Tonopah bonanza. [volume] (Butler City [i.e. Butler], Nev.) 1901-1909, 1908-05-30
GILES REPORT
ON THE EXTENSION
BALANCE SHEET SHOWS OVER
100000 CASH IN THE
TREASURY.

Al the annual meeting of the stock
holders Of the Tonopah Extension,
held in New York last Monday, Pres
;dent Donald b. Gillies submitted his
report for the fiscal year ending
April 80, 1908, which is as follows
Underground operations, go to
200 levels-The more important de-.
yelopment work done during the year
has been confined to below the 500
levels, the levels above being we'll
developed, so that a 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 vell
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 ey-
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.
II 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 vii
then sink a Wine on this ore to de-
termine its extent and value at q
greater depth.
The shaft has been sunk a distance
Of SO feet during the year. making
its total depth 1856 feet.
l050-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 its dip
and the same has not been found.
Work has therefore been stopped OF
this level.
The following development work
has been done during the past year:
Shaft sinking, SO feet drifting, 1887
feet; crosseutting, 1901 feet: raising,
81 feet; wines. ~ feet; total de
velopment work for the year, 1864
feet. Development work previously
done, 1880 feet. Total developme VI
TO April 80, 1908, 1884 feet.
During the year the ore and vase
were mined and hoisted as follows
Shipping ore. 5537 tons; milling orr,
1921 tons; waste, 14,77s tons, total,
24.13s tons.
Total receipts this year from orc
sales to smelter. sl6O.556; estimated
value of ore In transit and not set
tied for, 23l3S; total ore receipts,
.163,6s5.
Total operating expenses for year.
Nl45,4o7; profit for year, SlS.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 1t may be- necessary
TO do in connection With the opert-
ton Of the mine.
Milling-I would recommend the
immediate erection of a mill. the pro-
cess to be adopted TO be the one rec
commended in my last yearly report.
Which consists of the making of coz
centrstes and cyanIding of the tall
ings.
a misleading telegram was sem
from New York in the guise Of q
special TO certain coast papers, Ia
Which 1t was made to appear that the
available cash on hand was bus
1891, when IL should have read
|l00,o19, which Is shown by the fol-
lowing balance sheet. issued on Aprtl
30, 1908:
Assets-M Mining claims, $SS0.3O0:
buildings, machinery, etc, $70,7S4;
once furniture and fixtures, $36S2;
mill construction, 1856; deferred
suspense account, $SGS7; current ac
counts receivable, $18.574; due foe
shipments, $1s.03S; cash in treas.
ury, asl,52s; cash, $8s91; total,
sblO7,44i, compared with a total OF
'l,os4,244 on January 3Ist.
Liabilities Capital stock issued
INA dQ n 1.ea.1l