The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-05-01

Your company now has blocked out
ready for stopping 39,002 tons of orc,
which, calculated upon our average re-
covery Gas determined by mint returns
covering Il period of two years.. $3.50
per ton, gives us $500, ,79460 worth Of
ore in sight, This shows au increase
in the value of your ore reserves for
the year Of SIS. S.2G4 60. 1t is impossible
to make anything like an accurate es-
timatc of the probable ore. and | shall
not attempt TO do so. One can only
Judge of the future possibilities of a
going mine by what il has done. and by
The present showing in the various
workings. Therefore, | think it safe
10 say that your company should earn
as great "A profit during the coming
year as that earned in the year Just end
ed, From the development Of the ore
shoot on the 40 level. where it is
known TO have length of 900 feet, and
the further fact that this same ore
shoot is proven TO extend 60 the GOO
level where it has been driftod on for
a distance of 27S feet, and that it cX-
tends TO the 700 level. where IL has
been drifted on for distance of forty
feet, and the further fact that new
ore shoot has recently been entered on
the l35 level. it would seem reasonable
to assume that Your ore reserves should
v
at least TO the extent shown during the
past year. Shareholders in mining
corporations sometimes may have reason
to complain that they receive insuffi-
clent information regarding tbe future
of their mines to enable them 10 form
an opinion as to the worth Of their hold
ings. This subject has been given most
careful consideration and my conclusions
have been founded, as ] believe. upon
h. Il, Il
reserves stated above include only orc
ready for extraction. That there will
be other ore developed as mining ad-
vances is assured. The value per ton Of
your ore has been established by the
mine run Of two years. The orc has
been proven to 4 depth of 700 feet,
where IL shows rs great strength in
value and in quantity as on the upper
levels. Two new veins have been
opened, both showing strong ore bodies
and good values. Only a very small
These facts would indicate a long life
for yonr property.
During the year your company has
milled 29,5S2 tons of ore. which pro
duced a total of $349, ,505.l9. The net
profit TO your company for the above
tonnage amounts TO $3.50, ,SS9t BY re
ferring TO the secretary's report YOU
Will note th3t the total cost per ton OF
ore mined and milled has been reduced
from 500 10 $6.07 per ton. 4 further
reduction in working costs per ton
should be made during the coming year
for the following reasons:
Your company has let contracts for
additional mill machinery, air compress
or, and air drill equipment. "A fifty
horse power hoist, motors, etc. Your
company has entered into a contract
with the Nevada California Power com
pauy by the terms of which your power
costs will be reduced approximately 20
per cent BY The use of machine drills
and electrically driven compressor. hoist
and mill. Your mining and milling costs
should be reduced 10 per cent 10 % per
cent
The Nevada California Power com
pany is now constructing IFS power line
and expects TO deliver power TO Your
company by the fifteenth day of May.
Your company paid in dividends during
the year Sl27,90l.l6, or at the rate Of
4 cents quarterly upon the stock is
sued There should bc no difficulty in
maint aiming the present dividend raic