The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1918-03-28
Record of Year Re-
viewed in De-
tail
TONNAGE AND COSTS
No Information Regarding
Income Excess Profits
Tax
REPORT of James F. Nc

Mining company, covering In
much detail the company's op-
erations and financial transactions
. during the year ending December 81,
1917, has been mailed to the stock
holders of the company. The one
point upon which stockholders were
particularly interested was the amount
the company will have to pay under
the excess profits tax. Mr.. Mccarthy
states that this has not ben deter
mined with certainty and for that rea-
son statement of assets and liabil-
tiles is omitted from the report and
that balance sheet will be issued
when the information is obtained.
The report begins with a detailed
statement of development accomplish
ed during the year, which includes
drifting, prosecuting, raising, and
sinking, all of which aggregates 1886
feet. Discussing operations during
he year Manager Mccarthy says:
East, Ore Body.
SHAFT sinking was resumed late in
the year and is now in progress below
the 1900 level. new level will, be
opened at 1000 feet.
"On the east ore body connection
with the surface from No. adit level
was completed and mining from this
body is proceeding regularly. A raise
from the 900-foot level in this same
ore to No. 8, the lowest adit is in pro-
gress and should be complete by June
first.
Ore Or. No-Go.
Development on the Ore Or -No-Go
vein was confined almost entirely to
the No. 2 and No. 8 adit levels. On
both of these levels drifts were run
on the ore and raises driven to the
surface From these two levels we
have mined and milled over 10000 tons
during the year. A tonnage and cost
statement accompanying this report
will explain the results obtained.
"The statement referred to carries
income and excess profits taxes), in
surance, supervision, ETC., based upon
tons of ore produced.
II stated in my last annual report
that this ore carried sufficient zinc to
make it worth saving and on that ac-
count 1t was desirable to handle this
ore without mixing it with ores from
the balance of the mine. Only that
portion Of the vein under consideration
lying above water level can be handled
apart from the other ores wiAh our
present equipment. We estimate that
there are about 10000 tons Of such ore.
"To mine the ore contained in this
vein below water level will require
one Of the three following plans:
"Q). The erection of another shaft
and hosting plant.
"(2). The placing of single drum
unbalanced hoist in the third COM
partment of the shaft we now have
"(3). Leave this ore in place until
the balance of the mine Is exhausted
and then take it out with the then
present equipment.
$50 far as proven this ore has a
known length of 400 feet and width
from a few inches to three feet. Ex-
pensive equipment for extraction of an
ore body of this size should be avoided
If possible.
improvements and Ore Contract.
I'VE built during the year, at the
mine, modern change room equipped
with showers, toilets and drinking
fountains. This building Is Of rein
forced concrete construction and fire.
proof.
I'VE have also under construction
and nearly finished, new ore bins and
sorting plant. This work has been
delayed beyond our expectations, but
we expect to have it in use early in
March.
shipments of ore under contract
with the Bunker Hill G. Sullivan Min
ing & Concentrating company CON-
menced in July last, to their new
smelter at Kellogg, Idaho. The con-
tract is a favorable one and continues
for five years.
Ore Reserves and Dividends.
"Our ore reserves are estimated a.
1.326,399 tons. This includes the TO-
900 tons heretofore referred to abov'
water level in the Ore-Or-No-Go vein
but contains no estimate of Tonnage
on that vein below such level.
Dividends for the year were 81,
100000 and total dividends to tn