The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1915-03-26
.ENGELsCOPPERCO.
MAKING PROGRESS
Manager Elmer e. Paxton Is
Placing Company On Solid
Paying Basis

The second semi annual report of the
EugeIs Copper Mining company for the
six months epding December 81, 1914,
exhibit a very creditable condition.
In his report TO the shareholders,
Elmer u. Paxton states that the total
net Indebtedness December 81 was
about $4,000. ar the present price
Of copper Is paintRihed and we have
no unforeseen accidents, the balance
of the Indebtedness should be paid be-
fore the end of July.
Future improvements
" As soon as the company is plnced
on q paying basis the capacity Of the
mill should be increased 20 400 tons
Of ore per day. This can be done by
the addition Of $l2,000.00 to $l5,000.0O
worth Of machinery, and the increased
profits for single month would REIN.
burse the ontlay. ="
During the coming summer we plan
to do considerable diamond drill cx-
ploration with a view to determining
the extent Of the different ore bodies
under our control. ] can say now, how
ever, that this company owns a large
and very valuable property, with.a very
wide field for future development.
Better Results Than Expected
q" am pleased TO state that our ores
respond very readily 70 the Fiotation
Process, and we are turning out a high
er grade OF concentrates than was ex
pected. The recovery, however, has
been too low, but that Is now being
femedied. t-tE yga
ave have made to date 5e5 tons Of
concentrates averaging about S49e cop
per and $4.47 in gold and silver per
ton: Three hundred and twenty.three
tons have been shipped TO the Garfield
Smelling Company, leaving 24g tons on
hand. Returns have been received
from the smelter on 1913 tons amounting
to- $l4, 356.TS, or an average Of $72.55
per ton Of dry concentrates.
Mil Does Better Work
my last report stated that the mill
had q capacity Of 100 tons Of ore per
day. we find, however, with steady
running conditions II will handle 200
tons per day, and on several days has
already exceeded that amount
1.-THE ore now being delivered to the
mill averages about 40 copper! Allow
ing lOSS for moisture II takes ten tons
to make one ton Of $685. concentrates,
50 that the fun capacity Of the mill
\ should turn out about twenty tons per
day. During the month Of February
the avera WINS twelve tons per day.
The output is being gradually increas-
\ cd and the average has now reached tif-
teen tons. With better mill control,
which we hope to secure In the near
future, we expect to further increase
the output of high grade concentrates.
Il IL is understood, Of course, the higher
the grade Of concentrates the smaller
the output from u given quantity Of
ore. t-1 ~ so fH tt
PROFITS per Ton
Il 1--WE have not yet been; operating
regularly long enough to, say what tho
4 profit per ton should be, but with the
i quality Of ore now being mined Il IL
reasonable TO expect a profit Of from
$50 to $40 ton Of concentrates nj the
present price Of copper. In my next
report Ihope TO give YOU some definite
figures on this point. y t
A ohe-year contract for sale Of ore
has been entered into with Salt Lake
smelter. e. '.rf&
Company owned Here .ss
j The controlling interest in the En-
gels Copper Mining company is held
among Hawaiian shareholders. The
capitalization of the company stands at
100000. OF this amount $l66,000 Il
held as treasury stock and $4,000
stands an stock premium and discount.
The company owns ll3 mining claims
Comprising 2280 acres of mineralized
lands. Manager Paxton is planning ex-
tension diamond-drill exploration OF
the coHpany's ore bodies during the
coming year. t9 10