Tonopah daily bonanza. [volume] (Tonopah, Nev.) 1906-1929, 1908-05-24
.GILLIES' REPORT
On The EXTENSION
BALANCE SHEET, SHOWS OVER
100000 CASH In THE
TREASURY.

AT the annual meeting of the stock :.
holders of the Tonopah Extension,
held in New York last Monday, Pres
ident Donald B. Gillies submitted his
report for the fiscal year ending
April 80, 1908, which is as follows
Underground operations, 27O to
500 levels The more important de-
velopment work done during the year
has been confined to below the 500
levels, the levels above being well
developed, SO that good tonnage of
milling ore can be extracted immedi.
ately.
550-foot level-The development
work done on this level during the
year has given very satisfactory re-
sulth and a good grade of shipping
ore has been extracted during the
prosecution of this work. The veia
on this level is found in the rhyolite
and proves to be absolutely the same
as our north vein, which in the upper
levels of the mine is found between
earlier andesite walls. This discov-
cry may be of great benefit in de-
termining the location of our north
vein below the rhyolite.
600-foot level-Work has been
prosecuted on this level toward ex-
posing the ore-shoot developed on
the $50 level. While the ore exposed
to date on this level in the new devel-
opments is not as rich as that exposed
in the intermediate levels, the vein
exposes a good grade of milling ore.
1t will take five or six months more
work on this level to determine the
extent and value of the vein in the
rhyolite. Should developments OH
this level prove as we hope, we will
then sink a winze on this ore to de-
termine its extent and value at a
greater depth.
The shaft has been sunk a distance
OF SO feet during the year, making
its total depth 1866 feet
1050-foot leyel-A crosscut was
started on this level to intersect our
north vein underneath the rhyolite.
regret to advise you that the cross
cut has been sufficiently extended to
intersect the north vein on it's dip
and the same has not been found.
Work has therefore been stoned OF
this level.
The following development work
has been done during the past year:
Shaft sinking, S3 feet; drifting, 1881
feet; prosecuting, 1861 feet; raiisng,
81 feet; wines, II feet; total de-
Ivelopment work for the year, 1854
feet. Development work previously
done, 1880 feet. Total developme Vt
to April so, 1908, 1884 feet.
During the year the ore and waste
were mined and hoisted as follows,
Shipping ore, 5537 tons; milling ora,
1921 tons; waste, 14,779 tons, total,
24.13S tons.
Total receipts this year from orc
sales to smelter, $160,556; estimated
value of ore in transit and not set
tied for, S313S; total ore receipt 5,
$163,695.
Total operating expenses for year,
$$145, 4O7; profit for year, $1S,2S7.
No additions or alterations have
been made to the surface equipment,
as the same is very complete and
economical, and also sufficient for
any work that it may be necessary
to do in connection with the operl-
ton of the mine.
Milling. would recommend the
immediate erection of mill, the pro-
cess to be adopted to be the one rec
commended in my last yearly report
which consists of the making of con
centrates and cyaniding of the tall
ings.
A misleading telegram was sent
from New York in the guise of a.
special to certain coast papers, in
which 1t was made to appear that the
available cash on hand was but
1891, when it should have read
S100,519, which is shown by the fol-
lowing balance sheet, issued on April
30, 1908:
Assets--Mining claims, $3.50, 300:
buildings. machinery. ETC., $7O,7S4;
Office furniture and fixtures, $36S2;
mill construction, $4S56; deferred
suspense account. $S6S7; current ac.
counts receivable. $1S,574; due TO-
shipments. si9.O3S: cash in treas
ury. $si.52S; cash, 1921; total,
$1.107.441. compared with total OF
$1.094.244 on January S1st.
Liabilities-Capital stock issued
$s4s.4ss: deferred suspense account,
s1s.6o5; accounts payable, s2766:
wages accrued, s4677; cash in Me-
vada First National Bank, $S3S7;