Gold Road: Anatomy Of A Turnaround

Addwest Minerals' turnaround of the Gold Road Mine in 1996 proves the old adage "mines are made, not found." The underground mine, located in Arizona's San Francisco mining district, was reopened in 1995. Start-up proved difficult because the initial mining method created significant ore grade dilution. With the operation's viability in question, only management's belief in the property and tenacity in the face of changing corporate ownership kept Gold Road from losing in the same year it opened. y changing mining methods in early 1996, Addwest re¬duced operating costs and created a profitable mine that continues to add to its reserve base.