The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-08-28
CON. MERCUR'S
YEARLY OUTPUT
Disappointment of Twelve
Months Frankly Explained.
FUTURES BRIGHTER ASPECT
FINANCIAL CONDITION OF THE
COMPANY OUTLINED.

The report Of the Consolidated Mer-
cur Gold Mines company for the fiscal
year ending June 80 was issued from
| the press yesterday afternoon and is
being mailed TO shareholders today The
years operations have been disaDpoinf-
/ ing IN nearly all respects, and the man
agenent makes explanations. The re-
port deals with every phase Of the conf
paIlys business and explains fully why,
as Its previous years report gave the
] promise that it would do.
The principal reason why the earn
ings fell off so materially was Owing
ID the fact that the ore reserves i'm
the mine did not hold up TO the expet-
tation, though as shown by the reDort
there was nothing to indicate that they
would not do 50 when the previous
years report was made. The second
reason WAS that the mechanical defects
| IN the Moore shines treating plant up
set ali calculations as to what would
be accomplished by its installation,
though the process, in itself. is not
charged with being Disappointing On
the other hand, it is conceded that had
the mechanical application Of the pro-
cess been better handled by the engin-
eer intrUsted with its installation. re-
suits would undoubtedly have been en-
Il
ton of the teaching capacity of the
mill WAS given over to the installation
OF new process and thus left unavail-
able when it was found that many
changes would have TO be made before
the plant could be operated at a profit
such as it was designed to make.
Mining and Milling Record.
The number of tons Of ore mined and
an average per month of 1882 tons
From this amount OF ore gold bullion
valued at S64S,5i6-4S was produced. The
figures Indicate that the extraction av-
eraged S2.58 per ton. The amount of
less in the tailings varied from SO cents
10 Sl.43 per ton, the average loss being
S5.O3. This sum added to the extraction
shows that the average gold contents
OF all the ore mined during the year
was $3.50 per ton. Had the Moore
shines plant done the work that all
the tests indicated it would do. and
II had been kept in operation an adj
dltional saving Of over fifty cents a
ton would have resulted and the COM
pany would have been richer by COLI
siderably more than $I00, Co., In pre-
facing remarks touching the unhappy
results from the slime plant, Manager
George II. DeTu says:
describe all the obstacles we encoun-
tered while we worked on the slime
plant Suffice 1t to say that up to date
our slime plant construction account
amounts to SIS, 321.27, and the plant is
not how in operation. This looks on
the face of il like a fat failure Of the
Moore process, but as a matter of fact,
such does not appear TO be the case.
The merits of the process are by no
IL
deed, the operations in our mill indi-
cate that our confidence in the process
has not been misplaced
Now on Profitable Basis.
Considerable space is devoted to
showing the present physical condition
of the mine, and. in summing up on the
subject. Manager Dern concludes.
Operations are now on a profitable
basis, without any effort at selecting
the ore from the richest part of the
mines. This justifies the impression or
belief that the ore now developed
ought to admit of profitable operations
for at least two or three years, and
there is no good reason to doubt that
during such a period many new devel-
opments viii be made
False hopes and expectations are,
above all things, TO be avoided. and it
cUrate prediction cannot be made, as
to the prospective results Of the years
operations.
..As above indicated, I do not feel
qualified TO make a definite statement
of what can be earned henceforth, but
I have strong hopes that with the inn
proved appearance of the mine, and the
higher percentage Of extraction now be-
ing obtained, there ought to be no trOu-
BILE in making money for an indefinite
period.
"AH mines, have an end. and the time
must come when the Con- Mercur viii
have to pass into history. Fortunately,
there is good reason for believing the
day will be long deferred
Financial Statement.
The financial condition OF the company
and the channels through which moneys
have been received and disbursed during
the year is found in the treasurerS e1-
hlbit as follows:
Balance from last an
nual report ------------ S23,243-02
produced -. 64s.5i64s
Receipts from other
sources
Ground rent .......s..s 557ss
Gold Belt Water Co,
dividends ............. 1880
s,472-ss
L dot'i operating cx: ''''' ELS
penses-
Mine ....-..-............sS17.s 50.g7
NH .--...-----.-.--...-- So. 06s-42
Gross total........-.....s 57s, 1893