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MARSHALL and STEVENS incorporated/appraisals nA BEVERLY BO'JLEvARP, LOS ANGELES. March 21, 1974 File No. 11-2832 Vinnell Corporation 1145 Westminister Avenue Alhambra, California 91802 Attention: Mr. L. N. Carlson, Vice President Gentlemen: In accordance with your request, we are submitting herewith our 'appraisal of the mineral rights of Atlas Asbestos Company, loc ite<1 in the vicinity of Coalinga, California. This report has been prepared by Mr. Ernest Oberbillig, who is our con sultant in the valuation of mineral rights, mining interests, etc. Based on the report which follows, in our opinion the foil market value of the mineral rights, considered as an integvi1 par: trial bust - ness enterprise, is One Million Six Hundred Twenty I'l. mi--and Dollars, $1,622,000. If you have any questions on the materitl . .<nt a: r.. d ' this report, please feel free to call Mr. Oberbillig directly Yours truly. MARSHALL and STEVENS Incorporated V. /John L. Vaughan, Jr., /<> < Senior Vice President JLV:jer PLAINTIFFS EXHIBIT UC-1439 TABLE OF CONTENTS Letter of Transmittal Introduction REPORT Geology Ore Reserves Property and Claims ^ Past Operations Products Sold Plant or Mill Cost of Production Plant Improvements EPA and OSHA Health Requirements Marketing and Prices Recommendations Valuation of Mineral Unit ADl'HNPA Schedule of Mining Properties Sales by Product Production Costs Page ii 1 6 9 11 14 14 18 18 '3 36 37 38 2. t 7 . > * MARSHALL and STf VENS incorporated MINERAL RIGHTS VALUATION Introduction On the southeast end of the New Idria intrusive, there has developed a new chrysolile asbestos field which now dominates the domestic industry. Nearly half the total United States asbestos output comes from this Coalinga area. California now has truly become important in the asbes tos business but development here has been largely in the past decade. So recent has been this development that even an authoritative South African text on asbestos by Sinclair dated 1968 does not mention Coalinga asbestos. Nonetheless, Coalinga asbestos of the specific mineral series called chrysotile, in keeping with the suffix "tile" in its name, has become highly desired in the tile floor covering industry. For whiteness or color quality, Coalinga asbestos is rivaled by only one other miner.il produced in Yugoslavia. Another quality in winch Coalinga asbestos ex cels is oil absorbance averaging 74 ml/100 ^m<- This oil absorbrivi ty, so important to tile manufacturers, can be am mod for by the unique platy, mat-like shape of the asbestos pariic K own and compared with Canadian chrysotile fiber in ..the photo mi crogr iphs on the following page. Dry screening tests indicate that Coalin' asbestos is compat ible to Canadian group 7 fiber; however, wet screen tests show the Coaling,a u 1 MARSHALL and STEVENS incorporated Photomicrographs shottt typical Canadian Group 7 chrysotilc fiber at left and the Coalman-type chrysotile fiber, right. (70X). In tests conducted by Johns-Manville, Coalinga fiber has compared favorably with Canadian Group 7 asbestos. Fig. 1. Photo Micrographs of Typical <..u Chrysotile Fibers, Left, anil Lon Right. an f-i up 7 i-iype Fibers, i 2 4- l MARSHALL and STEVENS incorporated J fiber to contain less "fines" or minus 200 mesh and the 100/200 mesh frac tion greater in percentage. Thus, the Coalinga fiber is a more uniformly sized product than its competition and in this respect alone could be more desirable than Canadian fiber with its greater percentage of finer fiber particles, possible a greater health hazard in handling and utiliza tion in industry. The increased whiteness of the Coalinga asbestos results in elimination of costs for expensive scarce titanium oxide admixture; today titanium oxide heads the long list of critically scarce mineral commodities. Tile mix containing only three percent titanium oxide with Coalinga asbes tos to have replaced Canadian mineral with only one-third to one-half the amounts for equivalent tile; the balance of filler material cinsisted of much less costly ground limestone. With these superior qualities of Coalinga asbestos now known and accepted by the tile manufacturers, one needs not wonder that this mineral has become so highly desired and solid ly accepted. \A summary of an interoffice memo regarding this feature states \ "Because of the above described superioi .\urnctoristics of Coalinga type asbestos, the required amount oi asbestos tot produce tile is reduced from approximately 16 to 187, when l using Canadian type, to 9 to 117. when employing Coalinga \ type." o The Coalinga field has been developed by three operations'or companies: first, on the northwest end by Union Carbide, next, in the middle by 3 MARSHALL and STEVENS incorporated Atlas Asbestos Company, and last, on the southeast end by Johns-Manville. Fig. 2 shows the location of these operations. Union Carbide, with its 65 mile ore haul, is a lesser rival for sales at the present fiber prices, but with their "wet process" mill they are able to make specialty mineral products commanding a higher price. This leaves Johns-Manville and Atlas Asbestos competing for the same type of customer and dividing the market between them. The features of these two operations which seem to swing the bal mcc in favor of Atlas can be listed as follows: 1. Atlas' pit is close to the mill and now, with extentions of the pit to the southeast, can almost put the ore in the stockpile direct from the pit with a loader. Johns-!'mvi I lo is served wi th a six mile long steep road usable only in the y months from their upper pit. 2. Their closer pit has a much lower ginde of 're, which would not be commercial today even with a n.irm-i ori.ee increase. 3. It is understood that they have < :p mi expenditure of around $4 million here and would be fice some additional OSHA and EPA requirements costing in t lie. $ loo ,('<'0 to $150,UOQ range immediately. This total dcpreii ilion of plant could .ip- --T pear on the balance sheet as a $10 to $15 per ton fiber < >st leaving little, if any profit. *4 *' MARSHALL and STEVENS mcorporalad C O A LIN G A n ASBESTOS MINING OPERATIONS 1/2 0 I e s 4 MILES n5 p'K `t+jerm 7 All these above cited disadvantages could account for the fact that JohnsManville has decided to "throw in the towel" and withdraw from this match with Atlas. Actually, there is market here for product from only one of the two operations anyway. This shut-down of Johns-Manville now allows Atlas to seriously consider the necessary plant additions and changes to put Atlas on an efficient output footing to increase capacity and meet OSHA and EPA requirements at the same time. ' Otherwise, it was planned to consider an orderly disposal of Atlas plant and retire from the scene. There is just not enough market to split up three ways, but a two-way split can give Atlas elbow room to consider expansion and the necessary additions and costs to meet OSHA and EPA re quirements. Geology The New Idria mining district is centered by the serpentine intrusive mass of elliptical shape shown on Fig. 3 and roughlv 14 miles long by 4 miles wide with the long axis of the ellipse being `'j'. in direction and thus paralleling the structural features of the rfj . 'ii md likely the serpen tine mass is aligned along the Coalinga anticline. Seprentine is a rock long known to be the host rock closely associated with the California mercury mines and often the silica carbonate altera tion of serpentine is the specific key rock sought in prospecting for MARSHALL *nd STEVENS incorpoflltd + -J.J \ r i I r Index map to otbottos deposit* ond mills in the vicinity 0/ Coolings, Fresno County. Fig. 3. New Idria Intrusive shown shaded and the Asbestos rich part of the Serpentine is the lower stippled section, -- roughly the southeast one-third of the total intrusive. mercury ores. This serpentine mass also hosts nickel, chrome, iron and talc minerals. Here the New Idria mass shown only minor chrome, nickel and iron deposits, but the southeastern end of the mass has been subjected to considerable shearing and lateration with the development of consider able chrysotile asbestos mineral which locally can contain as much as 60 to 80 percent of the soft altered rock mass. Large bodies of the serpen tine can show consistently 30 to 50 percent asbestos and there are the areas under exploitatipn at present. Unaltered boulders and masses of serpentine and peridotite occur through out the shear zones and these boulders represent the main part of pit rejects. The chrysotile ore bodies are altered and soft and can be mined and dug with no drilling and blasting except for boulders. This allows the ore to be mined, hauled, and stockpiled for around 50c per ton. This is con trasted with the cross-fiber asbestos mines in hard rock where mining costs can reach $10 to $15 per ton for ore containing only 5 to 7 percent fiber. Admittedly, these "hard-rock" deposits yield i t'.rrentage of more valuable long-fiber product; they certainly need this '*> i ever the greater mining and concentration costs. We have already discuss*'.-! the compari son of the better quality Coalinga fiber to the Grade 7 Canadian fiber. The ore zones in the serpentine mass seem to follow shear zones and it does seem'that they can be traced on aerial photos. One geologist has described the favorable areas for exploration: 1. Along the contacts of the ultrahasic with the surrounding sediments* 8 MARSHALL and STEVENS incorooratad .2 Northwest regional trending shear zones within the ultrabasic; 3. Secondary shear zones within the ultrabasic cutting across the strike of the regional structure; and 4. The intersection of any of the above structures. In the case of the pit area now being mined by Atlas, it would seem that the northwest shear zone probably crossed by secondary shear zones is the explanation for the soft rich ore bodies of large size which are yielding the workable material.' The soft platy structure of the Coalinga asbestos is shown by low-power microphotograph included here as Fig. 4. Much of the fine tailings contains another common accessory mineral of serpentine zones, talc, which is a'hydrous magnesium silicue much the same as the host rock. The surface material from the ore zones and to a depth of 15 to 20 feet on flat areas has been oxidized and stained hi -wn with iron oxide, but usually this fine iron goes on out with the t :i n.s and does nor dis color the asbestos. Should it appear to pre;< it > problem, the -latcrial is run into the drill mud product where color quality is not imp 'rtant. Ore Reserves While it is known that some ore bodies have been drilled to over 150 feet depth with no change in the material and some pit work has extended ore 4 material for hundreds^of feet along the ore zones, no systematic sampling MARSHALL and STEVENS incorporated  ,-r r r r> \/ i X:,-` *>--vY:vX,-> r-v*\ ` i .J Typical Coalinga asbestos ore has soft plattj structure. Only known similar occurrence is at Strain, Yugoslavia. Fig. 4. Low-Power Photo Micriv-r;r,>:; of Coalinga Asbestos. 10 . ***)+' - f;' and drilling has been done to block ore reserves ahead of immediate needs for the plant. Geological inference would agree that there is a likeli hood that about 9,000,000 tons of material could be developed within a range of two miles from the plant. If we assume that this material would yield 10% asbestos fiber when milled (this is a lower assay than that ac tually used to date), then there could possibly be 900,000 tons of fiber. At 25,000 tons output of fiber per year, this possible inferred inventory of material could feed^ the plant 36 years at that rate of ore consumption It has been generally voiced by California State geologists that "the Coalinga deposit is immense, aggregating hundreds of millions of tons," but the operators here agree that systematic exploration must be done ahead of actual pit work to outline and delimit the better quality of rock to allow some flexibility in blending and maintaining a uniform plant feed. Property and Claims Figs. 5 and 6 are reduced scale maps showing the claims covering the min eral land held by Atlas Asbestos Company, "i.is land consists of several types of mineral claims and mining rights: 1. Two five-acre patented mill sites upon which the plant is located. 2. 340 acres of state mineral leases. 3. 200 acres patented fee land labeled Now I<lria lease. 4. Approximately 2,700 acres of unpatentod land covered by both lode and placer claims and well laid out to cover the deposit. MARSHALL and STEVENS mcorporatad s4. *-* ATLAS ASBESTOS COMPANY fLA C E R C LAI'JS a STATE L IA S E S u< X. 5<D < Xo ip o< lu 1 it oo o H cn? M ww i g < = n Fig. 5. Placer Claims. 51 12 e I. - >1 - ii. W'f&afc- The general layout of the claims, superimposed on the topographic sheet, is included here as Fig. 7. A general map showing three asbestos mining operations is included here as Fig. 8. Past Operations While the Atlas Asbestos Company started operations in 1963, it was not until 1965 that the operation reached its stride with a production of 11,600 tons. The next year, 1966, output was 13,604 tons sold, followed by 13,056 tons in 1967. 1968 was the "big one" with 15,290 tons sold. In 1969, sales dropped back to 11,024 tons and rose a bit in 1970 to 11,802. Products sold in 1971 totaled 12,757 tons. 11,876 tons were sold in 1972 and 1973 output sold rose to 12,240 tons. This plant has been described at 20,000 to 24,000 ton product capacity per year, but these tonnages could be achieved only Ky two and three shift operation for ten to eleven months in a year. Tonnage output above 15,000 tons per year seems to have been limited by market and not plant capacity. Fig. 9 is a table showing month-by-month sales. Products Sold In 1972, the output was dominated by the AZ-2< pi luct which accounted for 87% of the total.^ Drill-be^tos^^s next, accounting for about 87. of the sales; physically and for the most part, these two principal fiber products are very similar as shown by the following two specification sheets. Naturally, the Drill-bestos could be off-color and not the clean opaque white required for tile fiber. 14 ;:r$ | ** ''H'CM*: .<-* V*' .?.* .util. ,, -V <i  T\ \ Fig. 8. Asbestos Mining Operations. t- '*}s 16 f i f % U--4V MI ? SCHEDULE GF ASBESTOS SALES wj /'^/// BY TONS V MARCH 1965 THRU DECEMBER, 1973 ni Li H 1963 1964 1965 196 6 1967 1968 1969 i; JANUARY -- ---- 780 514 1, 185 781 1,882 991 FE3RUARY MARCH APRIL MAY --- `*3 302 389 721 742 729 755 726 998 491 882 1,010 33 1,005 994 698 950 917 995 1,463 1,325 1,030 1,178 745 1,503 1,432 1,364 JUNE 317 ^84 614 470 42 5 734 583 JULY 431 469 939 1,171 825 703 60C AUGUST 805 700 1,032 1,234 1,529 1,6 12 1,183 SEPTEMBER 560 555 1, 260 1,831 1,346 922 1,034 u OCTOBER 577 910 1,251 1,655 1,573 1,383 478 NOVEMBER DECEMBER 499 777 1,410 1,260 1,585 1,60 1 718 795 545. 1.295 - 1.067 1,432 1.407 380 TOTAL 4,718 7,020 11,670 13,604 13,056 j U % INCREASE/YEAR 49% 66% 17% C-4%) O a> CM > IA 11,024 17% (-28%) % -OVER BASE 1965 0 17% 12% 31% (- 6%) u u. H ,sJ ^, u. TO; 1970 1971 .1972 . 1073 JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER ' 541 728 1,230 893 845 575 ' 501 835 1,447 1,549 1,432 1.286 781 848 610 897 1,554 944 1,075 1,834 902 1,111 971 1.230 1,321 1,256 1,029 1,016 569 750 809 1,037 649 1,244 969 1.227 10 4^ 74 8 78: 16 75 14 56 76 4 1] 37 12 4 7 1372 1195 227 5 39 TOTAL 11,862 12,757 11,876 12,240 % INCREASE /YEAR 7.6% 7.5% (-6.9%) 1 v, 3.1% % OVER BASE 1065 2.6% 1.8% 17 4.9% Severe 1 other products have been made and sold but, when compared to the two leaders, were very small in tonnages. Plant or Mill Owing to the soft and disintegrated character of the ore itself, the mill process can be essentially a screening and vacuuming of the light platy fiber away from grit or harder serpentine particles. Naturally, the ore moisture must be reduced down to one or two percent before concentration. This description sounds simple, but a vast amount of machinery and pro cess is needed to produce a pure grit-free fiber. True, the crushing and grinding machinery needed for the hard type serpentine cross fiber chrysotile ores is eliminated here but this type of ore creates more dust and health hazard in its milling. Fig. 10 is reduced scale copy of a flow sheet of the plant and it shows the layout of the maciiinerv. It has been generally agreed that the plant lacks air f.r efficient con centration. Further, one more fiberizer is needed and a iv of minor repairs should be made throughout the mill to the air syst"; . Cost of Production Four sheets have been included which show the direct operating costs per ton of fiber to be as follows: 18 MARSHALL and STEVENS incorporated Year 1972 1971 1970 1969 1968 Fiber Tons Sold 11,877 12,757 11,862 11,204 15,290 Direct Cost/Ton* $48.29 48.83 49.93 49.28 49.49 Possible Misc.Exp. $6.25 5.90 6.35 6.65 4.90 Probable Total $54.64 54.73 56.28 55.93 54.39 At 15,000 tons fiber per year, the total costs have been estimated at $57.83 per ton for the year 1974, with no changes or improvement. By changing the mining'methods and plant operations, it has been esti mated these costs per ton can be reduced to $53.85 for 15,000 ton rate, almost exactly $4.00/ton savings. With major capital expenditures totaling $315,000, it is estimated the costs can be reduced another $8.00 down to $45.82 per ton on the 15,000 tons per year rate. Three calculations of operating costs have been r kIc on the tallowing premises: 1. Calculate costs of product a. 10,000 tons/year fiber b. 15,000 tons/year fiber c. 19,375 tons/year fiber d. 28,125 tons/year fiber ''5, ! '* I . !82 , 264, : ins wet ore : ons wet ore '.'ns wet ore 'ons wet ore 2. Use output -- 40 tons/sluft 37.5 tons/shift 35.0 to: s/.?hift I si shift 2nd shift 3rd shift 1st Shift 8:00-4:00 2nd Shi: t 3rd Sh i 1 l Total One Shift TWo Shift Three Shift 10,000 10,000 10,000 9,375 9,375 8,750 10,000 19,375 28,125 19 MARSHALL and STEVENS incorporalad 3. Use $0,048 for amortizing overburden removal. 4. Use D-7 dozer to feed new belt feeder to vib^rating grizzley over new 45 ton feed bin. @ 10,000 tons cost. Feeding ore 1.33 hrs./shift x Other 1.00 hrs. shift x 250 250 333 hrs. 250 hrs. Total 583 hrs. Fuel: 4,081 gal. @ 22c M&R Parts 1.60 x 538 H & R Labor & Serv. . Depreciation: 5.50 x 583 Insurance = $ 900.00 = 932.00 = 1,749.00 @ $3.00/hr. = 3,206.00 = 1,700.00 D-7 Loader & Dozer: Tons/year 1 10.000 1.5 15.000 2.0 20.000 3.0 30.000 F-O-G M & R Parts M & R Labor Deprec. Ins. (Put in G6.A) $ ` .900 932 1,749 3,206 (1.700) $ 6,787 $ 1,350 1,398 2,624 4,809 (1.700) $10,181 $ 1 ,800 1 ,86'* ? ,4"> 4,4 12 -JLLlZSO) $13,574 $ 2,700 2,796 5,247 9,618 _LLlISO) $20,361 5. Road Grader (Cat 12) Include under "Finish Product Handling." i 6. Fork Lift Tons/year 1.0 10.000 1 .5 15.000 2.0 20.000 3.0 30.000 F-O-G M & R Parts M & R Labor Tires Depreciation Fork Lift Total D-7 (from above) Total Other TOTAL MOBILE EQUIP. 240 1,000 120 2.700 4,060 6.847 10,907 2.558 13,465 360 480 1 ,500 1,750 In D-7 above 180 240 2,700 2.700 4,740 5,170 U\181 13.574 14,921 18,744 2.620 2 ,860 17,541 21,604 720 2,500 360 2.700 6,280 20.361 26,641 614 27,255 20 MARSHALL and STEVENS incorporaltd 7. Operating Labor - Milling (Processing) Classification 1st shift Rate Shift 2nd shift Rate Shift Leadman Mill Equip.Dozer Man Truck Driver Mill Oper-A Mill Oper-B Mill Oper-B General Work Bus Driver No. Men 8 $5.17 4.70 4.70 4.22 3.95 3.95 3.59 3.59 -- 4 MER used 1 shift(10,000) 2 (20,000) EEO 3 (30,000) $10,340 ` 9,400 9,400 8,440 7,900 7,900 7,180 7,180 $67,740 $67,500 67,500 67,500 $5.29 4.82 4.82 4.34 4.07 4.07 3.71 3.71 -- $10,580 9,640 9,640 8,680 8,140 8,140 7,420 7,420 $69,660 $69,660 69,660 $70,940 8. M 6 R Labor (Mechanics) Classification 1st shift Rate Shift 2nd shi ft Rate S!.. E>. Mechanic Leadman $5.17 Mechanic A 4.70 Mechanic Helper 4.22 Total $10,340 9,400 8,440 $28,180 $4.82 4.54 $ , l} $1* ,32U 3rd shift Rate Shift $5.37 4.90 4.90 4.42 4.15 4.15 3.79 3. 79 -- $10,740 9,800 9,800 8,840 8,300 8,300 7,580 7.580 $70,940 $ 67,500 136,920 208,100 3rd shift Rate Shift $.'..90 4.42 $ 9,800 8,840 $18,640 10,000 tons 20,000 tons 30,000 tons $28,180 28,180 28,180 $18, Vi. 18 , l.'O ,640 9. Dryer Burner Oil 436 x 10^ Btu needed/Ton Feed 157 436 x 10^ t .66 (eff.) = 661 x !0-l i: *: /1 n Ore 20,000 x 10^. * 661 x 10^ = 30 tons/ln. Utd. Coalinga oil is 150,150 r * * s nee j-.a 1 . 661,000 * 150,000 - 4.40 .-.a'l./i.Mi 4.40 x $0.1024 = $0.45/r n feed at 30 tons/hr. - 132 >r.il./hv. nr $13.50/hr. or $108/shift. 250 shift - $27,000 500 shifts $54,000 750 shifts = $81,000 $28,180 45,500 64,140 21 MARSHALL and STEVENS incorporalnd The above calculations assume the present dryer 4V x 40' is large enough to handle 40 tons per hour and do the job. If about 30% is scalped off by the trommel, then 43 tons of feed per hour can be treated. Further, 66% dryer efficiency on this type of material can be high and the efficiency could be as low as 50 to 55 percent. During the wet season with the high air humidity and greater moisture content o f the feed, drying may be a bottleneck for full capacity. Resldence time plus stirring and tumbling may greatly add efficiency to the drying operation by means of a 20' to 30' long heavy screw conveyor working in a closed tank. This would utilize the latent heat from the dryer and cool down the dry ore before dumping it into the bin. Cooler dry ore can help the caking problem in the bin. Naturally, the present dryer above will work at much greater efficiency on a three shift around-the-clock operation. Should the plant be run in a ten-day back-to-back campaign greater efficiency could also be achieved rather than five days plus two 6hut downs calendar week. Latent waste heat from the dryer could be directed around the bin to avoid the caking problem. **7 Use budget figure of $3,939 per ton of fiber. This is about 10c per plastic bag each. 11. H & S Other Than Bags Use budget of $1,332 because of planned better efficiency of new installation. 22 MARSHALL and STEVENS incorporated i r1 iTii -V r-- TV 12. M & R Parts (other than mobile) Use budget of $0.666/ton. 13. Utilities - (other than phone) Use for 10,000 ton rate - $19,800 15.000 ton rate - 26,822 20.000 ton rate - 32,366 30.000 ton rate 36,000 1.980 per ton fiber 1.780 per ton fiber 1.618 per ton fiber 1.200 per ton fiber 14. Telephone Put in Coalinga G & A. V:. 15, Employee Benefits Union Non-Union Holidays Vacation FICA sui vii FUI Work. Comp. H &W TOTAL 4.40 4.00 4.85 4.10 0.58 3.40 10.40 31.73% --- 4.00 4.85 4.10 0.58 3.40 -- 16.937; 16. Depreciation Total $37,818 15.000 $52,818 17. Finish Product Hand 1 inp. (Total Costs) 10.000 15.000 20,000 F-O-G MAR Parts MAR Labor Tires Deprec. 2,716 1,950 1,575 1,090 3,900 4,074 , 2,925 2,363 1,635 3,900 5,432 3,900 3,150 2,180 3,900 30.000 8,148 5,850 4,725 3,270 3,900 ' \ V- 23 ,.v - - . I> MARSHALL and STEVENS incorporated , -S I : VV k .. * . :v- 18. Finish Product Handling (Other) Operating Labor Tons Warehouse Forklift Truck Driver 10,000 15,000 20,000 30,000 $ 8,440 8,440 11,253 .16,880 $ 9,400 10,288 14,100 20,576 19. M & S Other Than Bags Tons Pallets Etc. Slip Sheets 10,000 15,000 20,000 30,000 $1,390 2,085 2,780 4,170 $2,560 3,840 5,120 7,680 20. Equipment Rental (Tractor) 10,000 15,000 20,000 30,000 $13,050 14,035 15,000 16,956 21. Property Rental (Coali nga Warehouse) $4,200/year (All units) Total $17,840 18,728 25,353 37,456 Total $ 3,950 5,925 7,900 11,850 Plant Improvements Several improvements are schedules for the plant and chief of these is more air or another fan unit. This is needed not only to meet plant ex pansion and recover more fiber but also to meet the new standards set up by EPA and OSHA. Another hydraulic packer is needed to eliminate a bottle neck at this point. 1 * Further, another fiberizer is needed to boost output. MARSHALL and STEVENS incorporalad . ins .* * J !.*-' < V4- v T-v.- Several minor but important plant items are needed. These are: 10.000 Ton 10.000 Tons Fioer/Year Item-Mobile Equipment 95,000 tons ore wet Mi 1 ling Unfin. Unit Cost Finish. Prod. Cost Finish. Unit Cost 3 Fuel Oil Grease 4 M & R Parts . 5 M & R Labor 6 Tires 7 Depreciation //V 11 Sub-total 13 Contracts Mining Q . 45c/ton $42,750 14 Operating Labor 15 M & R Labor 16 Dryer Burner Fuel 17 Bags 18 M & T (Other) 19 M & R Parts (Other) / 20 Equipment Rental 21 Utilities (except phone) 23 Heating 24 Property Rental 25 Super., Office Sales 26 Employee Benefits 31 Depreciation 32 Amortization @ 4.10c/vet ton (ore) 3,880 33 Mi sc. Taxes 34 Sub-Total $46,630 $ 1,540 2,180 2,070 270 7.410 $ 13,470 -67,500 25,200 28,730 39,390 13,320 6,660 -- 19,800 2,400 -- 13,200 32,5^4 52,818 --$301,612 $ 0.154 0.218 0.207 0.027 0.741 $ 1.347 $ 2,720 1,950 1,575 1,090 3.900 $11,235 -6.750 2.520 2.783 3.939 1.332 0.666 -1.980 0.240 1.330 3,259 5,282 -17,840 ---- 3,950 -- 13,050 --4,200 -6,160 -- --- $30,161 -- 900 $46,100 $0,272 0.195 0.158 0.109 0.390 $1,124 -1.784 ---0.395 -- 1,305 -" 0.420 -0.616 -- -- 0.090 $4.610 TOTAL Total Cost/Ton Fiber . $46,630 $ 4.663 $315,082 <r> O 00 $31,508 $57,335 $5..734 $5.,734 ........................................ .. 25 MARSHAII n<1 STEVFNS ' 15, 000 Ton Item-Mobile Equipment 141,175 Tons Ore Wet Mil line 3 Fuel Oil Grease 4 M & R Parts 5 M & R Labor 6 Tires 7 Depreciation 11 Sub-Total v? 13 Mining Contract $63,530 14 Operating Labor 15 M & R Labor \ 16 Dryer Burner Fuel 17 Bags 18 M & S Other 19 M & R Parts Other 20 Equipment Rental 21 Utilities except phone 23 Heating 24 Property Rental 25 Super. Office Sales 26 Employee Benefits 31 Depreciation 32 Amortization 4.1c/ton wet 5,788 33 Mi sc. Taxes 34 Sub-Total $69,318 $ 2,110 3,148 2,944 330 9.009 $ 17,541 -- 104,474 37,800 42,410 59,085 19,980 9,990 -- 26,822 2,400 -- 13,200 47,407 52,820 -- $416,388 ill 000 Tons Fiber/Year Unfin. Unit Cost Finish. Prod. ' Cost Finish. Unit Cost $ 0.141 $ 4,074 0.210 2,925 0.196 2,363 0.022 1,635 0.601 3.900 $ 1.170 ' $14,897 -- -- 6.965 18,788 2.520 -- 2.827 -- 3.939 -- 1.332 5,925 0.666 -- -- 14,025 1.788 -- 0.160 4,200 0.880 -- 3.160 6,692 3,5 21 -- $0,272 0.195 0.158 0.109 0.260 $0,994 -- 1.253 -- -- -- 0.395 -- 0.935 -0.280 -0.446 -- -- 327.758 900 $50,530 0.060 $3.J69 TOTAL Total Cost/Ton Fiber $69,318 $ 4.620 $433,929 ''28.928 -.7.928 $65,427 $4,363 $4,361 r\ V.. MARSHALL and STFVFNS inc.n,pntnd 19.375 Tons 19.375 Tons Fiber/Year Item-Mobile Equipment 182,500 Tons Ore Wet Milling Unfin. Unit Cost Finish. Prod. Cost Finish. Unit Cost 3 Fuel, Oil, Grease 4 M & R Parts 5 M & R Labor 6 Tires 7 Depreciation 11 Sub-Total 13 Contracts Mining @ 45c/Ton Wet $82,125 14 Operating Labor ' - 15 M & R Labor ' 16 Dryer Burner Fuel 17 Rags - 18 M & S Other 19 M & R Parts Other 20 Equipment Rental 21 Utilities except phone 23 Heating 24 Property Rental 25 Super. Office Sales 26 Employee Benefits 31 Depreciation 32 Amortization @ 4.10c/ton wet 7,500 33 Mi sc. Taxes 34 Sub-Total $89,625 $ 2,596 3,739 3,739 620 10.288 $ 20,982 133,240 45,200 49,000 76,400 25,950 12,900 -31,420 2,320 -- 13,200 58,550 52,820 -$501 ,000 $ 0.134 0.193 0.193 0.032 0.531 $ 1.083 6.877 2.333 2.529 3.94 3 1.339 0.666 -1.622 0.120 -0.681 3.022 2.726 -S25.8.V $ 5,270 3,778 3,061 2,112 3.778 $17,999 _ .. 24,600 ---7,650 -15,000 -- 4,200 -- 9,700 -- , _ 900 $67 ,050 $0,272 0.195 0.158 0.109 0. 195 $0,929 _ 1.270 ---0.395 -- 0.774 --0.217 -0.501 -- 0.046 $3,203 TOTAL Total Cost/Ton Fiber $89,625 $ 4.620 $521,962 '36.941 f..941 $80,049 $4. 132 S4..132 27 MARSHALL and STEVENS incorporated 28,125 Tons Item-Mobile Equipment 264,000 Tons Ore Wet Milling 3 Fuel Oil Grease 4 M & R Parts 5 M & R Labor 6 Ti res 7 Depreciation 11 Sub-Total 13 Contract Mining $118,800 14 Operating Labor 15 M & R Labor 16 Dryer Burner Fuel ' 17 Bags 18 M & S Other 19 M & R Other Parts 20 Equipment Rental 21 Utilities except phone 23 Heating 24 Property Rental 25 Super. Office Sales 26 Employee Benefits 31 Depreciation 32 Amortization @ 4.10$/ ton wet 10,825 33 Mi sc. Taxes 34 Sub-Total $129,625 $ 4,345 6,140 5,830 760 10,180 $ 27,255 -- 207,620 65,140 63,800 110,800 37,600 18,600 -- 45,000 2,400 -- 13,200 86,550 52,817 --$703,527 28,125 Tons Fihcr/Year Unfin. Unit Cost Finish. Prod. Cost Finish. Unit Cost $ 0.155 0.218 0.207 0.027 0.362 $ 0.968 -- 7.382 2.316 2.268 3.940 1.337 0.461 -1.600 0.085 -- 0.469 3.677 1.878 $ 7,660 5,445 4,446 3,075 3,100 $23,726 -- 33,500 ---- 11,100 -- 16,600 -- 4,200 -- 12,010 $0,272 0.194 0.158 0.109 0.110 $0,844 -- 1.262 -- --- 0.395 -- 0.590 --- 0.149 -- 0.427 --- $25,012 -- 900 $80,310 -0.032 $2,855 TOTAL Total Cost/Ton Fiber $129,625 $ 4.620 $729,78. $25,981 $104,03b '..981 $3,699 $3,699 ' y \ 28 . Yil MARSHALL and STEVENS incorporalad Several minor but important plant items are needed. These are: 1. Cover or canopy over the feed bin plus a larger bin to allow D-7 feed to plant and grizzley. 2. Asphalt black top yard and trailer parking area. This will eliminate most loading problems and even allow storage space for palletized fiber in corners and unused areas. 3. Provide a new shower and change room or renovate the present one plus possibly one more toilet in mill itself. 4. Dust control and floor cleanup to show the best possible clean housekeeping. 5. Study methods of dust control of tailings. A cheap asphalt spray over permanent older tailings piles could eliminate much'of the air-borne dust and asbestos background count of the areas. 6. Should the dryer prove to be inadequate, the addition of a cooling trough could possibly give the little extra added drying capacity to avoid the necessity of another or bigger rotary dryer. Also, the action of such a screw cc'iveyor could be just what's needed in the way of a "fluffing" opera tion to improve recovery. 7. A complete check, renovation or repair of the air or "vacuum system" to eliminate leaks can work wonders to improve tne day-to-day operations. 8. Another place where flexibility i plant per ition may be achieved is by extension of the pit > ' 1 bo si utheast into higher grade material where a .sci r; i i 1 c.r grade stockpile can be made up to draw from when* r "-wee'oner" is needed. This gives your superintendent a .anno * -> smooth out break downs and emergencies without explain. why output could be a bit low. These plant improvements and renovations are cslimitcd by your staff to total $315,000. It is this writer's opinion that an ndditim il $50,000 should be budgeted for additional plant cleanup and additions to meet EPA and 0SHA requirements. 29 %* This :fund can be calculated as follows: Amount Yr. for Int. Rate Interest 1 $365,000 97. $32,850 2 292,000 97. 26,280 3 219,000 97. 19,710 4 146,000 97. 13,140 5 73,000 97. 6,570 Annual Payment $73,000 73,000 73,000 73,000 73,000 Total Payment $105,850 99,280 92,710 86,140 79,570 If we take the payment for the first year of $105,850 and divide it by the several outputs we get^ the following: Annual Rate Total Payment Cost/Ton Fiber 10,000 15,000 19,375 28,125 $105,850 105,850 105,850 105,850 $ 10.5 7.06 5.46 3.76 Two other items of cost must be included and these arc selling costs and total G&A for both Coalings and Alhambra. These are estimated from past records and budgets as follows: Tons Fiber Per' Year Cost Selling 1 'Cal ( &A 10,000 15,000 19,375 28,125 $3.03 2.02 1.56 1.08 $6.40 4.26 3..12 2.28 Assembling and compiling all these various cons i:ivcs a table showing these cost centers for the several tonnages of fiber annual outputs as follows: 4 MARSHALL and STEVENS incorporated if .** - *.*T > .. COST PER TON RECAP OF VARIOUS OUTPUTS Tons/yr. Fiber Min. Cost Mill Product Total Int. & Mktg. Selling G & A Cap.Exp. Total 10,000 15,000 19,375 28,125 $4.62* 4.62 4.62 4.62 $31.51 28.93 26.87 25.98 i $5.73 4.36 4.13 3.70 $3.03 2.02 1.56 1.08 $6.40 4.26 3.32 2.28 $10.59 7.06 5.46 3.76 $61.88 51.25 45.96 41.42 With these estimated costs and value for the fiber output an economic balance sheet can be set up for the various annual tonnages: Tons Sales at $55.72/Ton+ Total Costs Net Before Fcd.& St.Tax 10,000 15 ,000 19,375 28,125 $ 557,200 835,800 1,079,575 1,567,125 $ 618,800 768,750 891,145 1,164.928 ($ 61,600) 67,050 188,430 402,187 Thus, it would seem from the above that the "break-( von" output, even after expansion of plant, would be around 12,000 tons/ycar. Even with the time needed to install the ni11 improvements, it would ap pear that for the year of 1975, 20,000 i ' 22.".0 tons could be a target figure to shoot for. Then, it seems that it -hou Id be possible to aim for 28,000 to 30,000 tons for the year of 19 < , for each year there after.* 1 * $4,663 here but uaed $4.62. + Calculated by EEO; compares with MWR's $55.59. 31 v v 1 r MARSHALL and STEVENS ineorpfwwad ,f ' 3 'I i; /tf/CTo# If "jC , ` r^.zeo ^ !' ii / V. 7<r<'vr |7 //___ 7Z-'Z/l/'2:t4S' /vl-... v. /"'* 'Jff C0O ' ('7/ ; /-re? !! ^^5.^ C*-*- i*n *- - t) *1 ' ^ ' " <---- /^2p,+//.___ - r Z_ Ov'S-Cs , yv &t&ut(C */ ;/ cz.x~occ 7Z* '/ / i! /;^ `Z'"1 y */ /y&" "'S ' iI &s* {fisizy C>/tScJ- 7~&</tsSc.-c. yaS-/~ ^y.Cay: v N :.. . A^ ' V/..*^ f w-i' '. ',K';- .. 32 3 3 \ I * ^ - :i .| It is possible, as pointed out by your management, that surplus capacity can be achieved for an emergency surge of production by using a fourth shift to increase productive campaigns to full 30 days per month. Some efficiency would be sacrificed in this manner because the four-day down time every two weeks would be lost and thus this valuable repair work time would not be available. Further, to work well the fourth shift crew would need to be used effec\ tively a full 20 days a month or they would seek employment elsewhere if many lay-offs occurred. EPA and OSHA Health Requirements Asbestos mining and milling has always been considered a hazard to health due to dust and fine particles. In recent years, we have the entrance of two new federal agencies with power to enforce standards on the industry. Both OSHA and EPA seem to have power to enforce regulations and even levy fines for what they consider non-compliance. Even the test standards for particles oi asiesi - of five fibers larger than five microns per millilter of air cann ( he * hocked by two different men using identical equipment. Until we have t< rmuques accurate enough to give identical test assays, all the industry tun do is use their best judgment as to the probable standards whuu will eventually be established. A report prepared in 1971 by the National Academy of Sciences and F.ngineering on "Airborne Asbestos" under the chapter heading "Research Needs" states: 33 MARSHALL and STEVENS incorporated i . r' * -- r-- SU tV? *.. '-'/: . ;. =V 'A*'* .*.../' 7.........va*'- ` i 'o->. f i-> ;: ` r ' - . : I'H Y``T .v ' ' -,.t : - ; Two recent'reports^ have discussed in seme detail the many / , kinds of research needed to answer pressing questions concerning the effects of asbestos on health and the degree and nature of necessary controls.?'Investigations along the following lines should be given.high'priority. .v ' v * - - s*' * ' r. Study of the mechanism of action of the asbestos minerals should continue, with particular attention to carcinogenic effects. It is important to leaxfe'more'about the influence of asbestos type and fiber size oh-'respirabllity, deposition, retention, trans location, andeffectsat the tissue, cellular, and molecular levels with and without/co^actors. It is especially important that the role of.fibers below`the LM range be clarified. Methods' of .sampling)',identifying, and quantitating airborne asbes tos need continue'd^development. Coordination with studies in animals and man IsTessential to ensure that environmental data will be biologically.relevant. Similarly, methods for identify ing and quantitating-asbestos in biologic tissue need development and application'.*/'^." Quantitative methodj;nfor measuring airborne asbestos should be applied widely tO:de&rmine the natural background and the con centration and distribution of fibers in the air near various sources.' Conventional Hi methods and EM methods should be ap plied simultaneously'in selected occupational and community situations. ' :-: More epidemiologic studies are needed. Populations in several different.exposure ranges should be stidues, including occupa- Clonal, household j, and neighborhood exposures. Special studies of mesothe Lloma are'needed to determine whether the incidence has been increasing and to determine the current pattern of dis tribution^;* A large series of routine autopsies should be studied to determine whether causes of death can be related to amounts of asbestos in.the. lungs and other organs. All the above are urgent if a range of. safe exposure is to be established with confidence. (Underscoring supplied) ;: >^.fe;=v -v^ v:-'pf'; Crallev. L. J.. H.C. Cooootper, W.S. Lainhart & M.C. Brown, "Research on Asbestos. - J. Occup. Med. 10:38-41, 1968. UbrhinggrouponAsbestos and Cancer Report and Recommendations of >f the Geographical against Cancer. MARSHALL and STEVENS Incorporated^ .jjj ' t <** *y .i Q - . * * V* >, * * -/'V V ' . A ,, , . ` '"'S'* i'-:-.-v'.Vv';. Until .C-jV.'j t we eget answers, to these aquestions ii.-4 *:. ..**#_ ' y^-r:' . .' \. as cited above, we don't . really . V ' '< know how far: to go .in attempting to meet standards. , -i V-.* .44.. \ , i. '*"V. -* j * 4 v. * v.r ! .*3?*.^* . - .-,v .. >- .>* .--_ . . . .wr; All we can plan to. do-in; this regard is to keep as clean a mill as possible T ..y within the co6t budgetedfbtjimpfovements. Further, it would seem possible :<icr\ r. .'""j.y . wrrv-; -* * . ; to allow modest' price.-:increases for the product to allow more health and pollution measures^ ifStiieyrare needed to meet government regulations. % .. * r s ..>! *O,,' .**.. SS-- r j/?t' *\ ** ' 'K' It could be that even.^n^man per shift will be required on nothing but ' ' ' *. . cleanup work and when?this.becomes necessary, the price for the fiber must .* it ..V *<. 'rx'? r':>s =j4 \ ;"P - increase about1 $1 per^toitFi toV:--cover this alone. - st*. - :v. .. ' Just because asbestos:presents an environment and health problem, there %^'. - -v . >f. ' seems no.reason td ,considefr.this will close down the industry. We need asbestos in' manyjiternsp*our life and the price must be adjusted to pay '? v' * /ffoor these aaddddLittiioohnaai'{ltafea^asusur^tes to \work under healthy conditions. *, ^ :As "suggested- earliar ,r tfaare "aay hb*e a method of coating and stabilising . .' -^^7: * . -: .' the aurface df. the blde^ more oei dumps to minimize wind* controlled with water as is now * i.',2 ssfeg>fc- *?.<vv-sC the dumps contribute more asbestos in pit or even undistrubed hillsides, teats *buld be^ in.order. KF,' iV^v 5*i *:>* :t - ' ': 5;... *v . y./ MARSHALL and STEVEMS tncprporaMd^ uV *i >T. .iV i ,` f\~* ' 4 fi'vrfc--V* i Marketing and Prices v ' `5.:- :, >-.*r*V*v*1 ' |<V The asbestos product fromithis area is chemically the same as chrysotile ` mineral or serpentinite and has been labeled chrysotile. However, the mats and flakes of pure Coalinga-mineral are so different from Grade 7 - -' - *.; ^ 'V"*. . * *>> \ Quebec product that it'^should be labeled with its own appellation. It is suggested that the tecA ^oalingite11 or "Idriaite" be adopted to dis> * ***-' !(l0i1 : tinguish this unique mineral product. ..VaWT-** ,'v From the utility standpoint, this product replaces Grade 7 chrysotile for wvr floor tile in the ratio of 10 to 18 percent. With Quebec Grade 7 chryso ;y / M;v. r.? .1 >;< tile selling for $50.00 per ton, this Coalinga product should receive $50 L-- 4/; 10/18 $90. Further,Vihe whiteness of the Coalinga mineral reduces the need for costly titanium.bxide from five percent down to three percent and this alone would be 40 pounds less of the costly and scarce titanium oxide ***.' per ton of tile mix." : j Thus, we can see that'from the standpoint of utility and replacement of Quebec Type 7 chrysotile, the Coalinga product should be priced at double . i. the price for the Quebec material. Today $10r per ton for Coalingite would be realistic. r' .. -j*- '.-.v- ; ; . .'For the past decade in the development of markets for thi6 new unique min- *-^2' eral product it was unfairly priced as Chrysotile Grade 7 before its adaptability and ratio of substitution were know. Further, Johns-Manville . x..*\ J^-k may have wanted to keep the price of the Coalinga mineral in line with ' ' * * w * ~ . .. . ; v their Grade 7 product. . .r1'. ; . 36 . ' S.:-V MARSHALL and STEVES incorporated?^ - - X r4k *' V S For these reasons, it may be that a greater price increase for the Atlas asbestos is long overdue and.it should be priced according to its adapt ability rather than a historic "bargain" price used to create markets and gain a toe hold in the business. In this regard shouldn't Atlas today scan very carefully a page from the - , ` ' Vi` book guiding the Arabs? Recommendations .Ajj' \ ' With customers from Johns-Manvilie now coming to Atlas, it would appear that Atlas can now sell all the product they can make. Even with a tempo rary slackening in demand for tile (should it occur) there still seems -t almost an unlimited marketfor the limited capacity of the Atlas operation. For this reason; careful consideration should be given to the program of mill renovation and supplementation costing between $365,000 and $400,000 and boosting the present capacity from 15,000 to 20,000 tons up to 28,000 to 30,000 tons per year. At the same time these capital expenditures .ne needed to meet improve ments In health standards for OSHA and EPA compliance, and allow extra air for increased output and produce a new product - AZ-100. Without ** ... rabout $150,000 to $200,000 (approximately half) the capital expenditures. >the operation would be forced to close on November 28, 1974. It is your ' ^management's suggestion and plan to supplement these required expenditures .-.with a like sum and put the operation on a more efficient economic basis. ; .<> 4 a A "v MARSHALL and STEVENS Ifieorperslad * > '" ** .:.- '* '- ^rrav . . ',;.w VC \ *y ~ u'- * **-.aiijv* *"!*- & ' . - *! -.' f. c/" -t** ' v , .' , ''".*. ^* * ` : ;:*ns#sf^v -- * '.-SjV. ' "--v:fcv1 ^^v*: - ' a' ~* .v' *'`'--'~' . r '' \w'.: , -'.. * * V4. \ J ; V..,.. .' : _ ;v . J- ),>: t '' '7 . ,\ ' . .. ' - . -i l-ari* *- *.... .' 7' ' - :'. ? -. - : . ' . - \ ..'VV-- , . , S'-" ' : For these plans we agree that conditions appear to justify this expendi- ture of between $365,000 and $400,000. <-; Valuation of Mineral Unit 14'- . ! `V ; For the valuation of the complete-operating unit with the capital expendi- tures and on the premise .b.costs and product prices as developed above, a table for a minimum value>vas computed. . ..ypfev . In this computation, we;ivwe;'provided for re-capture of the additional - ' , \ -r r-,''1* ` ' capital investment of $365^006 over a 5-year period, or $73,000 per year. **}"ris- *i Depreciation over a 15-year period as shown in a preceeding section of this analysis has been computed at $52,818 per year. A sunroary of the . '-v .#&- : ` resulting valuation, usin^f':12Z rate of return in the investment is as *S V.+ * 'spX-. - .. l ' *. * Jt- . f ` follows:;.-:' ' ' Year Net ;i^'^Deprec^&, After^*;'Recap.of J__ Tax ' Add. Inv. Cash Flow iv.''.-i''-; J -...* ... j. ., .. *; < >. V ~ - >5^ 1974 1975-78 1979-88 $148,352 ,-304,304 . 304,304 $125,818 $274,170 125,818430,122 <- 52,818 357,122 Return on Invest.* $125,000 125,000 125,000 Exce s s to Min. Rights $149,170 305,122 232,122 1974 P.V. & 127. $ 133,188 827,466 661.033 $1,621,687 $1,622,000 $1,054,000 Present Facilities Working Capital X~ ... A* kf glr--:--'?;* : the fair market value of the minl af^ij'paft of \the going concern may be reasonably stated as <$ MARSHALL and STEVENS Incorporatad .''7,7' N^ATLAS AS.BESTOS CO.'\ . "^SCHEDULE OF MINING PROPERTIES v . LOCATED IN fe FRESNO COUNTYw, CALIFORNIA i .v PLACERS .RHODES -MINGUS MINING DEED CLAIM NAME ORIGINAL RECORDED; DATE ' BOOK CONDON GOOD FRIDAY WHITE CREEK : BIG WHITE JOAQUIN CRESTA BLANCA PROSPECTOR LONEPINE \ 4-24-2-4" 4-24-24 4-24-14;.. 4-2-24; 4-24-24 4-24-24 4-2-24 4-2-24 . i`ivv 444 448 450 442 447 451 440 439 PAGE *448 160 145 309 290 124 312 349 pJfcONN MINING DEED AMENDED RECORDED DATE BOOK PAGE t1 3-26-56 3-26-55 4 3745 3745 2 32 :: 231 CLAIM NAME ORIGINAL v RECORDED DATE BOOK WHITE HILL 5-25-56 (i ii . ;; . V. -V- LAKE PASS /*' .c> .. '5--14-56 FISH 'BOWL . ::t TRIUMPH 84 pp. BOBCO 84 1-16-5 7 - " CVOID?) >; BOBCO 85 7. ,3-15-57 ^CVOID?)/ : TATI WIND - *"* - S-14-56 3774 3769 3869 3864 3898 3898 3769 PAGE 591 130 6 56 322 480 482 129 AMENDED RECORDED DATE BOOK 8-25-61 9-27-61 5-24-56' 4601 4615 3774 PAGE 45 " 366 76 7-30-57 8-25-61 7-30-57 8-25-61 5-24-56 3954 4601 39 5.4 4601 3774 614 7 43 7 615 ' 41 '.' 75 ' >rti RELOCATED;.:, :Vl r.' .I 7"! - .*. - ATLAS ASBESTOS CO. SCHEDULE OF MINING PROPERTIES LOCATED IN FRESNO COUNTY, CALIFORNIA ... 'WOTJ'.;.. A n LJ LJ -G 0 LJ n\ i r-~\ n !] ' PLACERS -;:n = ATLAS ASBESTOS CO. *, CLAIM NAME ORIGINAL RECORDED DATE? BOOK ROVER LAKE PASS #2 2-3-58 9-28-61-' NEW FISH BOWL . 9-28-61 NORTH STAR 9-28-61 NEW TRIUMPH 34 9-28-61 . GADCO #1 GADCO 32 6-22-59 6-22-59 BIG BLACK 4-10-56 BIG LAVENDAR 4-10-56,? BIG GRAY 4-10-56 .BIG GREEN 4-10-56 BIG BLUE 4-10-56 BIG-RED 4-10-56 * BIG SHALE 3-26-56 HAYDAY #1 4-3-62 4023 4615 4615 4615 4615 4237 4237 3752 3752 3752 3752 3752 3752 3745 4701 PAGE 572 580 576 574 578 658 659 ' 354 355 356 357 358 359 230 268 AMENDED RECORDED DATE BOOK PAGE 2-5-58 i 4173 288:: nr 2.2 .1.4 n k: ? '' \ ' -*4 ::r r. Li' .Q fe "**w y-- :,": ' .?$&? ?$*;>"* * "":-' v ; ' ?, .r*-; '' V-'.' >;.T'-f- ATLAS ASBESTOS CO.' 'rl. ' 'SCHEDULE OF MINING PROPERTIES LOCATED IN *-FRESNO COUNTY, CALIFORNIA LODES ATLAS ASBESTOS CO, ..'** . . .m vf ~.' **v : "0. '' D>: D :U CLAIM NAME ORIGINAL RECORDED DATE BOOK ROVER 12-29-58 HUNGRY JOE 2-9-A59 POTLUCK I 12-8-58 POTLUCK 2 12-8-58 POTLUCK 3 12-30-58 MIKE 1 8-26-59 MIKE 2 8-26-59. MIKE 3 8-26-59 MIKE 4 8-26-59- MIKE 5 8-26-5.9. MIKE 6 ` MIKE 7 8-26-59 8-26-59 MIKE 8 8-26-59 MIKE 9 8-26-59 MIKE 10A 10-6-59 MIKE 11 11-9-59 MIKE 12 . 11-9-59 . MIKE 13 8-26-59 MIKE 14 . 10-6-59 ? MIKE 15 '10-6-59 MIKE 18 LC.AlO-6-59 MIKE 17 v,. 10-6-59 MIKE 18 '' -t 10-6-59 ^ MIKE 19 - 10-6-59 r MIKE 20 . ::.i10-6-59 MIKE; 21 i 10-6-59 MIKE 22 ^ ` 10-6-59 MIKE 25 Vi '10-6-59 r MIKE 24 .^1- V 10-6-59 4154 4174 4145 4145 4155 4265 4265 ; 4265 4265 4265 4265 4265 4265 4265 4282 4296 4296 4265 4282 4282 4282 4282 4282 4282 4282 4282 4282 4282 4282 .PAGE 282 52 5 341 340 198 167 168 169 170 171 172 173 174 175 142 293 291 176 143 144 145 146 147 148 149 150 151 152 153 AMENDED RECORDED DATE BOOK PAGE 2-5-59 i 8-9-60 8-9-60 8-9-60 8-9-60 8-9-60 1 8-9-60 8-9-60 8-9-60 8-9-60 8-9-60 8-9-60 8-9-60 8-9-60 8-9-60 8-9-60 8-9-60 8-9-60 8-9-60 8-9-60 8-9-60 8-9-60 8-9-60 8-9-60 .8-9-60 4173 4424 4424 4424 4424 4424 4424 4424 4424 4424 4424 4424 4424 4424 4424 4424 4424 4424 4424 4424 4424 4 424 4424 4.424 4424 296 106 108 110 112 : 114 * 116 . 118 ,.v 120 !; 122 * 124 126 128 . 130 132 134 : 136 ) 138 ^ 140 142 $ 1U6 A lu*'% 150-.3 152 .w vij ' i t V wfm .,* `?yy ,... : >c:v *' : r > * ATLAS ASBESTOS CO.' ' ^-SCHEDULE OF MINING PROPERTIES * ' LOCATEO IN FRESNO COUNTY, CALIFORNIA : >I ; 1VN<*^ f u- :n LODES U: '-[I u *. n! i i Li U - lO ri' . r LI .n U;' 1 1- U ; . V ^ un 1J CLAIM NAME - CMC 5 CMC 6 CMC 7 CMC 8 CMC 9 CMC 10 CMC 11 CMC 12 CMC 13 CMC 14 y CMC 15 CMC 16 CMC 17 - CMC 18 CMC 19 CMC 2 0 CMC 21 , CMC 22 CMC 23 ` cmc 24 ' ; CMC.25 CMC 27 CMC 28 CMC 29 '* CLAYTON*S .BONANZA I CLAYTON'S BONANZA 2 MRC 1 MRC 2 mrc 3 it it MRC * MRC 5 - -* *' * * ""fri-w"''- ' " I ATLAS ASBESTOS CO, - ORIGINAL RECORDED DATE BOOK : , * V**I ` 12-9-60, 4477 12V9-60 4477 12-9-60 12-9-60 4477 4477 12-9-60 4477 10-20-60 4455 10-20-60 4455 10-20-60 4455 10-10-60 4450 10-10-60 4450 10-10-60 445C 10-10-60 4450 10-10-60 4450 10-10-60 4450 10-10-60 4450 10-10-60 4450 10-10-60 4450 10-10-60 4450 10-10-60 4450 . 10-10-60 4450 10-10-60 4450 10-20-60 4455 10-20-60 4455 11-10-60 4464 PAGE * 157 159 161 163 165 247 245 443 585 584 5 33 532 581 565 567 569 571 573 575 577 579 25C 249 194 ` 4-22-59 4211 217 5-11-59 10-1-59 10-1-59 10-1-59 4219 4280 4280 4280 602 119 120 121 10-1-59 10.-1-59 4280 4280 122 123 i. ,s " AMENDED RccOi^DtoD DATE BOOK 'V;' r *, PAGE . * *r ( .> K `Tf ii <** .V . \`-V } f1 r-i * .q n .4` -.`.H 10-10-60 10-10-60 10-10-60 7-16-63 12-13-60 12-13-60 .. mV.-, > 6 ^ ,, " 2.4 n JC\ V ? j '[I; 0 -Q `Q ; ; U if % -It*.' m i- fA \s^ -,,.', iv" .-. -*i . i. ,. '.. .. , . . . -' "AiVv2 /Vvi.'L'Ii wj *wv -^/^CHSDULE OF MINING PROPERTIES ' V ' V:"' LOCATED IN . ,; FRESNO COUNTY, CALIFORNIA ,J t- LODES m';Ti \ .*< \ *f ATLAS ASBESTOS CO. CLAIM NAME ORIGINAL RECORDED DATE BOOK PAGE KRC MRC ii it MRC It 'it 6 7 It " 8 n it . 10-1-59 '10-1-59 : ;' 10-;i-59 .+ MRC MRC MRC MRC MRC II 9 10 11 12 13 It 10-1-59 10-1-59 10-1-59 11-3-59 11-3-59 MRC 14 ii ti 11-3-59 .X* * MRC 15 f 11-3-59 MRC 16 11-3-59 MRC 17 11-3-59 MRC 18 11-3-59 MRC 19 11-3-59 *. MRC 20 t 11-3-59 MRC 21 r* 11-3-59 MRC 22 11-3-59 MRC 2 3 S'; 11-3-59 MRC 24 11-3-59 MRC 25 , Sfri-r- 11-3-59 MRC 26 * , MRC ^27; rJ 11-3-59 11-3-59 = -' MRC -28 " " - : 11-3-59 ^Mrc 29 . , 7-11-3-59 -1 MRC 30 A. -.'>'^.11-3-59 ' ; : RRC' 31 ; .; '-75^11-3-5.9 >": MRCi32 ; ; 11-3-59 MRC 33>-y. 11-3-59 MRC 34 vi.:"-.;* 11-3-59 4280 . * 124 4280 125 4280 126 4280 4280 4280 4294 4294 4294 4294 4294 4294 4294 4294 4294 4294 4294 4294 4294 4294 4294 4294 4294 4294 4294 4294 4294 4294 4294 127 128 129 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65 67 69 71 73 AMENDED RECORDED DATE BOOK 12-14-60 12-14-60 3-7-62 7-16-63 10-10-60 3-7-62 7-16-63 10-10-60 4479 4479 4688 4883 4450 4688 4833 4450 10-10-60 4450 10-10-60 4450 3-7-62 4688. 12-14-60 4479 3-7-62 4688 ' 12-14-60 4479 10-10-60 4450 10-10-60 4450 10-10-60 4450 .12-14-60 10-10-60 10-10-60 10-10-60 4479 4450 445.0 4450 PAGE 346 347 ` 783 657 1 555 * 784 658 556 ; 1 j;' 5 57 ` 558 . 1 785 34 8 782 :*? 349^ 559 Vf 560 561 ; '* f * T* 350 J 562,4 563 $ 564 ?j j** * * '*5 .'r/jll , .. Vv.i64c*-rf*T*&< :'V;''S;-'v; 2.5 ATLAS ASBESTOS CO. SCHEDULE OF MINING PROPERTIES LOCATED IN FRESNO COUNTY, CALIFORNIA CLAIM NAME MRC 35 MRC 36 MRC 37 MRC 38 MRC 39 MRC 40 MRC 41 MRC 42 MRC 43 MRC 44 MRC 45 MRC 46 MRC 47 MRC 48 MRC 49 MRC 50 MRC 51 MRC 52 MRC 53 MRC 54 MRC 55 MRC 56 MRC 57 MRC 58 MRC 59 MRC 60 MRC 61 MRC 62 MRC 63 MRC 64 MRC 65 MRC 66 MRC 67 MRC 68 LODES ATLAS ASBESTOS CO. ORIGINAL RECORDED DATE BOOK 11-3-59 11-3-59 11-3-59 11-3-59 11-3-59 11-3-59 11-3-59 11-3-59 11-3-59 11-3-59 11-3-59 11-3-59 11-3-59 11-3-59 11-3-59 11-3-59 11-3-59 11-3-59 11-3-59 11-3-59 11-3-59 11-3-59 11-20-59' 11-20-59 11-20-59 11-20-59 11-20-59 11-20-59 11-20-59 11-20-59 11-20-59 11-20-59 11-20-59 11-20-59 4294 4294 4294 4294 4294 4294 4294 4294 4294 4294 4294 4294 4294 4294 4294 4294 4294 4294 4294 4294 4294 4294 4301 4301 4301 4301 4301 4301 4301 4301 4301 4301 4301 4301 PAGE 75 77 79 81 S3 85 S7 89 91 93 95 9.7 99 101 103 10 5 1A " W -/T 1 0 `` 11: l: 3 115 117 5?: 5:3 575 r. : 7 : jo 531 ; 33 5 35 537 539 541 543 S. | II li < :ded RECORDED DATE 300K PAGE .. 12-13-60 4478 12-13-60 4473 127 123 12-14-60 12-13-60 12 -13 - 6 0 12-13-60 12-13-60 12-13-60 12 -1 3 - 6 G 12-13-60 12-13-60 12-13-60 12--13 -- CG 12-13-60 12-13-60 12-13-60 12-13-60 1 2 -13 -6 C 12-13-60 12-15-60 12-15-6.' 12-13-6. 12-13-60 12-13-6., 12 --13--6C 12-13-60 12 -13-6 C 12-13-60 4479 4473 -.4/8 4478 4478 4478 447? 4h 7 3 4478 4478 4478 44 7 8 447 3 44 7 8 4473 4478 44 7 8 4473 4478 44 7 3 n47 3 4473 44 7 3 44 7 8 4473 4478 - 351 129 130 131 132 133 134 135 136. 137 138 139 140 141 142 14 3 . 144 14 5 ; 146 14 7 148 149 150- 151 152 s! 153 -S LJ Li . ;! L_i n1 ! rp !i 1Ui pi U ii jI n CLAIM NAME MRC NRC MRC MRC MRC MRC MRC MRC MRC MRC MRC MRC 60 70 71 72 73 74 75 76 77 78 79 80 ATLAS ASLuSTOS Cu. SCHEDULE OF MINING PROPERTIES LOCATED IN FRESNO COUNTY, CALIFORNIA LODES ATLAS ASBESTOS CO. ORIGINAL RECORDED DATE BOOK 11-20-59 4301 11-20-59 4301 12-9-r59 4311 12-9-59 4311 12-9-59 * 4311 12-9-59 4311 12-9-59 4311 12-9-59 4311 12-9-59 4311 12-9-59 4310 12-9-59 4310 12-9-59 4310 PAGE 545 519 15 13 11 9 7 5 3 1 698 696 AME NDED RECORDED DATE BOOK PAGE 12-13-60 12-13-60 12-13-60 12-13-60 12-13-60 12-13-60 12-13-60 12-13-60 12-13-60 12-13-60 12-13-60 12-13-60 4478 4478 4478 4478 4478 4473 4478 4478 4478 4478 4478 4473 154 155 156 157 158 159 160 161 162 163 164 165 u r i T ,1 i :4 2.7 .AiL/w /\L> Ui> v,'' . SCHEDULE Or MINING PROPERTIES LOCATED Kl THE COUNTIES OF FRESNO AND SAN BENITO, CALIFORNIA STATE LEASES STATE LEASE NO. LEGAL DESCRIPTION U 1511.2 SOUTH 20 ACRES OF THE 80-ACRE PARCEL WEST OF LOTS 3 AND A, AND THE NORTH 20 ACRES -4 * OF THE AO-ACRE PARCEL WEST OF LOT 9 AND J NORTH OF LOT 12 IN SEC. 36, T. 18 S., R. 12 E., M. D. B. M., FRESNO CO., CONTAINING AO ACRES MORE OR LESS. Li 1512.2 'ALL OF LOT A, THE SOUTH 1/2 OF LOT 3, THE NORTH 60 ACRES OF THE 80-ACRE PARCEL WEST OF LOTS 3 AND A, AND THE EAST 1/2 OF THE 160-ACRE PARCEL WEST OF SAID 2-ACRE n PARCEL, CONTAINING 160 ACRES MORE OR LESS, IN .SEC. 36, T. 18 S., R. 12 E., M. D. B. S M., FRESNO AND SAN BENITO COUNTIES. 2787.2 LOTS 1 AND 2, NORTH 1/2 OF LOT 3, LOTS 5 AND 6 IN SEC. 36, T. 18 S., R. 12 E., M. D. B. M., FRESNO AND SAN FEN I TO COUNTIES CONTAINING 136.02 ACRES MORE OR LESS. I.J NEW IDRIA FEF LANDS J LOTS 2, 7, 10, 12, AND 13 IN SECTION . S, TOWNSHIP 18 SOUTH, RANGE 12 EAST, M. D. B. M., SAN SEN TO COUNTY, CONTAINING "1 1 200 ACRES MORE OR LESS. J "1 1; 2.8 1 n L.i n' ' t.j n t Lj JANUARY "1 iJ FEBRUARY n MARCH LJ APRIL MAY l-j JUNE rj i.J JULY AUGUST Lj SEPTEMBER h OCTOBER :j NOVEMBER t < j!. DECEMBER n1 u n `.1 r~: /1 i.j un 4. . ATLAS ASBESTOS CO. 196 8 SALES BY PRODUCT (TONS) * AZ-2 0 1,680.00 1,402.50 1,242.50 . 977^.50 1, 128.00 734.00 703.00 1,612.50 890.50 1,383.50 1,550.00 1.377.00 14,681.00 DRILL- BESTDS 202.50 60.00 182.50 102.50 50.00 31.50 50.00 3C . 00 609.00 TOTAL 1,882.50 1,462.50 1,325.00 1,080.00 1,178.00 734.00 703.00 1,612.50 922.00 1,383.50 1,600.00 1,407.00 15,290.00 t ** rs 1n; L-J p tli Q r-- L.J r ~i* U ;r> 4, r~\ i. * || .* !i )4 IJ JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER ATLAS ASBESTOS CO. 1969 SALES BY PRODUCT (TONS) AZ-20 941.30 745.30 1,503.85 1,432.50 \ 1,363.75 .i 582.70 * 608.00 1,187.53 981.25 455.00 718.00 380.00 10,899.18 DRILLBESTOS 50.00 50.00 22.50 122.50 AZ-15 2.25 2.25 TOTAL 991.30 745.30 1,503.35 1,432.50 1,363.75 582.70 60S .00 1,187.53 1,033.5: 477.50 718.00 3 0.00 11,025.93 '} Vj n l ij *+ i-i: u>"i 1 *4 r' r' r-> i -V` >' ** , n u n \! hMl i 1" fcaj n ! Ui ' i! JANUARY FEBRUARY MARCH APRIL MAY JUNE n Li JULY r J AUGUST SEPTEMBER --i ; j ij OCTOBER * '-----1 . lL i 'n NOVEMBER - DECEMBER w 'J rn i 'J rn l l- rn. 1 u' rH . . AZ-8 1.00 2.10 22.50 22.50 .40 22.35 70.85 ATLAS ASBESTOS CO. 1970 SALES 3Y PRODUCT CTONS) AZ-20 540.00 726.00 1,180.50 * 870.00 815.00 525.00 500.25 812.63 1,447.00 1,447.80 1,363.85 1.126.60 11,354.63 AZ-100 * DRILL- BESTOS 50.00 30.00 50.00 .50 1.20 ' 4.93 100.CO 63.00 7.00 13.63 131.00 423.00 TOTAL 541.00 728.10 1,230.50 392.50 845.00 575.00 500.75 835.13 1,447.00 1,549.40 1,431.78 1 .285.95 11,862.11 9 CTJ L n ii-Ji i u Ln it n L--t j L r~i i wJ ff \ -J ~s n1 ! i.j ;LJ1 f i. i LJ n i.J ' .( ' . JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER ATLAS ASBESTOS CO. 1971 SALES BY PRODUCT (TONS) / i AZ-8 AZ-20 700.25 738.15 * '22.50 ) .608.00 790.00 1,488.00 791.00 963.00 1,629.70 21.25 705.00 967.00 934.50 19.70 1.043.50 63.45 11,358.10 AZ-100 DRILLBESTOS 1.00 80.00 9.75 10.0.00 2.00 4.00 103.00 13.75 30.00 . 13.11 140.00 13.00 99.00 6.85 197.50 6.00 .170.00 5.00 139.00 6.75 15.75 30.00 15'.00 96.96 1,238.50 TOTAL 781.25 847.90 610.00 897.00 1,554.25 944.11 1,075.00 1,834.05 902.25 ' 1,111.00 971.25 1.228.95 12,757.01  *4 ... iyn SALES BY PRODUCT CTGNS) rl JANUARY AZ-8 FEBRUARY Lj! MARCH tl APRIL MAY n, i JUNE 4.85 JULY u,` AUGUST 11.15 5.00 n SEPTEMBER OCTOBER 5.00 -y NOVEM3ER 5.00 r;--^| DECEMBER 51.00 J AZ-20 AZ-25 1,136.00 1,116.00 944.00 1,011.00 517.50 675.00 718.25 888.75 492.50 67.50 67.50 1,066.50 ' 67.50 799.00 135.00 959.50 132.50 10,324.00 470.00 AZ-100 15.50 5.25 5.00 .10.00 5.25 9.25 15.00 5.25 70.50 DRILLBESTOS TOTAL 170.00 1,321.50 140.00 1,256.00 80.00 1,029.25 1,016.00 51.00 . 568.50 60.00 749.85 80.00 809.40 70.00 1,036.50 80.00 649.25 90.00 1,244.00 30.00 969.00 130.00 1,227.25 981.00 11,876.50 n u n- C.. - - Vt< >*l *1 4 cm'*,- tA cm) rn ^ y im oo to tA IA > r' (to' TtoJ -k-*.!*K^at I| CcOo y<r* ^ CM ctoO to tA co cr* y o nr JU XL IA CO CO O Cm CO ^ o> y k.. CO CM o tO o J- tA, o o! 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