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engaged in negotiations with Mr. Carrao, but no agreement was
reached.
In May 1983, Century Capital Corp. explored investment in
petitioner’s mining venture but never raised any money for the
venture.9
In November 1983, petitioner engaged in discussions with
Canorex International, Inc., of Colorado regarding a lease of
petitioner’s claims. No agreement was reached.
In 1983 and 1984, petitioner pursued a gold mining venture
in Lochiel, Arizona, on the U.S.-Mexico border. The operation
produced an ounce to an ounce and a half of gold per day. The
price of gold had fallen significantly, however, and the
operation was not profitable. Soon thereafter, the operation was
shut down.
Upon discontinuing mining in Arizona, petitioner moved his
equipment to Colorado and began another mining operation with a
“guy with a placer operation”. The Colorado “guy” misrepresented
the amount of gold available, however, and petitioner terminated
his involvement in the operation.
Petitioner returned to Las Vegas, Nevada, and, disappointed
with the last two unsuccessful ventures in Arizona and Colorado,
did not attempt to develop any mining ventures except his own
9Century Capital Corp. was also involved in the private
placement of Zila.
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