Hyder weekly herald., 1932-04-02
ANNUAL REPORT OF
 PREMIER GOLD C0,

Total earnings before the deduction of administrative costs, taxes, depreei- ation and depletion of SSS3,S71.35; q reduction of substantially one-third in the volume of assured and probable ore in the Premier mine and de crease of S435, ,090.74 in total earnings are shown in the annual report of the Premier Gold Mining Company cover ing activities at the Premier mine dur ing 1881.
 The report states that during tae year 242,317 dry tons of ore were mined. carrying an average content of 0.35 ounces gold and 7.6 ounces silver. At the end of ,1931 the combined broken and unbroken ore reserves were 11.5S2 tons less than at the end of 1881.
 This means, the report says, that 126,735 tons of new ore were found and opened up, as result of intenS- i've exploration and development, com bined with diamond drilling, on hori- zons above the 9th level with a view to finding and opening various spurs and stringer veins in the foot and hanging walls of the main ore shoot. The results, although described as not equal to those of the preceding year. were moderately successful" An aggregate Of 1898 feet of under ground development was done. in, ad- dition to 9,336 feet of diamond dtili- ing. representing holes from the sur face and 62 underground holes, with cross sectioning.
 The new ore found compares with ,lD,. tTD,.y all ltg i,,1 005 tons of new ore were found, the report states, and represents the re- suits of the skilled efforts of the mine staff to prolong the life of the prop erty, which is declared to be nearing it's end.'
 The decrease in earnings are attrib- uted chiefly to 1,000,000 ounces less production of silver in 1881 and to the decrease of nearly 10 cents an ounce ill the price of silver. Offsetting this to some extent, the report says, was a decrease in operating costs at Pre- mier of 27 cents per ton, the costs being S3,S3 compared with S360 for 1880. s~ z
 Operations and production of 1880 and 1881 are summarized as follows:
 1930 1851 Diamond drilling,
 feet .......-...............1 12,407 9,33G Development. drifts
 anr raises, it. ............ 1885 9.33G Total diamond drill
 ing to date. fl. ......... 95,15S 105.094 Ore mined, dry
 tons ,,,,,,,.,..,,.,,,,,,,,,..,, 256,S3G 242,317 Total underground
 WOrK. 1eet lH .DDZ SU. AUD
 tons ....................... 151.9 169,759 Ore milled. dry
 Ore shipped to
 Tacoma, dry
 tons ..,,....-,...,,,,.,........ 52.44S 21,666 Ore shipped to
 Granby, dry
 tons ...,............-........... 52,452 5o.S93 Concentrates shipp-
 ed, dry tons .-....:....-.. 15,616 20,21l Gold produced.
 ounces .----------.--..--...-.. 90,US4 S2,3Jl Silver produced.
 ounces ,.,...,,.,,,,.,..~ 2.76O.7S7 1,71S.376 Broken ore re-
 serves, Dec. 31,
 day tons .-............... .2S6,535 215,S75 Average price sill
 yer per ounce .-.......... 3S.15 2S,70
 Since the commencement of regular production until December 31 1881, a period of 12 years. one month, 2.111,- 5S5 tons Of ore were mined and milled CT shipped from the Premier mine. Total production of metals for the per iod was 1,201 ,490 ounces gold, 31, ,015- 145 ounces silver Total profits after deducting taxes, but before deduction of depreciation and ore depletion charges were S19,79S,976.37, after writ ing off during the year S36,9425S For ty Nine Mining Company investment and $200,000 of the Porter-Idaho in vestment.
 Distribution to shareholders during the same period, including the last distribution for 1881. paid January 1, 1892, aggregated S15.949, ,603.75.
 Estimated ore reserves as at Dec ember 31, 1881, are placed as follows in the report: Ore broken in stopes 215.875 tons averaging OPS ounces of gold and S.8 ounces silver. With gold at S20 per ounce and silver at 25c per ounce, this represents a gross value Of S7.S0 per ton.
 Assured and probable unbroken ore down to the 9th level of present work ings amounts to 37,74S tons, averag- ing 0.56 ounces gold and 90 ounces silver. With gold at S20 and silver at 25c per ounce, this represents a gross value of $13.45 per ton.
 The total of the above estimates of broken and unbroken ore reserves, down to the 9th level of the present mine workings is 253.623 tons, averag- ing 0.32 ounces gold and S.S3 ounces silver. With gold at $20 and silver at 25c per ounce this represents gross value of $S.61 per ton.
 For purposes of comparison the re- !, port gives the ore reserves as of Dec ember 31, 1930, as 369,205 tons averag, ing 0.36 ounces gold and $40 ounces silver.
 ] Relative to the Prosperity operations the report says that the orebodies altho fairly high grade in silver, are small. irregular and scattered, so that with the heavy development incident to searching for and opening up such