Elko Daily Free Press from Elko, Nevada • 6

6 ELKO DAILY FREE PRESS, Elko, Nevada Saturday, May 14, 1994 Business Another mega resort coming to Las Vegas Strip a portion of the land on which the Dunes golf course now sits. Schaeffer said Gold Strike will run the resort, although the two companies will be 50-50 partners. He said Mirage Resorts is contributing the land while Gold Strike will finance construction of the property. "This is a high profile project," said Schaeffer, who until last year was president of Circus Circus Enterprises. "If you had to choose a partner in the business, you can't get any better than the Mirage.

That's an exceptionally strong partner in a master developed entertainment complex that wont have a rival." fore the company upgraded that resort will building it "Treasure Island's original concept was to be value oriented but as we built it it become more luxurious," he said. "We learned that as a company we tend to build really nice places and it's hard for us to do something low priced." The unnamed new resort will have only 420 feet of frontage on the Las Vegas Strip, but it will be in a prime location almost directly across from the new MGM Grand resort. The majority of the hotel rooms and other buildings will be located to the back of the property, taking up the two." Dan Lee, Mirage Resort's chief financial officer, said the joint agreement is a unique opportunity for the company to get into the lower end of the gaming market "We had always known that the back of the Dunes property would hold another major resort," Lee said. "We thought maybe we'd get around to building something at the end of the decade, But this was an opportunity for us to own 50 percent of a very valuable property." Lee said the new resort's market will be similar to what was envisioned for the Treasure Island be- LAS VEGAS (AP) The booming Las Vegas Strip, which last year saw the addition of three megaresorts totaling more than 10,000 rooms, will soon be the site of another theme resort. Mirage Resorts and Gold Strike Resorts said Wednesday they plan to build a $250 million hotel-casino that will cater to the "price-sensitive" gaming customer on the glittering boulevard.

The new resort will be built on 43 of the 164 acres Mirage Resorts obtained when it bought the bankrupt Dunes hotel-casino, adjacent to a new luxury theme property that Mirage Resorts plans to announce for the rest of the site later this year. The two new resorts will be linked by a transportation system, officials from both companies said. "It will be a highly themed resort that positions itself toward the value-oriented customer," said Glenn Schaeffer, a principal in Gold Strike. In a related announcement, Mirage Resorts said it would bring down the remaining 27-story Dunes tower in a July 10 implosion. The now defunct resort's main tower was brought down in a fiery implosion last October that helped open the company's Treasure Island resort and was used in a made-for-television movie.

Schaeffer said construction should begin on the new resort later this year, with completion in mid-1996. He said the exact theme and details of the resort are still in the planning stages. Schaeffer said that the new resort, which will be jointly owned by both companies, will join with the new resort complex planned by Mirage to become "the largest gaming and entertainment complex in the world." "It will serve as one anchor in the entertainment complex with the other being the luxury resort that Mirage plans," Schaeffer said. "There will be a common infrastructure and transportation link between U.IIIIIUH.UIIIIII1IUU.JU IIHI I 0 mmmil J. HUM! n.i.n JmumM.j i.mumii.

111 I Business Briefs USINESS AFTER Hours is scheduled for 5:30 p.m. to 7 p.m. Thursday at Elko Gar AM (litif Iisr den and Landscape. The event is sponsored by the Elko Chamber of Commerce for local business people. LTA GOLD Co.

reported a net loss of $246,000 for the first quarter of 1991 The re A For outdoors: Ross Taylor stirred a pot of mushrooms on Corporation is located in West Jordan, Utah, said this was the first time he participated in the Elko show and he found people to be especially friendly and helpful. His wife, Barbara, is seated behind him. a Volcano All Purpose Outdoor Cook Stove at the Elko Chamber of Commerce's Spring Home, Garden and Recreation Show last weekend at the Elko Convention Center. Taylor, whose Volcano Tihrnw Barnck Goldstrike Mines recently donated $1,000 lMJiUry to the Elko County Library for purchasing books and other printed material for the library's business and technical materials collection. "The mines have always been very helpful in supporting the library through their donations of equipment and money," said reference librarian Gary Avent, left The library applied for a $5,000 federal Library Services and Construction Act Grant to purchase books related to mining and construction.

Bar-rick's donation represents a portion of the library's request for matching funds. Pictured with Avent is Barrick Metallurgical Services Superintendent Jack Simmons. BMG moving forward sults for the first quarter of 1994 are a significant improvement as compared to the $1.1 million loss incurred during the first quarter of 1993. The improvement primarily resulted from the company's decision to reopen its Easy Junior gold mine, Alta said. During the first quarter of 1994, 11,864 ounces of gold were mined at Easy Junior at a cost of $243 per ounce and 2,300 ounces of gold were sold at an average price of $382 an ounce.

Robert N. Pratt, Alta Gold Co. chairman and chief executive officer, stated: "Easy Junior is operating ahead of plan and under budget. The company's reserve base is increasing through both the expansion of reserves on existing properties and the acquisition of new reserves." WELLS Rural Electric Company recently refunded a total of $280,913 in patronage capital, according to General Manager Dan Kessler. Patronage capital, or capital credits, represent the excess in operating revenue over operating expense for a particular year.

"If you were a member of wtho made payments on your WRC-ccM8t during any year from a 1979 through 1992 you should have received a capital credit by May 6," Kessler said. "We don't, however, send checks until the allocation has accumulated to over $5," he added. This year's return included 50 percent of the total refund amount representing a portion of 1979. The remaining 50 percent was prorated across the board to all members who had unpaid capital credit accounts for 1979 through 1992. The years 1960 through 1978 have already been refunded.

Including this year's payment WREC has refunded a total of $2,072,134 in capital credits since 1960. Questions should be directed to WREC at 752-3328. 1 'M IP- Moneywatch with its Reona Project The. new Mining 4s W' Battle Mountain Uojd BMG; ex begin producing gold at its begin producing gold at its pects to cated adjacent to present operations and includes a leach pad, waste dumps, three open pits, haul and access roads, stockpiles, a carbon recovery plant crushing plant conveyor and office building. The total complex includes 520 acres, a portion of which is public land administered by the BLM.

The BLM said the Reona Project was expected to operate over a six-year period, employing 122 workers. BMG said earlier it expected to spend up to $10 million on the Reona Project The reserves include 370,000 contained ounces of gold and 600,000 ounces of silver. The company also is continuing feasibility studies on the proposed Phoenix Milling Project at the Battle Mountain site, Van Dyke said. The Phoenix would be located within the Fortitude mine area just north of the Reona Project and would involve redesigning the existing mill for a "low-grade, high-volume milling operation," he said. BMG expects to produce 120,000 ounces a year, but it will be 1997 before production can begin.

Van Dyke said a full environmental impact statement would need to be completed before then. BMG said last fall that Phoenix is estimated to cost $17 million. The company is looking at an estimated 850,000 ounces of ore reserves for this project new Reona Project later this year. The mine site is south of Battle Mountain. "We hope to have it in operation probably early in the third quarter of this year," spokesman Les Van Dyke said this week, adding that the company hopes to produce 25,000 ounces of gold from Reona this year and 70,000 ounces at peak production in 1995.

The average will be 50,000 ounces, he said. Construction of the Reona Project started around the first of the year, creating jobs for the present workforce following mill closure last year. "We were able to go forward with Reona in time so we didn't have any further layoffs," said Van Dyke from corporate headquarters in Houston. The company has roughly 100 employees working on the Reona Project, he said. Last year, the company closed its Fortitude mill last year, laying off about 140 people.

A heap leach operation continued, however. The Reona Project is a heap leach operation. Work started around the first of the year as soon as the company received approval from the Battle Mountain District of the U.S. Bureau of Land Management "We wanted to keep the workforce employed even though there is a 30-day comment period," Van Dyke said in January. HE BOARD of Directors of Homestake Mining Company declared a quarterly dividend funeral trust is very similar to a prearranged funeral.

A funeral trust freezes the cost of funeral services and merchandise at today's prices. Some states require that 100 percent of the funeral funds go into the trust. Other states allow a small percentage, usually no more than 10 percent, to be retained by the company selling the trust to pay for current business costs. The trust fund money earns interest, which is later used to pay funeral expenses. The interest earned on the principal allows the selling company to pay the presumed increased future costs.

The purchaser receives annual W-2s for interest earned and is responsible for paying appropriate income tax. Brenner notes that funeral trusts are usually not established during a crisis period, but rather when emotions are calm and decisions can be made more rationally. A standard funeral trust is usually established in one financial institution. Brenner says he has never heard of a funeral trust involving three institutions with three types of financial arrangements. He thought that perhaps you set aside funds in these institutions to cover the various aspects of a funeral and have not truly purchased a funeral trust If this is the case and you are not happy with your earnings, change to a bank that offers an entire funeral trust, not just bits and pieces.

Q. I recently inherited a gem portfolio and would like to sell it. How can I locate a reputable appraiser or broker to help me find a buyer? K.G. A The American Society of Appraisers (P.O. Box 17265, Washington, D.C.

20041) offers a free referral service to consumers to help find certified appraisers in a variety of specialties, including personal property, real property, businesses, machinery and equipment, appraisal review and management and technical valuation. A gem collection would fall into the personal property category. A certified ASA appraiser also may be able to refer you to possible buyers for your collection. ASA is an international non-profit independent appraisal organization with over 6,000 members. Q.

I have an original Hudson Bay silver certificate. How can I find out If it is valuable? W.H. A I contacted Hugh Schull (P.O. Box 712, Leesville, S.C. 29070) who specializes in American paper money dating back to Colonial times.

He says he has never heard of Hudson Bay silver certificates but knew of Hudson notes used in the 1700s by fur traders. He suggested you send him a photocopy of your certificate so he can provide an accurate assessment of your holdings. If you require more information, you can contact the American Society of Appraisers at the address listed in the previous question. Q. I'm interested in investing in stocks that consistently pay high dividends.

Where can I obtain data on these corporations? D.B. A One source is Investment Quality Trends (7440 Girard Suite 4, La Jolla, 92037) a twice monthly publication written by Geraldine Weiss. The newsletter follows 350 blue chip stocks that have a history of increasing dividend payments. Each newsletter contains an analysis of several stocks, a list of undervalued and over-valued issues based on dividend payouts, and various statistics pertaining to each of the 350 stocks that are tracked. Weiss has also written a book on dividends, Dividends Don't Lie ear-born Financial Publishing, 520 North Dearborn Chicago, 111., 60610), that should be available at your local library.

Other helpful sources of purely statistical information are Value Line, Standard Poor's and Moody's, which should also be in your library. Q. I own German bills from 1923. They range from one mark to 20 million marks. How can I find out if they are worth anything? B.L A I contacted Gary Snover (P.O.

Box 9696, San Bernardino, 92427), a foreign currency specialist, who says most German paper money from the year 1923 is worth little. However, because of speculation from Taiwanese investors a few years ago, some pieces may have a nominal value. German currency from 1924 tends to be more valuable than 1923 currency, and paper money with the "billionen" denomination is even more valuable. For further information, send photocopies of your currency to the above address, and Snover will let you know their monetary value. Q.

I purchased a funeral trust that is currently in three different banks. Two of the banks have locked in the interest rate on the trust accounts while the interest rate from the third is constantly fluctuating. What can I do so all three interest rates are fixed? ML A I contacted Lawrence Brenner (Stewart Enterprises, PO. Drawer 19925, New Orleans, 70179), a funeral service provider. He says a of five cents a share, payable June 8 to shareholders of record at the close of business on May 25.

The company said this action represents an increase of 2.5 cents per share per quarter Correction An article in the April 16 Business section of the Elko Daily Free Press on the Commercial Hotel should have stated that the volume of check cashing was up roughly 75 percent, not casino revenues. Jay Goldinger is chief investment strategist for Capital Insight, Inc. and author of Keys to Investing Government Securities. For a personal reply, please limit your question(s) to one printed or type written page. Send to P.O.

Box 4092, Beverly Hills, Calif. 90213. Be sure to include your telephone number. -av. A1 LJr'-" I C-BAND EDGE Jrfef' (DEALER ff )ING AND jf 1 in (SiMltrfpMol industry." Day-to-day responsibilities in ALL-TEL's Nevada operations will be divided between two managers.

Engineering Manager Jim Ford has been named operations manager for Nevada and in this capacity will oversee all engineering, construction and central office functions, as well as the company's Tonopah operation. Bill Featham, currently installation and repair supervisor, has been named customer service manager. In this position Featham will be responsible for customer service requirements, product sales and equipment installations. From left are: William Featham, Robert Cori and James Ford. Allfpl Alltel Corporation's Western Divi-simui sjon announced a restructuring of its California and Nevada management teams.

Robert Cori, who was promoted to vice president for California and Nevada, will take on responsibility for the company's Elko-based Nevada operations. He was vice president of ALLTEL California. "I am very excited by this new opportunity," said Cori. "The combination, of available technology such as videoconferencing and the high competence level of employees at both locations will allow me to give necessary attention to the complex issues challenging today's telephone Honored: Elko Discount Satellite was honored recently by Recrea (Submllled photo) the Year for Uniden Satellite Systems. Elko Discount Satellite, 176 Fifth St, is owned by Robert and Janet Diehl.

From left are: Carey Chastain of Uniden America, Robert Diehl, Dick White of and Gary Olson, general manager. tional Sports and Imports Inc. one of the nation's leading satellite television equipment distributors, for being the 1993 Nevada Dealer of.