Hyder weekly herald., 1931-03-28
ANNUAL REPORT
 PREMIER COMPANY

Ol luc TfcIller GOlU MlIlluS Company for 1880 received during the week provide an interesting insight into the ac- tivities of the company on the Premier, Prosperity and Porter idaho properties in this sec- tion. Owing to extreme length, only the salient features of the report can be given here.
 Regarding Premier, the re- port discloses a reduction of S390,000 in net returns for the year resulting from the decline n silver prices.
 Total earnings of the con- pany for the year, before de- 1ucting administration ex- pense, taxes, depreciation, de- pletion and prosperit amorti- gation were $1,318,962.09, compared with $1,685,879.93 in 1929.
 Earnings from the Premier mine itself, after deducting earnings from the Prosperity during the operating period and miscellaneous profits amounted to $1,072,092.37, compared with S1,553,131.73, for 1929.
 The decline is attributed chiefly to the drop of approx imately Is cents an ounce in the average price of silver in 1880 as compared to 1929.
 The financial statement discloses that s1,05O,773. was distributed to shareholders during the year. Total assets are placed at S4,S69,295, com- pared with S6,100,S60 the previous year. Mining property after depletion and depreciation is shown at S2,- 226,727. compared with S3,04S,628 iii the proceeding year.
 Ore reserves were 49,S31 tons less at the end of 1880 than at the end of 1929, and although the report says efforts will be continued to prolong the life of the mine, no encourage ment is held out in this direction. the oreshoot having been found to oe bottomed slightly above the fifth level except at the eastern end where 12,000 to 10000 tons were un- covered.
 Explorations for new ore during the year included a series of 15 drill holes aggregating 7733 feet, put down from the surface in areas east and southeast of the main ore zone. Four teen of these holes showed no values, the other hole cut two thin bands of about S10 ore but of doubtful con- tinuity, the report says. Further in- vestigations will be made this year. Underground exploration and develop ment above the 5th level, more par ticularly in the footwall of the main orebody, continued fairly successful in the way of finding and opening various spurs and stringer veins ag-
  profitable ore.
 During the year 256,S36 dry tons of ere, with an average assay content of O.36 ounces of gold and Ill ounces silver were mined At the end of 193O combined broken and unbroken ere reserves were 49,S31 tons less than at the end of 1929, This, the re- port says, means that POT ,0O5 tons
 
 up. This compares with the explora- tory results of 1929, when 229,805 tons were thus found.
 The estimated ore reserves as at December 31, 1880 are placed as fol- lows: Broken in stopes 286,535 tons. averaging O34 ounces gold and 10 ounces silver. Withgold at S20 and sil- yer at 25 cents, this represents gross value of S9.30 per ton. Assured and probable unbroken ore down to the 9th level amounts to S2,670 tons averaging O.43 ounces gold and 7.30 ounces silver. With gold and silver at above stated prices, this represents gross value of S10.42 per ton. The total of above estimates of broken and unbroken ore reserves is placed at 369.205 tons, averaging 0.36 ounces gold and $40 ounces silver, repre- senting a gross value of $9.55 per ton.
 Ore reserves at the end of Decem- Der, 1929 were reported as 419,O36 tons averaging 0.36 oz. gold and 9.S6 oZ. silver.
 The tonnage mined at Premier in 1880 was about 5000 tons less than in 1929, the gold content slightly less, and the silver content slightly more than in 1929
 Relative to the Prosjerity opera tions, the report states that active development and production on scale commensurate with the small size and irregular nature of the ore bodies was begun in November, 1929, and continued throughout 1880. Pro- duction and shipments to shelter amounted to 1S,049 tons, averaging Continued on Page Four