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EX-32 - 906 CERTIFICATION - Tintic Gold Mining COex32.htm
EX-31 - 302 CERTIFICATION - Tintic Gold Mining COex31.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q

(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the third quarter ended September 30, 2009

( ) TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission File Number: 333-119742

TINTIC GOLD MINING COMPANY
(Exact name of registrant as specified in its charter)


 

 

 

 

 

 

 

 

NEVADA

87-0448400

(State of Incorporation)

(I.R.S. EMPLOYER ID NO.)

 

 

 

 

3131 Teton Drive

Salt Lake City, Utah


84109

(Address of principal executive offices)

(Zip Code)

 


(801) 485-3939

(Issuer's telephone number, including area code)

Check whether the issuer (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 [   ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large accelerated filer [  ]       Accelerated filer [  ]       Non-accelerated filer [  ]       Smaller reporting company [X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  

Yes [X]  No [  ]

The number of shares outstanding of each of the Issuer's classes of common equity, as of the latest practicable date:

 

 

 

 

 

 

Class

 

Outstanding as of November 3, 2009

Common Capital Voting Stock, $0.001 par value per share

 

2,109,643 shares




1




FORWARD-LOOKING STATEMENTS


This Quarterly Report on Form 10-Q, Financial Statements and Notes to Financial Statements contain forward looking-statements. All statements made in this Report or in another Report incorporated by reference that are not statements of historical fact are forward-looking statements. These include but are not limited to the economy, certain statements of expectation concerning the precious metals industry, the demand for precious metals, and the sources and potential for a mining partner or joint venturer who would be interested in financing or working with us to undertake an exploration program on our 44 acres of mineral claims. We do not intend to forecast what may or may not occur in the future, nor will we predict that any  particular event may or may not occur. Management emphasizes that it can neither control nor predict many of these risks and uncertainties. Accordingly, we caution the   reader not to place undue reliance on any forward-looking statements, which speak only as of the date of this Report. Important factors could cause actual results to differ from those expressed in any forward-looking statements.


PART 1 - FINANCIAL INFORMATION


Item 1. Financial Statements.      






 







TINTIC GOLD MINING COMPANY

[An Exploration Stage Company]


UNAUDITED CONDENSED FINANCIAL STATEMENTS


SEPTEMBER 30, 2009




























2




TINTIC GOLD MINING COMPANY

[ An Exploration Stage Company]





CONTENTS


PAGE


-

Unaudited Condensed Balance Sheets,

September 30, 2009 and December 31, 2008

    4


-

Unaudited Condensed Statements of Operations,

for the three months  and nine months ended September 30,

2009 and 2008 and from inception of exploration stage

on December 31, 1997 through September 30, 2009

    5


-

Unaudited Condensed Statements of Cash Flows,

for the nine months ended September 30, 2009 and 2008

and from inception of exploration stage on December 31,1997

through September 30, 2009

    6


      -

Notes to Unaudited Condensed Financial Statements

  7- 9



3





TINTIC GOLD MINING COMPANY

[An Exploration Stage Company]


CONDENSED BALANCE SHEETS


 

 

September 30,

 

December 31,

 

 

2009

 

2008

 

 

  (Unaudited)

 

 

                                                                ASSETS

 

 

 

 

CURRENT ASSETS:

 

 

 

 

Cash

 

 $          2,881

 

$            4,228

Total Current Assets

 

2,881

 

4,228

 

 

 $          2,881

 

$            4,228

 

 

 

 

 

                    LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

Accounts payable

 

 $            350

 

 $              136

Related party advances

 

24,346

 

16,210

Accrued Liabilities - related party

 

34,000

 

24,000

Total Current Liabilities

 

58,696

 

40,346

 

 

 

 

 

STOCKHOLDERS' EQUITY (DEFICIT):

 

 

 

 

Common stock, $.001 par value,

 

 

 

 

50,000,000 shares authorized,

 

 

 

 

2,109,643 shares issued and

 

 

 

 

Outstanding at September 30, 2009 and December 31, 2008

 

            2,110 

 

2,110

Capital in excess of par value

 

        194,165

 

194,165

Deficit accumulated during the

 

 

 

 

exploration stage

 

(252,090)

 

(232,393)

Total Stockholders' Equity (Deficit)

 

(55,815)

 

(36,118)

 

 

 $        2,881 

 

 $           4,228















The accompanying notes are an integral part of these financial statements.



4




TINTIC GOLD MINING COMPANY

[ An Exploration Stage Company]


UNAUDITED CONDENSED STATEMENTS OF OPERATIONS



 

 

 

 

 

 

 

 

 

 

 

From inception of

 

 

 

 

 

 

 

 

 

 

exploration stage

 

 

 

 

 

 

 

 

 

 

 on December 31,

 

 

  For the Three Months Ended

 

For the Nine Months Ended

 

1997, through

 

 

September 30,

 

                 September 30,

 

September 30,

 

 

2009

 

2008

 

2009

 

2008

 

2009

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 $                 -   

 

 $              -   

 

$         -

 

$          - 

 

 $               -   

Total Revenues

 

                    -   

 

                  -   

 

           -   

 

            -   

 

                  -   

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

General & Administrative

 

            4,667

 

           1,993

 

19,697

 

      10,894

 

         184,769

Failed acquisition costs

 

                   -   

 

               -   

 

           -

 

             -

 

           85,758

Total Expenses

 

            4,667

 

          1,993

     

19,697

 

     10,894

 

         270,527

Loss From Operations

 

(4,667)

 

(1,993)

 

   (19,697)

 

(10,894)

 

(270,527)

Other Income (Expense)

 

 

 

 

 

 

 

 

 

 

Interest Income

 

                    -   

 

                 -   

 

               -   

 

             -   

 

             8,632

Interest Expense

 

                    -   

 

                 -   

 

               -   

 

             -   

 

                 (44)

Gain on Sale of Securities

 

                    -   

 

                 -   

 

               -   

 

      -  

 

             8,084

Total Other Income

 

                    -   

 

                 -   

 

               -   

 

             -   

 

           16,672

Loss Before Income Taxes

 

(4,667)

 

(1,993)

 

(19,697)

 

(10,894)

 

         (253,855)

 

 

 

 

 

 

 

 

 

 

 

Current Income Taxes (Benefit)

 

                   -   

 

                -   

 

              -   

 

            -   

 

            (1,765)

 

 

 

 

 

 

 

 

 

 

 

Deferred Tax Expense

 

                   -   

 

                -   

 

              -   

 

            -   

 

                    -   

Net Loss

 

 $        (4,667)

 

 $      (1,993)

 

 $  (19,697)

 

 $(10,894)

 

 $      (252,090)

 

 

 

 

 

 

 

 

 

 

 

Loss per Share

 

 $          (0.00)

 

 $        (0.00)

 

 $      (0.01)

 

 $    (0.01)

 

 











The accompanying notes are an integral part of these financial statements.



5




TINTIC GOLD MINING COMPANY

[ An Exploration Stage Company]


UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS


 

 

 

 

 

From inception of

 

 

 

 

 

exploration stage

 

 

 

 

 

 on December 31,

 

       For the Nine Months Ended

 

1997, through

 

September 30,

 

September 30,

 

September 30,

 

2009

 

2008

 

2009

Cash flows used in operating activities:

 

 

 

 

 

Net income (loss)

 $         (19,697)

 

 $        (10,894)

 

 $               (252,090)

Adjustments to reconcile net loss to cash used

 

 

 

 

 

in operating activities

 

 

 

 

 

Non-cash stock issued for services rendered

                        -   

 

                     -   

 

                      97,846

Loss from sale of securities

                        -   

 

                     -   

 

                       (8,086)

Change in operating assets and liabilities:

 

 

 

 

 

Increase (decrease) in accounts payable

                  214

 

               1,700

 

                           203

Increase in accrued liabilities-related party

             10,000

 

                    -   

 

                      34,000

(Decrease) in income taxes payable

                        -   

 

                     -   

 

                          (565)

Net cash used in operating activities

               (9,483)

 

          (9,194)

 

                   (128,692)

Cash flows from investing activities:

 

 

 

 

 

Purchase of securities

                        -   

 

                     -   

 

                       (7,609)

Proceeds from sale of securities

                        -   

 

                      -   

 

                      23,962

Net cash flows provided by investing activities

                        -   

 

                      -   

 

                      16,353

Cash flows from financing activities:

 

 

 

 

 

Proceeds from note payable - related party

                        -   

 

                      -   

 

                        3,501

Proceeds from related party advances

                 8,136

 

             15,000

 

                      24,346

Proceeds from sale of common stock

                        -   

 

                      -   

 

                      55,000

Net cash flows from financing activities

                 8,136 

 

             15,000

 

                      82,847

Net increase (decrease)  in cash

                (1,347)

 

               5,806

 

                     (29,492)

Cash and cash equivalents at beginning of period

                 4,228

 

                  471

 

                      32,373

Cash and cash equivalents at end of period

 $              2,881

 

 $            6,277

 

 $                     2,881

 

 

 

 

 

 

Supplemental Disclosures of Cash Flow Information:

 

 

 

 

 

Cash paid during the periods for:

 

 

 

 

 

Interest

 $                     -   

 

 $                   -   

 

 $                             -   

Income taxes

 $                     -   

 

 $                   -   

 

 $                        3,565

 

 

 

 

 

 

Supplemental Schedule of Non-Cash Investing and Financing Activities

 

 

 

 

 

 $                     -   

 

 $                   -   

 

 






The accompanying notes are an integral part of these financial statements.



6




 


TINTIC GOLD MINING COMPANY

[ An Exploration Stage Company]


NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS


NOTE 1 -- ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


History and Nature of Business - Tintic Gold Mining Company (“the Company”) was organized under the laws of the State of Nevada on March 8, 2004 as a wholly-owned subsidiary of Tintic Gold Mining Company (“Parent”), a Utah corporation, (now known as KIWA Bio-Tech Products Group Corporation).  The Company was founded for the purpose of continuing the exploration of the mining claims of its former Parent.  On March 12, 2004 as part of an acquisition agreement, Parent acquired KIWA Bio-Tech Products Group Corporation (“KIWA”).


Following the organization of the Company, Parent transferred all of its mining claims to the Company in exchange for 1,009,643 shares of the Company’s common stock.  The mining claims include three patented mining claims known as the Emerald, Ruby and Diamond Lode Mining Claims located in the central portion of the Tintic Mining District, Juab County, Utah.


Tintic Gold Mining Company ("Parent") was incorporated in the State of Utah on June 14, 1933.  Parent was incorporated for the purpose of mining, milling, ore reducing, and smelting. At the time of its incorporation, Parent acquired certain patented mining claims from the Emerald Mining Company, which mining claims the Company continues to own.  These mining claims are located in the Tintic Mining District of Juab County, Utah. Prior to December 31, 1997, the Parent was dormant.  


Condensed Financial Statements.  The accompanying financial statements have been prepared by the Company without audit.  In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows at September 30, 2009 and 2008 and for the periods then ended have been made.


Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted.  It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s December 31, 2008 audited financial statements.  The results of operations for the periods ended September 30, 2009 and 2008 are not necessarily indicative of the operating results for the full year.


NOTE 2 - CAPITAL STOCK


Common Stock - The Company has authorized 50,000,000 shares of common stock with a par value of $.001.  At September 30, 2009, there were 2,109,643 shares issued and outstanding.










7




TINTIC GOLD MINING COMPANY

[An Exploration Stage Company]


NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS



NOTE 3 - RELATED PARTY TRANSACTIONS


Related Party Advances – As of September 30, 2009 officers and shareholders of the Company had advanced the Company a total of $24,346.  The advances bear no interest and are due on demand.


A shareholder of the Company has provided legal services to the company. As of September 30, 2009 $34,000 has been accrued.


Management Compensation - For the periods ended September 30, 2009 and 2008, the Company did not pay any compensation to any officer or director of the Company.


Office Space - The Company has not had a need to rent office space.  An officer of the Company is allowing the Company to use his address, as needed, at no expense to the Company.


NOTE 4 - GOING CONCERN


The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern.  However, the Company was only recently formed and has not yet been successful in establishing profitable operations.  These factors raise substantial doubt about the ability of the Company to continue as a going concern.  In this regard, management is proposing to raise any necessary additional funds not provided by operations through loans or through additional sales of their common stock or through a possible business combination.  There is no assurance that the Company will be successful in raising this additional capital or in achieving profitable operations.  The financial statements do not include any adjustments that might result from the outcome of these uncertainties.


NOTE 5 - LOSS PER SHARE


The following data shows the amounts used in computing loss per share:


 

 

 For the Three Months Ended

 

  For the Nine  Months Ended

 

 

              September 30,

 

            September 30,

 

 

2009

 

2008

 

2009

 

2008

 

 

 

 

 

 

 

 

 

Loss from continuing operations available to common shareholders

 

 

 

 

 

 

 

 

(numerator)

 

 $            (4,667)

 

 $            (1,993)

 

$    (19,697)

 

$    (10,894)

 

 

 

 

 

 

 

 

 

Weighted average number of common

 

 

 

 

 

 

 

 

shares outstanding used in loss per

 

 

 

 

 

 

 

 

share for the period (denominator)

 

2,109,643

 

2,109,643

 

2,109,643

 

2,109,643








8




TINTIC GOLD MINING COMPANY

[ An Exploration Stage Company]


NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS


NOTE 5 - LOSS PER SHARE - CONTINUED


Dilutive loss per share was not presented, as the Company had no common stock equivalent shares for all periods presented that would affect the computation of diluted loss per share.


NOTE 6 – SUBSEQUENT EVENTS


The Company has evaluated subsequent events from the balance sheet date through November 3, 2009 and found there are none to report.





9





Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

Tintic Gold Mining Company ("Tintic Gold," "Company," "we" or "us") is a start-up, exploration stage mining company that has not yet generated or realized any revenues from its business operations. As a precious metals mineral exploration company, our goal is to obtain a partner or joint venturer with the funding and expertise necessary to explore our patented mining claims known as the Emerald, Diamond and Ruby Claims located in the Tintic Mining District of Juab County, Utah, approximately one quarter of a mile from the town of Mammoth, Utah (hereinafter "mineral claims") for their gold and zinc potential. These mineral claims contain one fairly extensive mine or mining shaft called the Emerald Mine and two other mines, shafts, holes or "prospecting pits," the depths of which are currently unknown. For safety purposes, that is, to prevent trespassers from injuring themselves, the Emerald Mine has been fenced off and covered over with a wire or metal mesh by the Utah Abandoned Mine Reclamation Program.  As a result, it is currently inaccessible. At the same time, the shaft collar is also partially blocked with debris and mine timbers.


We have an OTC Bulletin Board symbol which is TMGG.OB.


Having completed the first phase of our business plan and plan of operation that involved getting a comprehensive geology report on our claims completed, we have been in the position for sometime now of pursuing the second phase of our business plan. This is the phase in which we are attempting to obtain a joint venture mining exploration partner to finance and engage in the exploration of our patented mining claims.


For further information concerning the progress we have made towards fulfilling our overall business plan and plan of operation, reference is made to our Plan of Operation below. Reference is also made to our last Annual Report on Form 10-K filed in March 2009.


As we disclosed in our Annual Report on Form 10-K for our fiscal year ended December 31, 2008 and previous reports filed on Edgar, we have had serious difficulty attracting interest in our mining claims over the last 4 years. Since this is NOT due to the enhanced prices of precious metals since the early 2000’s, we have come to believe that this lack of interest is primarily due to the fact that the land ownership in the Tintic Mining District is very fragmented, meaning that ownership is held in the names of numerous corporations and individuals, many possibly having conflicting ownership rights and interests.  At the same time, we believe that a serious mining company or joint venture mining partner would want to be able to tie up an extensive or large area or block of land.  Fragmented land ownership therefore means that a mining company or joint venture partner would have to spend a lot of time and energy on land and title work and, when all is said and done, may not be able to lock up or amass a large block of land or contiguous claims.  Accordingly, extensive land and title work in the overall area of our mineral claims is a significant expense, cost and drawback that a prospective joint venture mining partner may NOT be willing to assume.  


We also believe that the significant EPA presence in the nearby Eureka, Utah, area, while it completes its Superfund clean up operations, may also have a negative effect or impact on a potential mining company or a joint venture mining partner, simply because they may fear that the EPA might require them to do remediation of other operators’ contamination that they wouldn’t otherwise be required to do if the EPA were not highly present and active in the area.  These are the two basic reasons, we believe, why we have not yet attracted a joint venture mining exploration partner.  There may be others.


Finally, the current state of the overall economy does not bode well, we believe, for the likelihood of our attracting a joint venture mining partner any time soon.  For example, while a large international mining company known as Anglo-American commenced exploratory work in September 2008 at the north end of the Tintic Mining District, in a joint venture with Chief Consolidated Mining, a former operator in the District, this fact in and of itself does not mean that this same mining company would necessarily have any interest whatsoever in our 44 acres of mineral claims.  See sequence of events No. 6 below in the discussion titled “Management’s Plan of Operation” which discloses this acquisition transaction in more detail.  In fact, during the previous quarter we learned that Anglo-American’s exploration work was not successful, or not as successful as they wanted or expected, and that therefore, they have moved on or are considering moving on.  


If we are unable to fulfill our business plan and plan of operation, we may be forced to look at other business opportunities, the form of which we cannot realistically predict at this time.  This may include, however, but not be limited, to a change of control transaction whereby our four (4) insiders and affiliates sell their stock to persons with another direction for the Company, an amount of stock which currently represents slightly less than 80% of the Company’s total issued and outstanding shares.  If this occurs and if new people taking control of the Company did NOT want our mining claims or were concerned about potential liability to the Company for continuing to hold and own our mining claims, particularly with the EPA’s current presence in the District, we do not know what we would then do with our mining claims.  It is possible that the claims could be assigned out in exchange for limited indemnifications or in exchange for the excusing of Company debt, or for finder’s fees on any such transaction, etc.



10




All of this remains to be seen; however, at the present time, we believe that the prospects of our attracting a joint venture mining exploration partner look fairly bleak.


Selected Financial Data


Because we had no exploration or other operational mining-related activities during the quarter that resulted in revenues, selected financial data would not be particularly meaningful. Reference is thus made to our quarterly financial statements included in Item 1 above. All of our activities during the quarter were devoted towards locating a joint venture mining partner.


After paying bills that we had received during the quarter, the cash in our checking account on September 30, 2009, was $2,881. As of our quarter end, we owed $350 to our “in-house” accountant. We have also accrued $2,500 to our legal counsel for legal services rendered during our last quarter.  These outstanding bills as of September 30, 2009, will show on our balance sheet as payables for the quarter so ended.  We have since paid our “in-house” accountant.  Other than the outstanding obligation to our legal counsel of $34,000 as of the quarter end, an amount we have accrued, we have no other outstanding bills or payables that we are aware of as of the date of this report.


In order to continue to fund the Company’s working capital after September 30, three (3) officers and a stockholder advanced us a total of $8,000 in July.  After paying our auditors and “in-house” accountant for the bills we received as of the end of the quarter, we currently have $2,531 in our checking account.  This amount of working capital should satisfy our capital needs through the beginning of next year.  


Liquidity and Capital Requirements


Even with the additional $8,000 that was loaned or advanced to us from four (4) affiliates at the beginning of this third quarter, we still lack the necessary capital to implement a full-fledged mineral exploration program. Since our incorporation in Nevada in March 2004 and since the acquisition of our mineral claims from our then-parent corporation, our working capital has been funded by investments and advances from our officers and directors and one shareholder. 


Given that we now have $2,531 in our checking account, we will hopefully be able to satisfy our cash requirements through the beginning of the 2010 year. We believe that within the next 12 months, we will either complete our business plan or, we will know by then what it will take to complete it. The ability to locate and "sign up" a joint venture partner or mining company partner of some kind has so far been unsuccessful, and will depend upon a variety of factors such as the anticipated price of gold and zinc over the next year or two, the cost of mining exploration at that time, the ability of a joint venture partner to tie up a lot of ground in the Tintic Mining District, the absence of future EPA clean up plans in the District, the ability of a joint venture mining partner to feel comfortable with what the EPA will require of them, and most importantly, the overall state of the economy, factors and circumstances that are beyond our control and which cannot be predicted with any certainty. We currently have no specific sources of financing, including bank, private lending sources, or equity capital sources. We also cannot assure anyone that we will be able to develop any joint venture partner sources in the future. So far we have been unsuccessful.  Further, we are unable to guarantee that at the expiration of 12 months from now, that individual members of management will continue to advance us sufficient money to allow us to continue in our reporting obligations. We do not mean to imply, however, that individual members of management will NOT continue to advance us funds beyond the 12 months, particularly if there is likelihood that we will be able to complete our business plan if we continue beyond the next 12 months.  As it is, we have become concerned that the prospects of fulfilling or carrying out our business plan look bleak.  If that is indeed the case, we may have to explore other possibilities for the Company, the form of which we cannot now predict.  If nothing else, we may have to significantly modify our business plan or take the Company in a completely different direction.


On the other hand, it is also conceivable that we can locate a joint venture partner within the next 12 months or, we might learn that we cannot locate a joint venture partner within that time frame. If management does not desire to loan or advance sufficient funds to continue beyond the next 12 months for the simple reason that the prospects of our business plan look bleak, we may be required to look at other business opportunities, the form of which we cannot predict at this time as to do so would be highly speculative on our part.


To implement our business plan and engage in an exploratory drilling program on our Emerald, Diamond and Ruby Claims, we will need substantial additional funding and expertise from a strategic mining partner or joint venturer. So far, we have exercised limited methods or plans of contacting and seeking out such possible joint venture and partnership candidates. As of the date of this Quarterly Report we have only contacted perhaps half a dozen large mining companies that we have learned might be interested in so participating. See discussion under "Management's Plan of Operation" below. At the same time, no assurance can be given that we can or will be able to enter into a joint venture and or other partnership relationship necessary to fund the exploration of our mineral claims as contemplated in our Plan of Operation below, namely, our proposed drilling exploration plan or program.  At the



11




present time, we lack the capital and have no interest or other ability to raise the money necessary to carry out a mineral exploration program of our own.


We have few assets and limited capital, with no operations and no current sources of income.


It is anticipated that we will require only limited capital to maintain our corporate viability and the funds necessary for this limited purpose will be provided by officers and directors for at least the next 12 months or longer. However, unless we are able to enter into a partnership or joint venture relationship with an experienced mining entity willing to finance our intended exploration, it is unlikely that we will be able to achieve our operational goals. In such event, management will be forced to look at other business opportunities, the form of which we cannot now predict.


In 2002, the EPA declared the Eureka, Utah, area, approximately 3 miles from us, as a "Super-Fund" site for lead contamination. The EPA is reputedly spending as much as $40 million or more in clean-up costs. These clean-up efforts, so we are told, should be completed within the next 2 years. Because our mineral claims are not in Eureka and because we never had a mill or significant mining dump of any kind on them, we believe that there is little likelihood that, among other reasons, the EPA would ever assess us for any historical pollution or contamination of any kind.


Management’s Plan of Operation.


As per our agreement with Tintic-Utah, our former parent corporation, in consideration for the distribution of our shares to shareholders of Tintic-Utah on the record date of March 5, 2004, we have been conveyed the subsurface mineral rights on approximately 44 acres of land located in the heart of the Tintic Mining District of Juab County, Utah, near the town of Mammoth, Utah (subject to a 3% net smelter royalty in favor of an individual named Chase Hoffman). During the next twelve months, we will continue to attempt to identify and contract with a mineral exploration company that will agree to search for minerals that may underlie our Claims. During the time our search continues in progress, the small amounts of cash required to maintain our operations, as well as the costs associated with the identification of and contracting with a mineral exploration company partner, will be provided by what cash we now have on hand and if that money is exhausted, by our officers and directors. Our officers and directors have agreed to advance or loan us the money that is necessary for us to complete our work sequences identified below. At the same time, our officers and directors are NOT under any contractual obligation with the Company to finance us; they are doing so because they want to. We do NOT have any written agreement with them in this regard nor do we intend to enter into one. Future funding by our officers and directors may come from the exercise of options to purchase our common stock and/or through future agreements between us and our officers and directors negotiated on terms equivalent or better than those terms negotiated on an arms-length basis. As a result, we do not believe there will be the need to raise additional funds between now and the next 12 months, other than through our officers and directors, if and when required.


Management is NOT interested at this time in going to the expense or trouble of directly raising, on a secondary offering or private placement basis, either $517,000 or $2.141 million to engage in drilling exploration programs of our own  and without the participation of a joint venture mineral exploration partner.  This is because we lack the expertise and experience ourselves to implement and oversee such a large project. See the paragraph below titled "The Phased Nature of Our Planned or Proposed Exploration Program." We also believe and are informed that such a money raising effort would be very expensive in terms of the cost thereof and we would rather spend what limited resources we have on locating a mineral exploration joint venture partner. We also have no idea what securities brokerage firm, if any, would possibly be interested in underwriting such an effort, particularly in light of the recent “financial crisis” and current uncertain state of the overall economy.  Since the increased price of precious metals starting in early 2004 would appear to have made the overall exploration environment more financing-friendly and based on the history of the Tintic Mining District, we believe that it makes far more sense to do what is necessary to attract an experienced and well financed mineral exploration partner or joint venturer. This is our basic plan of operation at the present time.


In order to attract mineral exploration company partners and pursue an exploration program of our mineral claims, we need a specific and realistic business plan for this purpose. We therefore hired Mr. Bruce Yeomans, our expert and consulting geologist, to prepare an extensive geology report. This task was finally completed in 2005. Because Mr. Yeomans' report provides a comprehensive evaluation of our properties, including exploration targets, we have included or summarized portions of such report below. Our plan to explore our  mineral claims now focuses on, based on such report, not only evaluating certain specific exploration targets identified below but also on completing eight (8) separate work sequences identified below, the cost of which shall be borne by us with what capital we have.  If not, current officers and directors have communicated their commitment to fund the cost of these work sequences, including the cost of paying future Edgarization, accounting and legal fees and expenses, all by making additional advances to us.




12




The specific steps or sequence of events necessary to attract a mineral exploration partner or joint venturer and otherwise implement a mineral exploration program are:


1) Locate the claim corners in the field so that property boundaries are known. (This step was accomplished over four years ago by our consulting geologist when we commissioned his geology report. If we need more specific or exact markers, we will hire a surveyor to do so. We anticipate that the cost would be between $1,000 and $2,000. As of now, and unless requested or required by a mineral exploration partner, we do not believe that this cost or expense will be necessary.)


2) Evaluate the status of adjacent mineral claims, so that investor interest will not be limited to the three claims we hold. Several of the mineral targets trend off of our claims. (The adjacent claims to which we refer are known as the Grand Central Claims. While we have not thoroughly evaluated the status of these adjacent claims, we know the owner and have been in discussions with the owner over the last several years. This individual, who is also a geologist, has indicated to us that he would be willing to work out a suitable arrangement with a mineral exploration partner, if we can bring one to the table. There is no cost associated with this step or sequence of events, as what information needs to be known about the Grand Central Claims and their geology can and would be supplied by the owner. Accordingly, this step or sequence is essentially complete.)


3) Collect additional surface rock samples, as indicated by surface mapping or inspection. If so indicated, sampling will be conducted in accessible portions of the scattered surface mine diggings and in areas of exposed hydrothermal alteration. Samples will be analyzed for gold, silver and "pathfinder" elements, including arsenic and barium. Anomalous areas at the surface may indicate "leakage" of hydrothermal fluids along faults and fault intercepts from potential mineralized zones at depth. These areas will be incorporated into a three-dimensional evaluation of the property for potential drill testing. (Based on what our consulting geologist tells us, we are not aware that rock samples are necessary to be obtained at this point. We believe that if an interested mineral exploration partner is interested in our mineral claims, they would likely want to do sampling themselves, as they would likely want to analyze the results themselves. Having said this, our geologist would charge us by the hour for sampling if necessary and then we would pay for assaying at a recognized assaying laboratory. This, we believe, would cost between $1,000 and $2,000. We are not aware that this step or work sequence is necessary at this time.)


4) Update our April 24, 2005, geology report if necessary as a result of any surface sampling. Contact and distribute the report to target groups familiar with high-grade underground mineral exploration ventures. (This report was authored by our consulting geologist and we know of nothing at this point that would require us to update it. Accordingly, there is no cost that we know of at the present time associated with this sequence of events or step.  So far, we have distributed our report to several large mining companies, namely, two large U.S. mining companies and one large Canadian mining company headquartered in Toronto. Our legal counsel has also distributed the report to a Vancouver, Canada, mining company and also, to a London, England-based mining company. We do not believe it is appropriate to identify their names without their written consent.)


5) Keep abreast of ongoing EPA response activities in the District. (There is no cost associated with this step or work sequence and we intend to do it ourselves as an incident to our business. At the same time, our consulting geologist is aware of EPA and Utah Department of Oil, Gas & Mining (DOGM) responses in the district and he has indicated a willingness to communicate any changes to us if they are material to us and our Plan of Operation.)


6) Contact as many mining and mineral exploration companies as possible who we believe might be interested in partnering or joint venturing with us to explore our mineral claims. (This is a task that comprises the principal part of our business plan at this stage and we have been doing it in the ordinary course of our business for the last several years. In late 2006, we had limited discussions with one large U.S. mining company to whom we sent a copy of our geology report. In September of 2006, a project manager of this mining company accompanied us on a physical tour of our property.  In mid-September 2008, during the end of the quarter, we learned that a major internationally diversified mining company headquartered in the United Kingdom known as Anglo American PLC, purchased some mining claim interests in the Tintic Mining District from Chief Consolidated Mining Co., a former operator in the District.  The news reports are skimpy but it appears that the company sought to explore, and if justified, to then develop a porphyry copper-gold-molybdenum target. Upon learning this news, we have since endeavored to contact Anglo American to see if they would be interested in our claims and, in particular, a copy of our geology report, but, to date, we have heard nothing back.)


7) Conduct property tours with interested parties. (The only cost associated with this step is whether we would be accompanied by our consulting geologist. If so, we would pay him by the hour. The only additional cost is transportation. As stated above, during September of 2006, we took an employee, actually a project manager, of a large mining company on a tour of our mineral claims. Mr. Yeomans, our geologist, was kind enough to accompany us.)


8) Negotiate a mineral agreement to explore the mineral claims. (This task has obviously not been accomplished and



13




we believe that the only cost associated with this might be attorney's fees, if in fact we got to the point where we would need or want an attorney to review a draft agreement.)


We have NOT identified any one potential mineral exploration partner. There are several large mining companies in the United States, Canada, Europe, Australia and elsewhere that we believe may be interested in our mineral claims. Accordingly, there would be no reason to target just one or two companies. As stated above, we have provided our geology report to several mining companies, Canadian, American and British and to date, none has expressed an interest in our claims.


In January of 2008, our president and chief executive officer had a discussion with another large mining company headquartered in Idaho but it turned out that this company was similarly NOT interested in the Tintic Mining District and thus, our properties.


As of the date of this report, we have had NO discussions with any mining or mineral exploration company about entering into a joint venture agreement of any kind or nature.  Furthermore, based on our lack of success in this regard over the last 4 years, we are not particularly optimistic that we will in fact be able to locate and eventually enter into an agreement with a joint venture mining partner.   As stated above, we are not sure why there is an overall lack of interest in the Tintic Mining District by the mining industry, given the fact that gold is now trading at above $1,000 per ounce, but that is the case.  If this lack of interest in our claims continues, we will be forced to look at other opportunities for the Company, the form of which we cannot at this time predict.


Tintic Gold Mining Company Exploration Targets.


The following discusses certain specific and suggested exploration targets on our mineral claims that we currently believe would be suitable for exploration. We believe by identifying such targets, we have done significant work, in advance, on behalf of a potential or prospective mineral exploration partner or joint venturer.   Our estimates of exploratory drilling costs, as set forth below, do not currently take into consideration increased costs or inflation since April 2005.


1. Background.


The limited past development and production to date from our claims is in part due to the fact that the stratigraphic (i.e., geology dealing with the earth's strata) and structural controls to ore formation were not well understood when the Emerald Mine was originally dug or excavated. The Emerald Mine exploration and most of the District's exploration and development work was completed (1880's to 1920's) before G. W. Crane ("Crane"), an engineer for U.S. Smelting and Refining, compiled the first district-wide mapping in 1930. U.S. Smelting and Refining owned and operated the Centennial-Eureka Mine, the largest producer of gold and copper in the District. After reaching an agreement with the numerous independent mine owners in the Main Tintic District, Crane was authorized to determine stratigraphic and structural controls to ore deposit formation by mapping each mine. For the first time in the District's history, but unfortunately after the District was into the end of its    productive  life, ore controls on mineralization that crossed property boundaries were determined. Centurion Mines Corporation, a former lessee of our mineral claims, built on Crane's work in the late 1980's and early 1990's, by having access to all of his underground mapping and sampling. Crane's ore controls were evaluated within the more newly developed understanding of the structural complexities of wrench fault systems, systems that are prevalent in the Tintic Mining District.


Exploration work relating to our Emerald Mine intersected scattered weak mineralization on all levels of the mine but not in large enough quantities to contribute to significant development or production. Favorable gold values were reported on the 600 foot level of the mine and were documented and evaluated by geologist, G.W. Crane during his District-wide ore controls evaluation. Crane felt that this mineralization was evidence of the southerly continuation of the Centennial Ore Channel mined in the Grand Central and Centennial-Eureka Mines. Crane wrote in an internal report to U.S. Smelting and Refining:


"The Emerald Mine happens to be at the extreme southern, or gold/copper end of the Gemini or Centennial Channel, the largest producer of five major ore zones, and for this and other reasons, is due to become a producer of ore consisting of gold. On the same fissure, to which recent developments in the Emerald Mine have been directed, ore bodies on the lower levels of the Grand Central Mine have their principle values in gold and copper, indicating the trend in the direction of the Emerald." (G. Crane, March 28, 1933).


2. Generalized Exploration Targets on the Tintic Gold Claims.


The majority of all Tintic Main District ore is preferentially developed within only five of the numerous Paleozoic carbonate formations that have been found to be present in the District. Of these units, a formation named the Ajax Formation has hosted most of the copper-gold production in the District. The Ajax Formation crops out extensively



14




on the Tintic Gold mineral claims group and is cut by intersecting faults which are known to be mineralized in the Emerald Mine workings and in the adjacent Grand Central, Mammoth and Centennial-Eureka Mines. The Ajax Formation on our claims is near vertical to steeply west dipping and lies on the western limb of the broad Tintic Syncline. The most persistently mineralized portion of the formation is the Emerald Unit which lies in the lower half of the 640 foot thick Ajax Formation. The Emerald is a medium grained grayish-white colored massive dolomite bed that lies about 100 to 180 feet above the base of the unit and averages about 30 feet thick. Ore mined in the deepest portions of the Grand Central (Grand Central Ore Channel) and Centennial-Eureka Mines (Oklahoma Stopes) which are located directly north of the Tintic Gold ground, is also hosted by the Ajax Formation. In those mines, however, the Ajax Formation dips about 45 degrees to the north and the bedding conformable ore is subhorizontal since they lie near the axial plane of the syncline at a mine depth of from 1,900 to 2,300 feet.


We believe, at the present time, that the up dip extension of the mineralized Ajax host in the Grand Central and Centennial-Eureka Mines is the best exploration target on our claims. The Ajax Formation -- especially the Emerald member -- is cross cut by the ore controlling, generally steeply west dipping, north trending sinistral faults, namely, the Iron Break Fissure (Grand Central and Centennial-Eureka Mines), the West Break Fissure (Grand Central Mine), the West Mammoth Split Fault (Mammoth Mine), the Mammoth Fault (Mammoth Mine) and the Grand Central Fault (Grand Central Mine). The sinistral or northerly trending faults provide the conduits and   structural preparation for potential ore development in the reactive and brittle carbonates that are present there. We believe that these faults in the Ajax Formation are especially good targets for exploration where they are intersected by east-west faults.


3. Specific Exploration Targets on the Tintic Gold Mineral Claims.


On the 600 Level (6,224 feet above mean sea level ("amsl")) of the Emerald Mine, southeast of the shaft (6,830 feet amsl), a winze was sunk on a vein of gold bearing quartz in the Ajax Formation. The vein is reported by G. Crane to have positive gold assays in the winze and small sublevel drift. The vein lies on the intersection of the east-west striking 245 Fissure in the Emerald Mine and the sinistral, northeast striking Iron Break Fissure which carries 2 to 3 opt silver in the Centennial-Eureka Mine 1800 foot level drift (4,935 feet amsl). The Iron Break Fissure controls north trending ore deposition in the Opohonga Formation in the Grand Central Mine 1300 to 1800 foot levels (5,828 to 5,347 feet amsl) and in the large westerly trending Ajax Formation stopes on the 2000 to 2300 foot levels (5,147 to 4,845 feet amsl). Crane believed that this intersection and the gold-bearing quartz was the top of an irregular ore pipe that was 5 to 6 feet in diameter where exposed in the workings. He felt that additional prospecting should be conducted below this mineralization in the Ajax and Opex Formation carbonates.


On the Emerald 600 Level (6,224 feet amsl), drifting on the level to the south of the quartz vein described above cut various positive gold results approximately 350 feet and 950 feet away in the Ajax and underlying Opex Formations. The lowest of the assay results was on the lower Ajax formation probably on a fault but it is not described. The higher or more positive assay value is on a north-north east striking 60 to 72 degree west dipping fault where it is cut by an east-west striking fault. Another positive gold result was collected by Crane on the 600 Emerald Level where the same south drift in the Ajax Formation crosses into the underlying Opex Formation. We believe that these scattered gold values found by Crane deserve testing for potential bonanza grade mineralization in the receptive lower Ajax and underlying Opex Formation carbonates.


We also believe that the 1300 foot long by 1000 foot wide exploration gap between the southwestern-most stopes on the Grand Central Mine 2000 to 2300 foot levels (5,147 to 4,845 feet amsl) and the northern-most drifts on the Emerald 700, 900 and 1000    foot levels (6,124, 5,924 & 5,824 feet amsl) should be evaluated. The northeast trending steeply west dipping West Break (Grand Central Mine), Iron Break Fissure (Grand Central and Centennial-Eureka Mines), and West Mammoth Split (Mammoth Mine) should be tested, especially where they are cut by the steeply dipping east-west striking cross faults. We believe that the prime area for exploration and possible ore development in this exploration gap is at fault intersections which occur in the Ajax Formation as it dips towards the Grand Central stopes.


If the reader needs assistance on our use of technical, geologic or mining terms, reference is made to our seventh amended registration statement on Form SB-2 filed with Commission in early October 2006 which contains a heading titled "Glossary of Terms to Assist the Reader in Understanding Technical Terminology."


The Phased Nature of Our Planned or Proposed Exploration Program.


The following discussion sets forth the two phase exploration program that we would recommend or which we would suggest to an interested joint venture exploration partner:


A two phase exploration program is recommended and which may involve a total expenditure of US $2,658,000. We believe our claims have excellent targets for drill testing as shown by geology, structural controls to known mineralization, and historic underground sampling results in the Ajax and Opex Formations. The program would



15




utilize both reverse circulation and core drilling to confirm the presence, tenor and characteristics of mineralization indicated in the historic underground sampling results.


An initial surface drilling program of ten reverse circulation drill holes approximately 840 feet deep would target the 1,000 foot long area of gold anomalous ground intersected on the Emerald 600 foot level. This area is located east and southeast of the Emerald Shaft. The drill holes would be collared to test areas of historic high grade gold sampled by Crane in the late 1920's. Two additional reverse circulation drill holes would be collared to test the northeast extension of potential mineralization along the Iron Break Fissure, located northeast of the Emerald Shaft. Results of historic sampling in the Centennial-Eureka Mine workings by Crane indicate significant silver mineralization on the fissure. Drill holes collared in this area would have completion depths of approximately 1,000 feet and would also test the prospective Ajax Formation located above the mineralized fissure. Drill holes in this program would be spaced relatively close to one another because of the discrete, high-grade nature of mineralization in the Tintic District.


Prior to drilling, patented claim corners would be reestablished in the field using a licensed surveyor to ensure project activities are conducted within our claims' boundaries. Surface rock chip samples should be collected by a qualified person from the scattered cuts and altered rocks that crop out on the property to determine the potential for additional drill targets.


Upon conclusion of the first phase of exploration, data compilation and analysis, interpretive drawing of geology, grade and mineralized envelopes in sections and plans should be completed. Initial metallurgical studies would also be conducted. The second phase drilling program is contingent upon the compiled results from the initial drill program.


Second phase drilling, provided that the first phase is successful, would target and expand on mineralized areas intersected in the first phase of drilling and should include both core and reverse circulation drilling. Core drilling provides a better sampling media and a better control for structural analyses, engineering and metallurgical studies, and on geology. The drilling program should include a rigorous QA/QC program which includes blanks, repeats, standards, paired assays and variance studies to ensure that sample preparation and analytical protocols are not adding unreasonable variance to assay data. More detailed feasibility and metallurgical studies would also be completed during this phase and include mineral speciation, mineral liberation/ recovery and waste stream evaluations.


The recommended budget for Phase I is US $517,000. The recommended budget for Phase II is US $2,141,000.   These estimates do not take into consideration increased costs or inflation since April 2005.   If feasibility studies conducted as part of Phase II indicate the economic viability of mining zones intersected in drilling, then mine development will probably require the construction of underground access to develop the claims.



16





Recommended Phase I Expenditures

 

 

 

 

 

 

 

 

Item

 

Expenses in US$

Drilling: Reverse Circ: 10 holes, 8400 ft @ $45/ft

 

$

378,000

Roads and sites

 

$

7,500

Reclamation

 

$

8,500

Bonding

 

$

20,000

Assays: FA/AA, 1680 samples @ $25

 

$

42,000

Supplies: splitter, boxes, bags, etc.

 

$

5,000

Geological Consultants 1 @ 2 months @ $8000/mo

 

$

16,000

Resource Estimate

 

$

10,000

Lodging, meals, expenses

 

$

5,000

 

 

 

 

Contingency +/- 5%

 

$

24,600

   TOTAL PHASE I RECOMMENDED EXPENDITURE

 


$


516,600


Recommended Phase II Expenditures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Item

 

Expenses in US$

Drilling: Reverse Circ: 20 holes, 20000 ft @ $45/ft

 

$

900,000

Core-HQ-size: 10 holes, 10,000 ft @ $65/ft

 

$

650,000

Roads and sites

 

$

15,000

Reclamation

 

$

18,000

Bonding

 

$

40,000

Assays: FA/AA, 6000 samples @ $25

 

$

150,000

Supplies: splitter, boxes, bags, etc.

 

$

20,000

Geological Consultants 3 @ 4 months @ $8000/mo

 

$

96,000

Resource Estimate and Engineering Studies

 

$

100,000

Lodging, meals, expenses

 

$

50,000

Contingency +/- 5%

 

$

101,950

   TOTAL PHASE II RECOMMENDED EXPENDITURE

 


$


2,140,950


The foregoing recommended expenditures are estimates devised by our consulting geologist. We have no way of predicting, at this time, whether these estimates are too high or too low. We have simply come up with these estimates in order to give a prospective exploration program partner or joint venturer an initial idea of what it might be looking at spending on any such program(s).


Phased Exploration Plan and How the Results of Prior Phases Will Determine Whether to Proceed with Further Phases.


Surface exploration work is conducted first, with the purpose of generating valid drilling targets. Prospecting work is done on the ground by a field geologist to identify areas with high metal content and showing the signs of hydrothermal alteration. These data are then compiled on to maps and a report is prepared. Meetings with the geologist, project manager, property owner and the joint venture partner would then be held. If the decision is made to conduct the drilling program, a budget is set up and then managed and administered by the project manager.


Drilling is the most effective way to locate the suspected mineral deposits that could occur beneath our claims. Samples of the drill cuttings are collected for each 5 foot to 10 foot drill interval. These samples are labeled as to hole number and depth and stored in plastic or cloth bags. In addition, a small reference sample of each 10 foot interval is placed in a chip tray with several compartments. The drill cuttings are carefully logged by a geologist and a description of each drill hole is prepared. This description includes the rock type and any evidence of mineralization or hydrothermal alteration. Based on this inspection, promising samples are selected for assaying and submitted to a certified commercial laboratory. All available information is then reviewed by the geologist.



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Particular attention is paid to any promising assays, the depth of any mineral deposits and the potential size of the deposit. A report is then prepared which discusses the potential mineral deposit, the risks involved and additional recommended work. If drilling is recommended at the drill sites, the footage and estimated costs are also included. Another meeting with all the involved parties is then held and a decision would be made as to whether or not Phase II drilling, or other additional work, would be conducted.


The determination as to whether to proceed with further phases upon the completion of each phase will be made by those persons financing the same.  


Locating an Exploration Program Joint Venturer or Partner and Plan to Contract with such Joint Venturer or Partner.


Our plan to contract with a mining company or mineral exploration partner, upon completion of the forgoing work sequences, includes:


* An investigation of mining and mineral exploration companies, which are currently operating in the general area of our mineral claims. This investigation may include the use of industry databases, as well as the investigation of governmental records and industry experts. We do not expect this cost to exceed $2,500.


* Initial discussions with those potential mineral exploration company partners as determined from our investigation. We do not expect this cost to exceed $5,000.


* Contract negotiations with an interested mineral exploration partner. We do not expect the costs, legal or otherwise, to exceed $10,000. Though no formal agreement exists between us and our current officers and directors, our current officers and directors have agreed to fund the costs of such plan to the extent that these costs do not exceed $25,000. If we are able to contract with a mineral exploration company, we anticipate that all expenses for exploration and possible exploitation of our mineral claim properties will be borne by the mineral exploration company and not by us. In return, we would receive a royalty fee based on a percentage of the proceeds from the sale of those minerals the mining or mineral exploration company may recover from our properties.


It is noteworthy that even if we were to complete a successful mineral exploration program and we successfully identify a mineral deposit (something to which there can be no assurance whatsoever), we will nonetheless have to obtain substantial additional funds from a joint venture partner in order to undertake further drilling and engineering studies (i.e., development) to determine if that mineral deposit does in fact have commercial viability and if so, how the same can be extracted through an actual mining extraction program. In short, there are three phases to mining: exploration, development, and extraction. Accordingly, if in fact we embark upon and undertake a successful exploration program, we will still be required to complete the second phase, namely, that of "developing" the claims in order to determine if it is commercially feasible to embark upon the final phase, namely, actual mineral extraction.


We are unable to make any guarantees that:


* we will be able to identify and negotiate an arrangement with a mining or mineral exploration company within the next twelve to eighteen months,


* our mineral claim properties will be found attractive to a prospective mining company partner,


* we will be able to attract sufficient outside funding or financing necessary to undertake and complete an exploration program, or


* if commercial quantities of mineralization are found after an exploration program is carried out, that our properties would produce any saleable minerals or metals that would result in our receiving any income.


While we believe that such opportunities can be investigated, reviewed and consummated for minimal costs, we cannot give any assurances that related costs will be minimal or that we can ultimately afford them or, that our officers, directors or significant shareholders will agree to continue to make the continued equity investments necessary to do so.


As disclosed above, in over the last 3½ years, we have had no success getting a potential joint venture mineral exploration partner interested in our claims.  Considering the enhanced prices of precious metals since the early 2000’s, we do not know why this is the case.  Having said this and based on the expense of continuing as a reporting public company, we cannot continue indefinitely looking for a joint venture partner to no avail.




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Employees.


We have no employees. Our officers and directors serve our company without receiving a salary. However, from time to time as appropriate, they may receive expense reimbursements and possible stock options. Though we have no formal written agreement in place, our office space and administrative support is provided by Mr. George Christopulos, our Chairman of the Board, President, and CEO out of his home. Other than those costs and expenses previously discussed, we do not plan on any significant expenditures for new projects of any sort within the next twelve to eighteen months.


Future Need to Obtain a Mineral Exploration Permit from DOGM.


In the event that we obtain the mining partners or joint venturers necessary to engage in a mineral exploration program, we, or our partner(s), will have to incur the added expense of going through the state regulatory process necessary to obtain the requisite mining exploratory permits. We do not at this time know the cost of going through the permitting process; however, based on our legal counsel's discussions with the Utah Department of Oil, Gas & Mining (DOGM), we do not believe this cost would be substantial. We would hope that any exploration partner or joint venturer we enter into business with will have gone through this process before and will thus have the staff, know-how, and other resources and capabilities to proceed through this process quickly and efficiently. The permitting process in this regard directly affects our Plan of Operation because it requires the expenditure of additional funds, funds in addition to those necessary to actually explore our mineral claims.


Item 3.  Quantitative and Qualitative Disclosures about Market Risk.


This item is not applicable to smaller reporting companies.  


Item 4 and 4T. Controls and Procedures.


We maintain controls and procedures designed to ensure that the information required to be disclosed in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. Based upon our evaluation of those controls and procedures performed as of the end of the period covered by this report, our chief executive officer and the principal financial officer (or persons performing similar functions) concluded that our disclosure controls and procedures were effective. As a result of its evaluation, we have made no significant changes in our internal controls or other factors that could significantly affect the controls and other procedures already in place.


Management's Quarterly Report on Internal Control over Financial Reporting.


Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting.  Our internal control system was designed to provide reasonable assurance to our management and Board of Directors regarding the preparation and fair presentation of financial statements.


All internal controls over financial reporting, no matter how well designed, have inherent limitations, including the possibility of human error and the circumvention or overriding of controls.  Therefore, even effective internal control over financial reporting can provide only reasonable, and not absolute, assurance with respect to financial statement preparation and presentation.  Further, because of changes in conditions, the effectiveness of internal controls over financial reporting may vary over time. Because of its inherent limitations, internal control over financial reporting may also fail to prevent or detect misstatements.  Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives.


Our management, including our chief executive officer and chief financial officer, assessed the effectiveness of our internal control over financial reporting as of September 30, 2009.  In making its assessment of internal control over financial reporting, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework .  Based on this evaluation, our management concluded that, as of September 30, 2009, our internal control over financial reporting was effective based on those criteria.


Changes in internal control over financial reporting.


There have been no changes in internal control over financial reporting.




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PART II - OTHER INFORMATION

Item 1. Legal Proceedings.


None.


Item 1A.  Risk Factors.  


This item is not applicable to smaller reporting companies.


Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.


No shares were issued during the quarter.

 

Item 3. Defaults upon Senior Securities.

                None.

 

Item 4. Submission of Matters to a Vote of Security Holders.

 

None.    

 

Item 5. Other information.

 

None.

 

Item 6. Exhibits.

 

(a) Exhibits

 

31       302 Certification of George P. Christopulos

 

32       906 Certification

 

(b) Reports on Form 8-K


                None.


SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Issuer has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


TINTIC GOLD MINING COMPANY
(Issuer)


 

 

 

 

 

           Date:

November 3 , 2009

 

By:

/s/George P. Christopulos

 

 

 

 

George P. Christopulos

 

 

 

 

Chairman of the Board

 

 

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Report has also been signed below by the following person on behalf of the Registrant and in the capacities and on the dates indicated.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date:

November 3 , 2009

 

By:

/s/George P. Christopulos

 

 

 

 

George P. Christopulos

 

 

 

 

President, Chief Executive Officer and CFO (Principal Accounting and Financial Officer)

 

 

 

 

 



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