The Salt Lake herald-Republican. [volume] (Salt Lake City, Utah) 1909-1918, 1910-07-13
ELY CON. PASSES
PROSPECT STAGE
levieS Assessment to Place Its
Mines in Form for
Production.

" nfn. the work OF tnN last NtKnL
months opening ore bodies IN its Bril-
liant and lack shafts 10 the extent
that mines have been vartuatly proven.
and with its available cash resources
work. the Ely Consolidated Copper
company has levied upon its outstand-
Ing shares. numbering SS9,765, an as
scssrrent OF five cents a share 20 pro-
vide the working fund needed 20 place
the property upon an economical pro-
ducinE basis. This means II resOrtcd
20 for the reason that treasury stock
cannot be sold TO advantage on the
4 financial statement covering the
first five months OF the year. together
plishod. has just been issued by s. NJ.
Levy. the company's president. in
which &c says.
During this period there were 1.94s
feet Of development work performed
on the property. Of which $50 feet were
done on the f0o-foot level Of the Bril-
liant shaft. 251 feet on the 400-fOot
level Of the Jack shaft. and 400 feet on
the 250-foot level Of the American
shaft
"O.s the lo0-foot level Of the Jack
shaft drifts were extended for over 200
feet in the copper-hcaring porphyry.
and an faces continue in the same ma
feriaL No work IS going on In that
shaft at present. for the reason that
the work done has demonstrated that
we have body Of this material OF SUI
ficicnt extent 60 warrant the sinking
Of the shaft to the sulphide zone and
the blocking out Of the ore az lower
levels. This work will be undertaken
At an early Hate
an the American shaft some small
shoots OF silvcr-lcad ore have been eN-
posed IN both the east and we 81 drifts.
and while the grade Of this ore Is very
good development as 20 the extent OF
the deposits has not been satisfactory.
N viii take more work TO prove the
value Of the American.
he u=r-f In the brilliant has
been confined 90 the f00-fOot level
The orc In tho north drift has been
exposed TO a depth Of about 20 feet
I'm n Wine. and In raise or about
100 feet on the vein. both faces con-
finuing in ore. The Wine Is now At
the water level AMI. therefore. viii
lower levels OF the mine are un-
watercd. The raise IS being advanced
A recent shipment from these work
ings containd s1f.3f gold. t4.0S silver.
iron. Another shipment a. now ready
for the market. No attempt Is being
made 20 extract ore for regular ship
ucnfu. and the only ore that Is being
placed on the market o. that produced
iu the course Of development
Recently in No. 2 west dritt.
body OF sulphidc ore. containing low
values in gold and silver. was encoun-
tered. This drift continues In this class
Of ore These Developments are in
addition TO those referred 20 above. To
iH proposed 70 equip TINS NNtAI WIN
a small pumping plant when the ore
deposits exposed on the 500 level VIII
bc opened IN levels TO be run at the
500-foot station and az tho 625-foot
station. With this work completed. N
viii be possible TO compute tonnage IN
this mine.
The developments I'm both the Bril-
liant and Tack shafts have been salts
factory. but 10 IS necessary for this
company 20 be properly financed before
undertaking the work outlined above.
The financial statement shows re-
crfnfs and disbursements from Jan 7
go Nav 81 1910 a. follows.
Receipts
Cash on hand Jan. =. 1910. st.tol.ss
Sale q treasury stock and ore e,ffz4b
cash Tor company note and 800.
Ina 1e .....-..-- 5000 ANsAN'-"V
Unpaid payroll and sundry ac- $500.
counts ---.-- ----.-.-.-.------ ~."i"-'"
s23.5s7O4
Disbursements
For mine development work .fls,sl4.oV
office fixtures and stable
equipment ..s... ..--s-...s luN.Nu
United states patents .....- ftl-se
General expenses .....sssss.s s.flf.ot
Suudry accounts ....-..-.... 4s2tV.e i
Cash on hand May 81. 19l0,... @04'fo