Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1878-05-31
d AURORA.
The Present Condition and Future
Prospects,

Prospects.
A shareholder in the above enter
prise gives his vie VS. and spsculations
coupled with some statistical informa-
ton, in the last number of the London
Mining World, as follows:
The results of 1877 on the whole
have been very discourak ing, the loss
OH the year being ga, 100 lis. 3d.; the
reserve has, therefore, been seriously
reduced; at the time the accounts were
sent out it was reported by the direc
tors to be about $1,000. There are
about loo tons of ore at the surfaces
and already broken in the mine. which
viii he mliled this season, the net
profit of which is estimated at e6, 900,
80 the company has as good AS gI2, 00D,
or Gl3 900 in hand, irrespective of the
unissued capital, amounting to E2I,
10. At the meeting to be held neXt
Monday the financial position Will,
dOub less, receive much consideration
as it will be impossible To continue op
erations for aBoiher year unless i'm
portaut improvements take place, or
unless the working capital in some
way is increased. The tunnel has
Dtoh " tfR'b w - II - =
but all this was we'll weighed before IT
was taken in hand and the shareholders
fairly counted the cost" The orig
inal estimate has not beer much ex-
ceeded, and the work has been carried
on quickly; The life of the mine de
ponds on II, and no one is more con.
scious OF this fact than Capt. Drake,
therefore We can understand The anX-
lety he has felt IN pushing on opera
tons. Two Years have elapsed since
the tunnel WAS begun, and the share
holders during this time have expert
enced n long suspense, but bunyed
with the hope OF reapilg as a reward
for their expenditure and patience a
rich and sound mine. There can be
very little doubt that if success i, met
wit in the tunne Eberhardt will be a
mine second to the best in The United
States, II not the hrst.
The cost of driving the tunnel 2 $50
feet has been Ella, 749 0s. Cd, the aver
age cost per foot being 80 49,. Tocon-
tinue this to the incline q, 300 feet)
would cost at the least $50. 900 more,
and would take about thres years to
accomplish: but IL success is not at
tanned when the tunnel has been driven
as far as the Eberhardt mine, it would
he somewhat doubtful whether tue
continuance of it would be advisable.
The driving now is necessarily slower,
and must prove to be more expensive,
as the rock is harder than the first part
OF the tunnel. AT any "A tele
gram may be looked for reporting All
improvement, for the point has now
been reached where ore in paying
quantities was expect to be met with.
/ lNl. - A-.1 ..Iaxtr -. ulAa - nk Uxt.-
from the first only considered as so
much unavoidable dead work; but this
las all been passed through, and the
face of the tunnel is o in ore, one
assay giving as much ~ S2l; this, to
say the least. is favorable, and the
shareholders may not have hoped in
vain. OF course the present position
is a very speculative one, and the
chances of success run high, As also TO
the chance OF entire failure, for the
mine itself, according to the report, l.
little better than "A worked out niue.
Without success in the tunnel there is
no certainty of continuance OF the en-
terprise. If the tunael proves a iail
ure, the mine ere long may follow III
the wake of many American mining
companies, II find lis way into the
Windipg-up Court, though in "A more
honorable way, As il has been we'll and
zeaiously worked, and every n who
has watched the couceru "a not but
give great praise to the able manager
for the way in which he has dis
charged his duties. Had it not been for
the spirit and energy that Captain
Drake has thrown into the concern il
must have surcumted long ago. The
whole of The mines in the Eberbardt
district - Treasure Hill - hav been
worked only 10 shallow depths; they
have been exhausted at similar depths
at which he Eberhardt Nine Is now
giving out: this is a somewhat omin
Gus fact. But Capt. Drake. who has
made himself well acquainted with the
qualification and formation of the
rocks, felt persuaded that almost Ger
tain success would be achieved If the
tunnel was ddven; a few months at
the most will decide; indeed. 1t may
be thai a few DAYS will alter the prss
ent prosppc's of the mine. The month
ly telegram is due on the day of the
meeting. and there may be bv that
time most welcome Information in re
serve for the shareholders. The nine
is now selling at Gli0,00O; this is really
a large sum vt stake for the charce OF
success, but If attained IL will not have
been 100 much.