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RECORD OF PROCEEDINGS 100 leaves ".." (,'.HO'<<'"'." ',01. MARCH 9, 1993 BLANCA, COWRAlXJ 1993 ANNUAL STOCKllOLDERS HEBTING THE ANNUAL STOCKHOLDERS MEETING WAS HELD ON MARCH 9, 1993 AT THE TRINCHBRA IRR- IGATION COMPANY OFFICB IN BLANCA AT 10 A.M. BOARD PRESIDENT, T~CY KESTER AP- POINTED RICJ1MW TANltKA AND BYRON KUNUGZ 7'0 COUNT ELIGIBLE SlIARlIS TO DETERMINE IF THE ANNUAL HJ:.'ETING COULD BE HELD. WITH It COUNT or ~ $BA1UIS RBPRES&NTBD IN PER- SON AND 3523 SHARBS RBPRBSENTED BY PROXY OF THE 10,904 8LIGIBLE VOTING SBARES, IT WAS DBTiiiiiiiuw THeRE WAS 1043 ELIGIBLE SHARES LACKiiiG TO F(lOVrDB FOR THB REQUIRED 2/3rds MAJORITY NEEDED T07iOr.v TilE ANNUAL HEBTING. THE PRESIDENT POSTPONED THE MEETING FOR ONE HOUR, UNTIL 11:15 A.H., IN ORDBR TO CONTACT ELIGIBLE SHAREHOLDERS TO ENCOURAGE THEIR ATTBNDANCE $0 THE ANNUAL MEETING COULD BE HELD. THE MEETING RECONVENED AT 11:10 A.H. THE VOTING STOCK PRESBNT WAS RECOUNTED. SHARR IN PER- SON 5206 AND BY PROXY 3883 HAKING A TOTAL OF 9089 ELIGIBLE VOTING SHARES IT WAS DETBRiiiNED THB ANNUAL 'iiiiiTING COUI~D BE H8LD. - THE 1993 ANNUAL STOCKHOLDER'S HEETING WAS CALLED TO ORDER WITH THB FOLLOWING DIR- ECTORS PRESENT: TRllCY KESTER BOB SMITH PRESIDENT SECRETARY/TREASURER GLEN WIESCAHP ROBBRT ESPINOSA VICE-PRESIDENT DIRECTOR STOCKHOLDERS PRESENT RODE RT ESPINOSA T/Ul.CY KESTER BYRON KU/WGI BOB SHITH BATTLE MOUNTAIN RESOURCES FORBES, INC. GLEN WIESCAHP LAWRENCE HARD JERRY SMITH AlSO PRESENT: ERNEST CHAVEZ, O.D.FLEMING, RICHARD TANAKA AND KEN KLUKSDAHL MINUTES OF Tlflf..1992 ANNUAL STOCKHOLDERS MEETING WERE READ AND APPROVED AS READ IN A MOTION MADE'1JBRRY SMITH, SECONDED DY DOn SMITIl AND HOTION CARRIED. KEN KLUKSDAHL, REPRESENTING BATTLE MOUNTAIN RESOURCES, INC., WAS INTRODUCED TO ALL TIlOSE IN ATTENDANCE. PRESIDENT TRACY KESTER GAVE THE CHAIRHAN'S REPORT OF COMPANY ACTIVITIES FOR 1992. THE FOLWWING ARE flIGHLIGllTS OF THA']! REPORT: THB BOARD OF DIRECTORS ALLOCATED A TO'I'AL OF 20" OF WATER PER SHARE AND DELIVERED AN AVE'RAGH OF 25.87" OF WATER PER SHARE; A GOOD USED 1976 GHC PICWP WAS PURCH- ASED FOR TIlE DITCHRIDERS; THB ANNUAL DAM INSPECTION WAS fIELD ON JULY 1, 1992 WHICH WENT WBLL, ALTHOUGH THE DAM INSPECTOR REQUIRED A WEEKLY RBPORT ON THE SEEP- AGE MEASURED IN THE V-HOTCH WEIR BBWW MT. HOME RESBRVOIR AFTER A GAlIGB HEIGHT OF 65' WAS REACHED; A REQUEST IS BEING PREPARED FOR TilE DOWR IN REGARD TO LIFTING THE RBSTIUCTION LEVEL OF 87.5' AT NT.HOMB RESBRVOIR AGAIN THIS YEAR IN ANTICA- PATION OF ABOVE NORHAL RUll - OFF FRON THB HIGH WATER CONTENT SNOW PACK WE HAVE THIS YEAR, COOPERATIVE WORK IS EEING DONB WITH THE iX[VISION OF WILDLIFE IN RB- GARD TO OUR TWO RESERVOIRS WHERE REHAB WORK IS BEING DONE ON THB BOAT RAMPS,BA'IH- ROOMS AND WIDER ACCESS ROADS AND CATTLE GUARD; THE COMPANY BUILT A NEW MEASUR- ING STl?'uCTURE ON THE SANGRE/ESPINOSA, USING A RBCORPER OONATeD BY JERRY SHITH, THIS WILL GIVE THE COMPAJYY HORE ACCURATE RECORDS OF INFWW INTO THB SHITH RESBR- VOIR; THB FEASIBILITY STUDY ON THE STABILITY OF THB MOUNTAIN HONE RESERVOIR DAM HAS BEEN COMPLETED AND TilE REPORTS VERIFY THE DAM TO DB SOUND AND COMPACTION G{)OD, THE STATE REQUIRED THE COMPANY ENGINEER TO FIGURE A -NO COST ALTERNATIVE- AT TOE COMPANY'S EXPENSE, THB ALTERNATIVE WOUr.D RESTRICT THE GAlIGE HEIGHT LEVIn TO 82',. (THIS ALTERNATIVE HAS BBEN REJECTED) THE LAND SLIDE STUDY AT HT. HOME, WHICH WOULD UTILIZE THE OLD SPILLWAY AT NT. HOME, IS LOOKING TO BE A FAVORABLE' ALTER- NATIVE TO SAVE' THE COMPANY ABOUT $350,000.00 ON THE REHAB WORK IF IT CAN BE USED;