The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-01-12
GOLDF|ELD CON
annual REPORT
Company Has Had Year of Won
derfuI and Rapid
Progress.
GREAT TONNAGE OF
ORE BLOCKED OUT
Difficult to Estimate Total Re-
serves or Value of I'm
mined Ore.

he fnlru 30nual VI lut ppiu
field Consolidated Mines company, pre-
sented at the annual meeting Of the
stockholders held in Evanston, Wyo
Monday Of this week. included detailed
statements on mine conditions. records
and prospects from George Wingfeld
president; j. H. Mackenzie, general
manager; j. W. Hutchinson. mill super
intepdent, and A. n, Howe, secretary
and treasurer, The report is dated Dc.
tober 81. the end of the corporation s
fiscal year.
In his introduction, President Wing
field sums up the company's operations
and standing as follows;
The calendar year of 1909 is the first
year in this company life when its
equipment has been such as to admit of
adequate production. Your board of di
rectors are pleased 10 inform you that
the efforts OF the management In thus
equipping your property have resulted In
a production so extensive and econom-
ically accomplished as to enable The com
during the calendar year greater gross
dividends that any gold property in the
world has, distributed during the preyi-
emerged from the stage OF promise 10
the realm Of fulnllmcnt.
Dur1nC inc ISClI year the company mas
acquired title in fee simple to all prop
critics formerly held by stock control.
consisting of $50 621 acres Of mining
ground.
Mill Records.
Its milling plant has been completed
with success which has permitted OF
the treatment OF a greater tonnage of
ore per stamp, OF equal weight than
any reduction plant previously construct
cd with the attainment OF an average
extraction Of 92.66 per cent.
Its milling and transportation facilities
have been segregated from It's mining
properties by separate organization. for
administrative purposes.
Its properties have produced 194.4Ia.67
per ton or " 81 s5sss d5o % 'aT sross 81 From from
which it has realized recovery of % so
per cent. or net returns of s6.sS2 652 46.
Ihis has been accomplished at a mining.
milling. transportation and general eX-
pense of Si.S3 per ton. and develop
ment expense Of sl.94 per ton. making
gross operating expense Of s6.77 per ton.
It's total gross earnings for the fiscal
year. including lease royalties and mis-
cellancous earnings. arc So. 39s S7o,o6. Its
Eross expenses were 81 oI2,1ol so. Its
net profits are sS,02s Sc
Dividend Record.
1t has disbursed during the calendar
year three dividends at the rate of 30
cents per share each aggregating
S3,20l ,23s.S0. and has declared fourth
dividend at the same rate, together
with an extra dividend of 90 cents per
share, which was payable 10 stock
holders Of record on the last dav of the
calendar year, making total dividend
disbursements TO stockholders within
me calendar year of approximately
S5,00G.000. or 81 40 per share.
II commenced the fiscal year with a
cash balance Of s7s6 .3sS.4S and closes
the wear with a cash balance of 81 800
52f42, and has bullion and conceu-
trates IN transit amounting 10 $497.-
31l2l. II has no debts No labor
troubles have arisen during the year.
and at the present time the utmost
cordiality exists between the manage.
ment and It's employees.
1t has extended its development work
to an extent that reveals an ore ton
mage exposed Of 100000 tons, with an
unexplorcd and partially explored acre
age so great as to give assurance Of flu
ture development of ore bodies adding
greatly to the life and productiveness Of
the property.
the active management of the property
of j. II. Mackenzie, which took effect
on January ], Mr.. Wingield takes oc.
caslon 10 compliment him on his work
and success, and states that Mr.. Mac.
kenMe upon taking charge Of the COM
pany s operations found conditions cha
oot1c and the property undevelopcd,
liancy of his administration he made
possible the wonderful record which the
property has since made
Ore Resources.
ia summing up the probable ore re.
serves in the Consolidated property.
Manager Mackenzie in his report saws:
In your property experience in stop
ing has. shown condusively that on ac-
count Of the excessive variations IN value
and the great irregularity in form of the
ore bodies, 1t is impossible to make ac-
curatc estimates Of ore reserves The
average grade of the ore produced is so
largely dependent upon very rich irrcc-
ular streaks which often traverse the
ore bodies In many directions that only
I'm very rare cases do samples from eX-
the average production of the stopes
Moreover. the limits OF profitable ore arc
not dependent upon structural planes, but
swell and pinch with but the most GEN
eral relations TO the walls OF the veins
30 that in few places is II possible 10
oe certain OF ore quantities few feet
oeyond exposures This condition IS well
rcent publication OF the United States
geological survey on the GoldiieId district
In which he writes with reference 10
THE quality of ore Is undeniab bly,
large. but in no district are the diff
culties In the way of estimation greater,
owing TO the irregular shape cratic dis
tributlon and wide range in tenor of the
pay shoots
Good for Years.
With full consideration OF the present
and past production OF your property.
however. and or those conditions which
heretofore have appeared to govern I'm
general the distribution, value and size
OF the ere bodies, the present exposures
warrant the statement that orc OF prof
table grade nov exposed will amount TO
100000 tons. or sufficient TO meet the
requirements OF the Consolidated mill at
the rate Of 500 tons per day for nearly
three years. In addition. the extent OF
promising territory as yet undeveIoped
on the older levels ls so large and re =
suits from the present slight amount of
development work on the deeper levels
have been so satisfactory that long
life TO your property is confidently an
ticipated.