Tonopah daily bonanza. [volume] (Tonopah, Nev.) 1906-1929, 1913-08-20
Declares Company Purposes
To Maintain a Reserve of
$4,000 In the Treasury

q have not
Using Is cubic feet as the amount
of rock or ore in ton the block
300x300xS0 would contain $4,000
tons would it not?"
q believe that is right. There is
an error here of a mathematical ma
ture."
you say there has been about
100000 tons in round numbers ex.
tracted and mined from here. That
would leave $4,000 tons. would it
mott"
Il believe So"
Then upon what theory do you
say there is only 119,961 tons"
q used 100000 tons and subtract
ing $4,000 tons from this, then TAX
ing rs per cent as being ore, reach
the conclusion that there are 119,961
tons of ore in the block"
What was the basis of your con
clusion that there was no ore be.
low the so foot level?'
Experience of myself and others
We seemed to reach at so feet bot
tom to the ore and from there to the
surface everything has been mined %
Basis of Figuring.
You testified that the ore re-.
serve was $lS1.S62. did you not?"
yes, sir"
What was your basis in arriving
at that conclusion by estimating the
value of the ore as whole or by
. combination and average?"
by combination"
In stringer section No. 2 what
is your estimate of the reserve value
there, $17S,92S?"
How do you arrive at that figure?'
, by the figure of the preceding
, fiscal year, April, 1912, to April
} 1913"
What do those figures reveal tn,
, ore to be worth per ton gross?"
, "$7O2 or $712, | am not SURF
, which"
"The reports show the cost of min
, ing and milling to be SAL cents
, Then deducting 10 per cent for metal
= lurgical loss would give the net woul
= it not?"
= 1T would"
' This would leave a net of $19l
= would it not?"
= 1T would"
\" when cutting this net down fror
$191 to $1,45 was this a recognitio
of the fact that your estimate Nigh
be wrong?"
No, sir, it was not
How do you arrive at your e
innate of the value?"
81 took the average from assa
n samples taken every day"
4 Past Years Operations.
- Further question brought it OF
iIdL III tlt btCNlOU ullutI GuuSiuCI
:, tion about $4,000 tons of ore had bee
" extracted the past fiscal year, pri
cipally by gloryholing, at net vall
of approximately $1.91 per ton. TIL
the 1000 tons extracted from Il
Combination produced net value
=" S100 per ton The Stebbins H
- veins ore netted about 80 cents p
ton. There had been a distinct
" cline of values from the surface al
~ the value per ton of the ore reser
:, had decreased every year since 49,
In the annual report of the compa
W there had been a recognition of
decrease in value per ton Of ore
serves that this decrease in val
~. was due to decrease in value
'n % the ore and not an increase in I
cost of extraction and mining"
.er. Value Of the Placers.
When asked in regard to
MIA amount of placer ground owned
the company Mr.. Ernest said Il
of about one-third of the total area
is the company's ground was pla,
lies which would make an area of
lar acres. The placer operations
been carried on since 1906, The
suits of the last years placer wo
AN. ings since January, 1913, were tai
as basis for the calculation Of va
'ets of the placer ground.
suit That d. S. Llewellyn had taken
rcy- between 100000 and $4,000 worth
Ga gold from one acre of ground worl
kul the last seven months and that alb
He 80 per cent was profit Last y
ess, $4,000 was taken from one-f
bets acre of ground and about 30