The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1914-06-13
JUMBO EX. WILL
HOLD MEETING
VICE PRESIDENT SPRAGUE RE-
PORTS ON CONDITION OF
COMPANY

PORTS ON CONDITION OF
COMPANY
The Jumbo Extension Mining COM
pany has mailed to stockholders no.
tices of the annual meeting, which
will be held in Phoenix, Arizona, Oh
Monday, July 13. No annual meet
ing of the company has been held for
two years, in consequence of the fall
ure of the former management to get
a representation of a majority OF the
outstanding stock, either in person
or by proxy. Reports of the present
officers of the company will be sub
mitted and an election of officers for
the ensuing year will be held at the
meeting.
Accompanying the call for the
meeting sent to the stockholders is
report of Vice President Charles s..
Sprague upon the present condition
of the company and the mine, which,
in part, follows:
I'VE are pleased to report that the
Jumbo Extension company Ii In a
gratifyingly prosperous condition at
present, and the Transformation in
the mine and in the cOmpany's n
nancial condition has been a subject
of wide comment. The present ad-
ministration took contros about the
first of the year 1914. found
nearly depleted treasury and mine
with little ore, but good prospects,
the operations of the company for
1918 having been conducted at large
loss, no profitable ore bodies of any
size having been opened up.
"At this time, or within six months
from the change of management, we
find the Jumbo Extension practically
new mine, making a large and
profitable production, the treasury
"fattened" to no mean proportions
and nearly a years ore blocked out
ahead of extraction. The annual re-
port which is shortly forthcoming
will give all data in detail; suffice 1t
to say here in general terms, the net
ore returns for the past Ave months
has been $111.800. and net profits
approximately $4,000; $4,000 has
been paid. on the purchase price OF
the Velvet claim, which your direc-
tors recently acquired, leaving a cash
balance and ore in transit as OF June
1 MAY expenses unpaid) $4,000.
The Velvet claim is proving to be
very profitable purchase. Three
months work in the Velvet has
blocked out ore representing twice
the cash purchase price of the claim
and there appear no signs of diminu-
ton of ore as development progress
es. The Velvet seems to be one OF
the richest pieces OF ground in the
district and promising of large pro-
duction.
your directors have made very
advantageous terms with the Gold
field Consolidated for the milling of
Jumbo Extension ore at the great
Consolidated mill, which cost nearly
a million dollars, and has the most
modern machinery and expert man
agement. Our contract calls for
SO per ton treatment charge, includ-
ing transportation from the mine.
While we obtained good results at
the Bonnie Clair mill, your company
paid 80 cents per ton freight and so
cents per ton royalty to the mill own
ers. AS we have been milling 80
tons per day, the amount saved In
these items alone will be very sub
stantial; in addition it is expected
that metallurgical savings will re-
suit from improved methods and ma
chinery, while we will be enabled to
treat a larger tonnage than at the
leased mill.
1--WE also note with satisfaction
that as result of friendly negotia-
tions we have succeeded in having
the old apex agreement with the
Goldfield Consolidated annuled and
a side-line agreement substituted
Under the former the Consolidated
was entitled to one-half of the net
proceeds of all ores in the Jumbo
from veins that might be found to
apex in Consolidated territory. This
agreement was a constant menace.
Under the new agreement, the right
of the Jumbo Extension is confirmed
to all ore found within the boundary
lines of the Poloverda and Velvet
claims.
During April the energies of the
Jumbo Extension company were d.
rected to opening up the Velvet claim
to determine to our satisfaction its
probable value before exercising our
option. No attempt was made at
Continued on Page Eight
\ GOLDFTELD CONSOLIDATED
= EARNINGS FOR MAY =