James Tinnell - Page 7

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          engaged in negotiations with Mr. Carrao, but no agreement was               
               In May 1983, Century Capital Corp. explored investment in              
          petitioner’s mining venture but never raised any money for the              
               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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