Weekly journal-miner., 1916-03-08
U. V. EXTENSION
 ANNUAL REPORT RECEIVED

ANNUAL REPORT RECEIVED Local stockholders or record in the | United Verde Extension have receiv- ed the report of the proceedings of the annual meeting held recently III New York. The chief feature of in terest is the statement that the com pany is now in position to ship from l50 to 200 tons of ore daily from the ore bodies developed. The report says, i1 part:
 The regular annual meeting of the stockholders of the United Verde Ex' tension Mining Company, hitherto held on October 1st of each year, has, by formal revision of the bylaws of the company, been changed, and will be held in the future on the third Tuesday in February so that report might be made to tne stockholders covering the operation of the com pany for the calendar year. The regular meeting was accord ingly held on February Is, 1916. at the office of the company, room 2l74, 235 Broadway, New York City.
 The following statement was sub mitted by the officers and directors In December, 1914, rich body of chalcocite ore was encountered in the southerly end of the original five claims of the company. from which, up to December 31, 1915, 3,57o tons of ore averaging 439 per cent cop per, have been shipped; also during the same period 6,l73 tons of second grade ore averaging 17.6 per cent copper, occurring close to the high grade ore, have been shipped. Owing to the fact that we had then no means of transportation from the shaft, we were compelled to pack on burros this 9,753 tons of ore to the railroad, a distance of about a mile and a quarter. However, we have iI stalled and now have in operation an aerial tramway which has a capacity of 500 tons per day and runs from the shaft to the railroad, distance of 6.0O0 feet. We have also installed a larger hoist with double deck cages
 During the period from October 10, 1914, to December 3l. 1915, the Edith shaft was sunk to the ,400-foot level; pumps were installed, and drift was run on that level to get under the country o1 the ,200-foot level where the high grade ore above mentioned was discovered, and, recently one of the cross-cuts from this drift has en- countered large and very importan: body of sulphide ore, averaging bet ter than 10 per cent copper.
 During the period above mentioned 464 feet of drifts and cross-cuts have been run o1 the 800-foot level: 2,4o9 feet on the l.l00-foot level; 1874 feet on the l,2O0-foot level; 1901 feet oil the l,400-foot level, in the ground cf this company In addition to the ore developed on the l,200, and on the 400. above referred to, no commer cial bodies of ore, of size, have beer encountered; but indications of the presence of orc, elsewhere than in the southerly end of the original five claims, have been found. and doubt less other ore bodies will be devel- oped.
 During the period of the operations of this company. from January, 1913. to June Is, 1915, 2.127 feet of work was done by this company in the ground of the Jerome Verde Copper Company, under an optional contrac: for the consolidation of both prop critics.
 Notwithstanding the fact that this notable footage of work was done, no ore of commercial value was devel oped in the ground of our neighbor to justify the carrying out Of the con tract for the acquisition of their ter ritory.
 Options have been secured on ground to the south and southeas. adjacent to the five original claims of the company. Part of the ground so cptio1ed has decided probable future mineral value. The territory covered | by the options consists of 8 claims and fractions of claims, covering an area of about 800 acres. IT the com pany decides to exercise its right of option covering these claims the total cost to it will be about S130.O0O. Up to January 1, l916. S27,95O has been raid on account of purchases of claims taken under option.
 Ii is now certain that the company has sufficient ore developed 10 justify