchase and retirement of common stock (1,500) 0 (11,549)
Repayment of shareholder loans (42,000) 0 0
Net borrowing on short-term advances 0 42,000 (10,000)
------ ----- ------
11,500 42,000 53,451
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Mining Claims - - (1,105)
Purchase of Company's Capital
Stock - Treasury (36,295) (19,116) 0
Purchase of Investments 1,902 (2,908) (2,908)
------ ------ -----
(34,393) (15,562) (4,013)
Net increase (decrease) in cash 191,428 (50,380) 46,795
CASH, beginning of year 5,298 55,678 8,883
CASH, end of year 196,726 5,298 55,678
Disclosure of Accounting Policy -
For the years ended Dec. 31, 2000, 1999, 1998, the company had no cash
equivalents.
SUPPLEMENTARY DISCLOSURE OF CASH FLOW INFORMATION
2000 1999 1998
----- --- -----
Interest paid 916 0 0
Taxes paid - State of Idaho 30 30 30
F/S-4
INDEPENDENT LEAD MINES COMPANY
(An Exploration Stage Company)
NOTES TO FINANCIAL STATEMENTS
December 31, 2000 and 1999
Note 1 - Company business - The Company was incorporated under the laws of
the State of Arizona on September 16, 1929. The Company is presently in the
exploratory stage.
Note 2 - The significant accounting principles and practices of the
Company are as follows:
a. The financial statements are prepared on the accrual basis of accounting.
b. The Company depreciated its equipment on the straight-line method over
their estimated useful life of 7 years. The Company currently has no
depreciable property.
c. Earning per share have been computed using the weighted average of shares
outstanding during the period.
Note 3 - Company property - The Company has 15 patented and 14 unpatented
claims situated in the Hunter Mining District, Shoshone County, Idaho. On
February 8, 1968, the Company entered into an agreement with Day Mines, Inc.,
Abot Mining Company and Hecla Mining Company. Certain properties of the four
companies were combined for purposes of exploration and development. These
properties were referred to as the DIA Area. The DIA Area consists of 9
patented and 14 unpatented claims of Independence Lead Mines Company. Hecla
Mining Company is the exploring and developing company. The DIA agreement
allows Hecla Mining Company to recover all of its exploration and development
cost, advance royalties paid, and to build a three months' reserve for
working capital prior to splitting profits. Independence is to receive 18.52%
of the profits, and under the terms of the DIA agreement the Company receives
an advance of $1,500 for each month 2,000 tons of ore is mined.
Note 4 - In addition to cash costs in the amount of $23,302, the amount
reflected in the balance sheet as the cost of mining claims reflects the par
value assigned to 3,024,000 shares of stock issued for $3,034,000. The
underlying cost basis of the mining claims is unknown and unobtainable.
Since it was an accepted accounting practice at the time of the transaction,
all subsequent financial statements have used the par value of the shares
issued as the cost basis of the mining claims. The Company has considered
revaluation of the mining properties, but feels that to revalue them at an
amount that has no basis would be misleading. The Company feels that the
claims are of value, as Hecla Mining Company has continued with its lease
since 1968 and is currently conducting mining operations on the property.
F/S-5
Note 5 - As shown in the financial statements, the Company incurred net
income of $305,473 during the year ended December 31, 2000, and net losses of
$121,391 and $29,023 during the years ending December 31, 1999 and 1998,
respectively. On the two latter dates, the Company's current liabilities
exceeded current assets by $167,486 and $44,979. These factors, plus the fact
that the income of the year 2000 was a one-time benefit, indicate doubt as to
the ability of the Company to continue business on a going concern basis.
The Company has no continuing source of cash other than monthly advance
royalties of $1,500 received from Hecla Mining Company.
The financial statements do not include any adjustments relating to the
recoverability of recorded asset amounts or the amounts and classification of
liabilities that might be necessary should the Company be unable to continue
in existence.
Note 6 - Statements of income, cash flows, and shareholders' equity since
the inception of the Company, September 16, 1929, through December 31, 2000
have not been presented due to the unavailability of past records. Generally
accepted Accounting principles require that such statements be presented when
financial statements purport to present financial position and results of
operations for a development stage company.
[The balance of this page has been intentionally left blank.]
F/S-6
PART III
Item 10. Directors and Executive Officers of the Registrant.
Name of Executive
Officers and Directors Brief profile of
And Position Held Age Officers and Directors
- ------------------- --------- -------------------
Bernard C. Lannen 64 Semi Retired
President and Director Director of Lucky
Friday Extension Mining Company
Wayne L. Schoonmaker 64 Certified Public Accountant
Secretary/Treasurer Secretary/Treasurer of Hanover Gold
Company Inc. Treasurer of Metalline
Mining Company.
Forrest G. Godde 84 President of Corporate Ranches in
Director California and Nevada,
Director of Mineral Mountain Mining
Robert Bunde 62 Semi retired farmer with investments in
Director The mining field.
Gordon Berkhaug 66 Management of real estate investments
Director With experience in the mining field
The by-laws of the Company provide that the Directors serve until the next
annual meeting of shareholders or until their respective successors have been
duly elected and qualified. Officers serve at the discretion of the Board of
Directors.
Item 11. Executive Compensation
(a) The following table sets forth all remuneration paid by the Company
during the fiscal year ended December 31, 2000, for services in all
capacities to all directors and executive officers of the Company.
Name of Individual Capacities in
Or Number in Group Which served Compensation
Five persons in the group All executive officers and -0-
Directors as a group
No retirement benefit, bonus or other remuneration plans are in effect with
respect to the Company's officers and directors. The Company has no standard
or other arrangements for compensating directors.
F/S -7
Item 12. Security Ownership of Certain Beneficial Owners and Management
To the knowledge of the Company, no person beneficially owned more than five
percent (5%) of any class of the Registrant's voting securities as of January
31, 2000.
The following tabulation shows the beneficial ownership's of the Company's
officers and directors in the securities of the Company as of March 1, 2001:
Shares of Approximate
Common Stock Percentage of
Name Beneficially Owned Class
- --------------------- ------------------ ------------
Bernard C. Lannen 191,182 4.58
Wayne L. Schoonmaker 4,000 .10
Forrest G. Godde (1) 95,000 2.28
Robert Bunde 159,500 3.82
Gordon Berkhaug 62,275 1.49
All directors and executive officers of the Company as a group (5 persons in
a group) own 511,957 shares or approximately 12.27 percent of the Company are
outstanding voting securities.
(1) Includes 45, 000 shares that represent Mr. Godde's 50% interest in the
Godde 1980 Trust.
Item 13. Certain Relationships and Related Transaction
During 1999 the Company borrowed on a short term basis the amount of $42,000
from a director of the Company. That amount was outstanding at December 31,
1999, and was repaid in January 2000 plus interest at 8% per annum.
Part IV
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
(a) 1. Financial Statements - See index to Financial Statements at page 5
of this report
2. Financial Statement Schedules
V - Statement of Property, Plant and Equipment, Page 14.
Other financial statement schedules are omitted because of conditions under
which they are required, or because the required information is given in the
financial statements or notes thereto.
(b) The company filed its report on Form 8-K during the last quarter of
1992.
(c) Exhibits - No additional exhibits are filed as a part of this report.
The Exhibit Index appears at Page 13 of this report.
F/S - 8
EXHIBIT INDEX
Exhibits
3.1 Articles of Incorporation of Independence Lead Mines, Inc., as amended,
previously filed as Exhibit 3.1 to form 10-K for 1983 and incorporated by
reference herein.
3.2 Bylaws of Independence Lead Mines Company, as amended, previously filed
as Exhibit 3.2 to form 10-K for 1983 and incorporated by reference herein.
10.1 Unitization Agreement dated February 8, 1968 among Day Mines, Inc.,
Independence Lead Mines company and Abot Mining Company, previously filed
as Exhibit 10.1 to Form 10-K for 1983 and incorporated by reference herein.
10.2 Agreement dated February 8, 1968 among Hecla Mining Company, Day Mines,
Inc., Independence Lead Mines Company and Abot Mining Company, previously
filed Exhibit 10.2 to Form 10-K for 1983 and incorporated by reference
herein.
10.3 Agreement dated February 8, 1968 among Independence Lead Mines Company,
Day Mines, Inc., Abot Mining Company, Wall Street Mining Company, Hunter
Creek Mining Company, Lucky Friday Extension Mining Company, Hecla
Mining Company and the Bunker Hill Mining Company relating to extralateral
and intralimital rights to mining claims, previously filed as Exhibit 10.7
to Form 10-K for 1983 and incorporated by reference herein
[The balance of this page has been intentionally left blank.]
F/S -9
INDEPENDENCE LEAD MINES COMPANY
(AN EXPLORATION STAGE COMPANY)
PROPERTY, PLANT AND EQUIPMENT
For the years ended December 31, 2000, 1999, and 1998
Balance, Balance
Beginning Other End of
Of year Addition Retirements Changes Year
December 31, 2000
Equipment 0 - - -0-
Mining Property 2,945,407 - - 2,945,407
Less deferred credits 319,250 18,000 - 337,250
-------- ------ ----- --------
Net 2,626,157 (18,000) - 2,608,157
Total 2,626,157 (18,000) - NONE 2,608,157
========= ====== ===== === ======
December 31,1999
Equipment 0 - - -0-
Mining Property 3,048,407 - - 3,048,407
Less deferred credits 301,250 18,000 - 319,250
--------- ------- ---- ---------
Net 2,747,157 (18,000) - 2,729,157
Total 2,747,157 (18,000) - NONE 2,729,157
========= ======= === ====== =========
December 31,1998
Equipment 0 - - -0-
Mining Property 3,047,302 1,105 - 3,048,407
Less deferred credits 283,250 18,000 - 301,250
--------- -------- ---- ---------
Net 2,764,052 (16,895) - 2,747,157
Total 2,764,052 (16,895) - NONE 2,747,157
========= ======= ==== ====== =======
F/S - 10
SIGNATURES
Pursuant to the requirement of Section 13 of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be sign on its
behalf by the undersigned, thereunto duly authorized.
INDEPENDENCE LEAD MINES COMPANY
By: /s/ Bernard C. Lannen
Bernard C. Lannen, its President and
Chief Administrative Officer
Dated: March 29, 2000
By: /s/ Wayne L. Schoonmaker
Wayne L. Schoonmaker, its Principal
Accounting Officer
Dated: March 29, 2001
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 as of the date indicated.
By: /s/ Bernard C. Lannen By: /s/ Wayne L. Schoonmaker
Bernard C. Lannen Wayne L. Schoonmaker
Director Secretary and Treasurer
Dated: March 29, 2001 Dated: March 29, 2001
By: /s/ Forrest G. Godde By: /s/ Gordon Berkhaug
Forrest G. Godde Gordon Berkhaug
Director Director
Dated: March 29, 2001 Dated: March 29, 2001
By: /s/ Robert Bunde
Robert Bunde
Director
Dated: March 29, 2001
F/S - 11