Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1910-07-13
ELY CONSOLIDATED
ISSUES A REPORT
An Assessment Is Levied to Put Prop
erty I'm shipping Shapc-Tclls OF
Development In shafts.

The management ~ the Ely Consoh-
dated company at Ely believes that II
has now passed the prospective stage
in the past eight months Of develop
ment and that the lack and Brilliant
shafts have proven up sufficient ore TO
start shipments In performing th's
work the company has virtually ex-
hausted It's treasury and has therefore
levied an assessment Of cents share
on the ,765 shares outstanding By
this means sufficient money can be Sc
cured 20 put the mine on running
basis. on account Of the poor market
IL Is almost impossible 10 realize a falr
price In the sale of stock.
President and General Manager = NJ.
Levy has issued q report showing inc
financial and physical condition OF the
property for the first i've months work
done this year. In part he says; .,
During this period there we're l'SAs
feet of development work performed
on the property. Of which 600 feet We're
done on the 4O0-foot level OF the Bril-
liant shaft. 253 feet on the 4oO-toot
level Of the lack shaft. and 400 feet on
the 25O-foot level Of the American
shaft.
ron the 4OO-foot level % the zack
shaft drifts were extended for over zVo
feet In the copper bearing porphyry'
and ali faces continue IN the same ma
terlal No work is going on In that
ahaft AT present for the reason that
the work done has demonstrated that
we have a body Of this material OF sur
ficient extent 90 warrant the sinking
Of tho shaft to the sulphide zone and
the blocking out ~ the ore az lower
levels. This work win be undertaken
at an early date,
sIn the American shaft some small
shoots Of silver-lead ore have been ex-
posed In both the east and west drifts
and while the grade of this ore Is very
good. development AS 20 the extent or
the deposits has not been satisfactory
II will take more work to prove the
value Of the American.
"All the work In the Brilliant mas
been confined 10 the 4OO-toot lever
The ore In the north drift mas beeh
exposed to n depth Of about 40 feet
in "a wInze and In n raise OF about
100 feet on the vein. both faces con
tinuing In ore The Wine Is now AZ
the water level and. therefore, VIII
not be continued further until the
lower levels Of the mine care un-
watered Tho raise is being advanced
A recent shipment from these work
ines contained Si434 gold. N0S silver
To
iron. Another shipment Il now ready
FOR the market No attempt Is being
made 10 extract ore for regular ship
ments. and tho only ore that II being
placed on the market II that produced
in the course OF development
COMPUTE TONNAGE
Recently in No. west drift n
body Of sulphide 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 TO above. II
is proposed TO equip this shaft with
n small pumping plant, when the ore
deposits exposed on the 400 level VIII
he opened in levels to be run at the
kOO-foo station and at the 625-foot
station with this work com pleted. II
will he possible to compute tonnage In
this mine.
THE DEVELOPMENTS In both the Bril-
liant and Zack shafts have been salts
factory hut II is necessary for this
COMPANY 10 be properly financed before
undertaking the work outlined above.
The financial statement shows re-
ceirts and disbursements from Jan.
to May 81, 1910 AS follows:
RECEIPTS.
Cash on hand Jan. 1, 1910 .,.-,s 4,707 81
Sale OF treasury stock and ore 6,112.4t
Cash for company note and
loans ..s.........-'ss' ''.s' lV'luVV'
Unpaid payroils and sundry
accounts .,.....'...'.'.''''.' z'olo's'