The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-03-30
ELY CON, CALLS
| AN ASSESSMEN It
Development Fund Required TO
4 Carry on the Operations at
Zack Shaft.
no WATER TROUBLE
BEING EXPERIENCED
Work at Depth Reaches a
/. Point Where Results Seem
Very Promising.

n The directors Of the Ely Consolidated
Copper company havo levied an assess
inent of S cents a share, this being as
)cssment No. 4. The delinquent date is
May 2 and the sale day is appointed for
,func ~. In explanation OF this step,
g. NJ. Levy. president Of the company:
tlas forwarded a statement TO stock
holders accompanying tho notice, which
f;tatement follows in full:
! In June, 1910. assessment No. was
cvied on the outstanding stock OF TINS
company, which brought sufficient reFe-
nuc to conduct our operations unlil re
continue the development Of the prop,
.trty, and IL has become necessary to call
lpon the stockholders for another assess
nent. Herewith you will fnd notice OF
Want Complete Record,
You will also find inclosed blank, which
<indly ill out and mall. together with
FOUR stock certificates and amount OF as
sessment, to the Windsor Trust COM
ouiiding, New York City, n, Y. The
necessity OF this inclosure is for the
purpose of giving the transfer agent the
present address Of the stockholders. and
4 record of the stock on which assess
nent is paid.
/ There arc now outstanding SIa,2oS
shares of stock, and the present assess
ncnL VIII DI111E S3o,JbV. 1D. ne treasurer
If the company is not issuing a finan-
ial statement at this time for the rea-
son that by May 81 it will become noces.
sary for him, under the requirements OF
he Nevada law, to mail 10 all stockhold-
ers OF record A statement OF the hnan-
,Ial condition of the company. and you
viii al that time receive such state
nent viii say, however, that with the
exception of the amount of the current
months operating expenses practically
Ill OF the money which Will be RECEIVED
rom the present assessment VIII ,ie be
company's mineral area.
Results at Property.
Since my letter of November q tho
developments were confined 10 continu-
ing the work outlined IN that letter,
hat Is. the Zack shaft has been sunk TO
D depth Of 523 feet and the bottom OF
ohides of copper and iron, AT the 300
foot level a drift is run to the south
about $50 feet In the same character ot
oorphyry. Near the extreme end of this
Jrift the orc contains 3 per cent copper
and about 90 cents in gold and silver
For over twenty-five feet. Near the shaft
west. This drift has been extended forty
feet and contains two feet OF ore that
averages per cent copper. AT point
! IL feet south OF the shaft d crosscut
is being run To the west, and for dis
lance of twenty-five feet this crosscut
has been all i'll ore that averages per
ceut copper.
In addition. punches OF much better
copper are encountered, which IN mining
should enrich the general average of The
pre- The developments on this level arc
very encouraging and prove the continu-
ltv OF the ore previously opened on the
io0-foot level 100 feet above. II is pro-
posed to continue the sinking Of this
shaft to as great Il depth as our present
equipment will permit Drifts and cross
rut.s will he run at each 100 feet OF ad-
iitional depth for the purpose of expos
Ing the extent and value of the GRE. The
water which was giving us considerable
trouble the latter part OF 1910 Us now
being easily handled and we feel that
pur present equipment Will take care of
more water than we expect to encounter
for some time