The I.B. Mining Company was organized by I.B. "Ike" Haviland in May 1929, to finance the extraction of low-grade ore from mines at Bannack, Montana. Haviland, whose previous experience included development of a coal mine in Indiana, became interested in the possibilities in Bannack when checking other Montana property for Eastern businessmen. Gold was discovered in Bannack in the early 1860s. However, as the rich ore disappeared, the mines there were abandoned. No attempt was made to retrieve the remaining low-grade ore until 1917, when the 300-ton capacity, hydraulic-powered Gold Leaf Mill was constructed. A shortage of water, among other problems, halted those efforts. I.B. Haviland bought the property in 1929, and the I.B. Mining Company was formed with Haviland as president, C.W. Stallings as engineer, and Carl Becker as secretary-treasurer. Haviland received financial backing from Midwestern businessmen. Haviland directly supervised the rehabilitation of the Bannack property, uncovering large new bodies of low-grade ore. A power line was constructed from Dillon to Bannack to power the Gold Leaf Mill in 1931. However, the mill operated successfully for only nine months. Lack of operational capital resulted in the bankruptcy of the I.B. Mining Company in April 1933.