Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1880-06-03
THE RICHMOND.
Report Of the directors for the Yeas
Ending with February.

Report of the Directors for the Year
Ending with February.
The following report Of the Directors of
the Richmond Consolidated Mining Com
pany (imited), is taken from the London
Mining Journal:
The mining profit for the year is s715..
3l6 so, and the net profit is s672, 55S rs. or
as nearly as possible so per cent. on the to-
tai capital Of the company.
Out OF this sum Of S672, 558 rs, and the
balance of s97, 500, brought forward from
last years account, the Directors have paid
three dividends Of seven Shillings and six
pence each, amounting together to $685.
$50, and 81, 022 SO legal expenses, at Eu-
reka, in connection with the defense Ut the
mine. leaving a balance to the credit Of
revenue account of $459 ,2S2.
The Directors propose that this balance
shoaid be dealt with in the following man.
ner That 1929, 083 IS be carried TO re-
serve for contingencies and working CAPT.
tai, bringing up that account to $3.50, 900
that an additional dividend Of 10 shillings
per share, amounting to $135 ,OO0. be paid
forthwith, and that the balance, Of S102.-
1913 Is be carried forward 10 the next &C.
count.
During the year 43, 312 tons Of ore have
been smelted by the two large furnaces; OF
which "a. 81 tons were raised from the
Richmond mine and s,941 tons purchased,
yielding with 299 tons Of dle dust and de-
bris removed from the foundations Of the
old furnaces) 26.152 ounces Of gold, 942,-
294 ounces OF silver, and 8-172 IONS OF lead.
In addition, furnace No. 4, which is work.
ing in connection with the refinery, has re-
duced with the Dresses from the refinery
1880 tons Of low grade Richmond ore, and
4,2z8 o Of purchased ore, yielding 4,S63
ounces Of gold, 166 $50 ounces Of silver,
and 1854 ions Of h ad. The total produc-
ton for the year from all the furnaces is
consequently 8 l,015 ounces Of gold. l,l08,-
92l ounces of silver, and 9,436 tons Of
lead.
The amount realized during the year on
sales Of gold, silver and lead is 50, 100, $50,
and the estimated net value of the bullion
in transit and at the works, unrealized on
the 29th Of February, 1880, (after allowing
for all unpaid refining and marketing tx
penses), is $811 ,230. 25-together So, $751;
SIS. 25-from which has to be deducted the
value Of the bullion in hand ON the 28th of
February, 1879, then estimated at $343,-
sos, and S11 oil paid for separating, REIN
ing, freights- commission, brokerage and
other marketing expenses, leaving $2,177,-
358. 25 as the net value at Eureka of the
bullion produced in the year. The cost Of
mining and hauling ore to the furnaces,
dead work, smelling, purchased ore, renew
ais and repairs, and all other working and
general expenses at Eureka being $1,462,-
1853. 25, the profit for the year on mining,
smelling and refining Is, with $3l6.50 re-
ceived for sundries. $715, 316.5 5
The mining and hauling expenses, includ-
ing dead work, are Sl1. 02 per ton (39, 051
of Richmond ore raised) as compared
with Sill .88 in the previous year.
The smelling expenses ION AZ, Gil tons of
ore), including labor, fuel, stores and re- |
newals are $13.16 per ton, as against S14.2 9
in the previous year Ton 81, 447 tons).
The bullion has realized about 79h per
cent. of the Eureka standard assay value, |
as against 694 per cent. last year. This
increase is attributable to the rise in the
price Of lead, which in the beginning of the
year was only 8 cents per h., or $50 per
ton, but afterwards rose to 5h cents, or
per ton. Silver has fuctuated very
little in price during the year.
For the first time in the history of the
company, smelling operations have been
carried on continuously throughout the
whole year. The two large furnaces have
been dong excellent work, each smelling
ON an average from 81 to 50 tons daily.
total quantity smelted by all the fur
naces is 52,5i9 tons. or over 1000 tons a
week all the year round.
The ore has not been Of such high grade
as last year. the Richmond ore only assay
ing $685. IL per ton. as against $76. "a. The
yield per ton of ore (Richmond and pur-
chased) has been $55. SO, as against SGT. SO
last year. The ore smelted with the lith-
arge and Dresses from the refinery is low
grade and refractory. and cannot be smelt-
ed to advantage with the ordinary ore in
the general furnaces, but by means Of ad-
mixture with the litharge and Dresses it can
be smelted at a profit. The bullion from
this furnace is not included in the ordinary
smelling returns cabled over weekly.
The refinery has been working well
throughout the year, aud has contributed
to the profits. 1t has treated the
whole Of the bullion produced. no crude
bullion having been sent forward for separ-
alton elsewhere. The EXPENSES have been
from $lS to SIS. % per ton, by the
of larger crytaliizing and smelling pots,
aud other improvements introduced by Mr..
Probert.
The buildings, furnaces, refinery, steam
engines, hosting apparatus and machinery
OF every description have been thoroughly
maintained, 500, sos having ben ex-
pended on repairs and renewals during the
year.
A large amount of exploratory work has
been done during the year. and the mine
never looked better than it does at present.;
nor have there at any time before been
such large bodies Of ore opened up; 0,816
feet of drifts have been run. 1886 feet of
wines, and 1,748 feet of raises, making q
total of l9, $50 feet, or more than 2k miles.
The cost Of labor alone in dead work has
been $50, 1888 so. No. Is chamber has been
developed On the 6u0 level, No. IA on the
500, and No. Is on the 400 level. This last
chamber now shows the lare est body of ore
ever discovered in the mine. Connections
all the way in ore. have been made from
this chamber to the northward with No.
Is chamber, q distance of $50 feet. and
with No. IA, also to the northward. . dis
lance Of 500 feet, and to the eastward with
No. IL. q distance Of 1870 feet. Ore has re-
Gently been struck on the 200 main drift.
and the indications are hat it will open
out to a large ore body and connect with
the other chambers; good ore has also been
struck in q crosscut from the 200 main
drift. A raise has been started in the back
OF the drift which connects chambers ii
and Is, and is up a total distance Of 11S
feet iD high grade ore. The course Of this
raise corresponds with the ore found in the
200 level. All the chambers are looking
well, and yielding large quantities. The
grade Of the ore is improving. the average
yield in March having been S56.37 and in
April SGT so. per on.
The Directors have much pleasure in be-
ing able to congratulate the shareholders
on the present highly satisfactory condi-
tion Of the mine, as well as on the brill ant
prospects of the future.
REvEILLE.
What n COrresnandeMt rays Of the |