Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1909-10-06
MINING, BUSINESS AND STOCKS.
UTAH APEX ISSUES
ITS ANNUAL REPORT
Con,pany Shows That IL l. Able 10
Make Mining PROFIT of Si2i,isS
Win old Milling Plant.

Make a Mining Profit of Si2i,is5
Win old Milling Plant.
some interesting facts relative &C
the Utah Apex Mining company at
Bingham are contained DO the annual
report for the year ending Aus 20,
1909 which has just boen issued. The
company shows that IN spite Of ne
large amount OF development work,
aud the waste due Go tho old min which
has now been remodelcd the company
was able 90 make mining profit ~
Sl2iiS5. The report IN part is as fol-
lows.
Since our last annual report salts.
factory progress has been made. our
mining has been confined 90 the lead
ore body on which we we're beginning
work a year ago This body II still
Increasing in size and responding To
development During tho year we
have constructed the upper and lower
grades. 80 called. by means Of which
we were able 20 make material saw
ing in the handling Of ore, and tho
parvenu Raise. a c-cumpartment
shaft, 7x1s ana 329 feet IN height
Through this raise, by means Of its
connection with the Andy incline, orr
entire output from all levels VIII be
handled
II has seemed expedlent 20 your a.
rectors 70 purchase control of the adj
Joining Phoenix property which par
chase was contaminated in December.
1908 The Markham Gulch mill. which
We spoke ~ In our last annual 70
port. has been sold during the year. IL
also seemed desirable 10 your directors
10 secure the services Of r. p. Jennings
as consulting engineer 70 assist Mr..
Ia nj al "a oe
IS following our operations closely
During the past year "a. i07 tons we're
mined: 1885 tons being first class
% S72 tons mill ore. No ores shipped or
milled during August. 1909. pending min
improvements.
Besides shipping the tonnage Of FIRST
class and mill ore during the past year,
a large tonnage Of min ore and first
class In new ore was blocked out and
opened up with our development work
Assays Of both first-class and min ore
have recently been made OF all the
working faces in the different slopes and
headings.
MEASURED UP ORE.
r. p. Jennings, our consulting engi-
neer. and the president have personally
measured up and calculated the ore
reserves in the mine. OF both irst-clsss
p
termlned follow herewith
Tonnage-F ore 300 tons
MIL ore. ...... ............Sl,OOO tons
Total ore in sight ..........so. 300 tons
Average sssaS value Of lead ore:
First class-Silver, II or. lead, 81
per cent; copper is per cent; iron,
Q per cent; silica. "a per cent.
per cent; copper, IL per cent; iron,
S7 per cent; silica, IS per cent.
The report says. Parvcnu Tunnel
Western development is very important
work and viii be pushed with all speed.
for the purpose OF opening ore reserves
in the western portion OF Apex ground
on this level The ore we expect to
find at the intersection OF the various
lninerali1inR assures with beddlnRs at
this depth. being LOO feet vertically be-
low the top OF the Charles A. Dam
claim, the apex OF the mountain. Re
Gently q development drift has been
started toward the west from the big
turn In the Parvonu tunnel t2.b00 feet
from the porta). At this date the face
of the drift shows three feet Of irst-
class lead ore. assaying 81 per cent in
lead, excess iron over silica, and hvs
ounces Of silver. We are not able Go
tell yet whether the ore is in a assure
or in the bedding.
In regard to the parvenu, tunnel.
Treasurer Horne SAYS. Since the report
was written the developments at the
Parvenu tunnel have been so interest
ing that we believe that the main goal
for which the development work was
pushed has been attained.
we have now reached lead
ore running as high as so per
cent lead. and from present in
dications. when we get further into
the body this viii b. greatly increased"
BALANCE SHEET SHOWING.
The balance sheet shows that the as
sets Of the company amount TO S,l4s,
$50. segregated as follows: cash. Sj5.
sls supplies t,S73i North Utah bonds.
per cent $4,000, cost OF two-thirds
Phoenix Mining company, Se5,s90.
equipment S6o52i. construction, S2p,sa3;
development 1852. l3i; cost OF proper
ties, $2.32702s
The liabilities are segregated a.
follows Capital stock 81, GA 900. bonds.
S2se000, accounts payable. SI512 pro
NJ ana loss. S2i0.10'.
The cash receipts for the year were
cash on hand, Aug. /, 1905, 3iAoii orc
shipments. S32S.2a8. interest, l,2sS; sale
of 100 81 900 bonds $780, 0o
Construction work al the mine cost
sos Sra development fsl3si mining
$50 ii2; milling. S29.27i
During the year tho company mined
1886 tons Of first class ore and % SO
tons Of milling ore. making a total Of
33 .407 tons The average value OF the
first class ore sent Go the smelter Was
5000 while the concentrates went
S2l 81
The mining costs were &2E a ton;
milling costs were sl31; smelling OF nrsl
class ore came 90 f57l a ton. and cou-
contracts. 33.63. freighting cost S3 cent,
ton Thus tho total cost Of the orc
extraction and treatment for tho year
amounted 10 500 oG2. and rho mining
profits for the year were E2ilSh.
In addition Go the SOS l0l ln lead and
other metals. and $3.50 in silver. there
was a bi-pr0duct Of N2ii3 pounds of
copper This was moro than 20 pounds
10 the ton The compensation Wai
declared To be- 80 small that u was moi
made a part of the records.
..ulwunlnr.n.rrs..-uu.