Great Divide Mining & Milling Corp
Great Divide Mining and Milling Corp. (herein after “GD”) was formed as a Colorado corporation in 1944 by several New York and New Jersey Businessmen. The corporation’s principal assets comprised of a large block of patented and unpatented mining claims in San Juan County, Colorado. Much of this property had been previously mined during the great Colorado gold and silver booms during the 19th century. The founders believed that there were still significant precious metals to be mined and the old tailings could provide an additional source of valuable ores.
During the 1950’s interest was focused on the extraction of the strategic mineral manganese from the ore. Our government feared that its access to this ore which was imported and embargoed, would be cut off and we needed to find a stateside resource. Much of the mine tailings that GD controlled had great quantities of an ore rich in manganese but very difficult to extract. A group of scientist teamed with GD and the US funded a pilot plant and while successful it was a very expensive process. When the embargo ended and cheap manganese was available, the government closed down its pilot plant secure in the knowledge that local manganese would be available if ever needed.
For a variety of reasons GD’s efforts to establish its own mining operations and only thru the efforts and monetary contributions of several of its shareholders was it able to go on. Eventually, leases with Noranda Exploration in 1976 and Baumgartner Companies in 1981 were established and the monies raised from these leases were used to pay the taxes, survey costs, fees and expenses for the claims as well as building up reserves. Both of these leases eventually were cancelled and once again GD was without income. This brought us up thru the 1980’s.
When Echo Bay, the last mining company in the region, abandoned its mining operations and after eating up some of our capital reserves it was decided to put the dissolution of the corporation to a vote. Ballots were mailed to the last known address of each of the share holders and the results were to dissolve. We enlisted the help of some local people to help sell the caims. We were successful in selling several “cabin sites” and entered into an agreement with the bureau of Land Management to swap our remaining properties for developable lots near Dorango. After many years of stalling by the government and our paying expenses, we cancelled our negotiations and proceeded to sell off the remaining plots.
We have now come to the point that all the saleable claims have been sold, all the subsequent mortgages have been paid off and we are now ready to distribute the remaining cash to the shareholders after all expenses have been satisfied.