Show HH q Z P F I 1 mining matters I 1 T 4 atil I t l I 1 PARK CITY TED MIKES M iles REPORT net let smelter returns of the park city consolidated d ate of mines company tor for the calendar year 1930 amounted to the annual report issued tuesday by J 10 I 1 J beeson vice president and general manager reveals the mine the newest producer in the park city district snipped shipped a total ol of dry tons of ore during the year which yielded 98 ounces ot of sliver silver 62 ounces ot of gold pounds of lead and pounds of zinc the ore had atonal gross value of the average assay of 1930 pirl was silver 2047 20 47 ounces per ton gold ounces lead per cent and zinc 19 per cent the company reported current assets of including Sl cash current liabilities totaled total net worth was placed at in the balance sheet as of december 31 1930 development work completed during the year amounted to feet the net uala expense ris of which was in his report on operations mr beeson said in december 1930 2614 tons of ore was mined of an average grade of 2022 zu 22 ounces sliver silver which compares favorably with the months ot of october and nn N november n in october operating profits amounted to which after a royalty payment on purchases of property left a net operating profit of 1362 08 the records or of october and november were made at a time when the average price of silver il was about 35 cents an ounce with the present prevailing price of 29 58 5 8 cents an ounce it Is obvious that instead of having a net profit we will have a deficit under prevailing wage scales for the mine in order to meet this emergency wages were reduced on february the most important new development in the mine has taken place on the roosevelt vein where the raise has been extended for a distance of feet in continuous ore this raise was started at the intersection of the silver vein and the roosevelt vein but the top Is undoubtedly at a considerable distance from this intersection at the elevation of the level drifting has shown the ore shoot to have a length of feet and every indication that it will continue both to the north esat and the r southwest e st since the writing of the annual report what appears to be a new ore shoot has been opened on the level at a point feet from the intersection 0 of f the silver and roosevelt veins mr beeson reported at the time the ore is about 5 feet wide and runs around 40 ounces silver mr beeson estimates ore reserves at tons including tons of blocked sulphide ore tons probable sulp sulphide hicle ore tons possible carbonate ore and tons possible sulphide ore the possible ore he explained Is dependent to some extent on the price of silver and the distribution of this ore in the vein the future of the property in so tar far as the present ore reserves are concerned his report concludes depends largely on the price of metals and silver jn in particular new development work now in progress may ue be successful in finding lead zinc ore bodies in the limestone then we will be less dependent upon the price of silver the only change in the board ot of directors during the year was necessitated through the death of charles H barton who was treasurer and director he was succeeded by H 71 rowe one new director remains to be named NEW ORE SHOOT ANND AND NEW WAGE SCALE ACCEPTED AT THE PARK CITY consolidated general manager J J beeson of the park city consolidated gave out the following information to the salt lake papers monday of this week wages have been reduced and present plans are to continue operations at the park city consolidated mines company property despite the low price for silver mr beeson announced that employed emp loyes of the mine had accepted a wage cut of 25 cents dally daily beginning february he said that under the present low price of silver the mine could not do much and would have been forced to cur tall operations to a strict development basis if the 57 workers had not decided to accept the cut and remain on the payroll mr beeson also announced the striking of a second shoot of ore on the level ot of the newly discovered roosevelt fissure the roosevelt fissure was first encountered at its intersection with tb the silver vein and from the intersection a 70 toot foot ore shoot was developed he be stated I 1 at the 70 foot mark the ore was cut out by a porphyry p 0 intrusion and after about feet the ore has started making again he states assays essays across a four our toot foot face yesterday showed 80 ounces silver to the ton with some lead and zinc this development Is encouraging to company officials owing to the fact that the roosevelt is a strong fissure which traverses the property tor for approximately feet mr beeson said the roosevelt fissure was first struck m after drifting teet feet in a northeasterly direction along the silver fissure the entire distance along the silver fissure was productive of ore with the except exception lor of a few teet feet he be states work is being continued on the foot level where the company Is drifting to the south with the objective of prospecting several large fissures that are exposed on the surface he said pertaining I TO REDUCED AT PARK CITY CON consolidated SOLID TE D accompanying the annual report of the palk paik city consolidated mines company of f this city a brief synopsis ot of which appears in this issue of the record was the following letter from general manager J J beeson which will prove of interest and clearly explain the reason of the recent wage reduction at that property mr S L Rad clon park record park city utah my dear mr I 1 am enclosing herewith copy of the annual report of the park city consolidated mines company which I 1 am also giving to the salt lake city papers the report Is quite lengthy so it may be that teat you will be interested in publishing only a short abstract of the same doubtless you as well as other citizens I 1 of park city have heard ot of the wage 1 continued on en page four mining matters continued irom from page one reduction that has recen recently aly taken place I 1 at the park city consolidated on behalf of the management we wish to assure you and others that this reduction was not voluntary on our part only to the I 1 extent that we were facing a situation which made it necessary in order to pro hect our stockholders to either discontinue the larger part of our shipments and go on a strictly development basis or to reduce wages we felt that it would be unfair to our miners to lay them oft off with little or no notice and with no other employment in sight without first I 1 giving them the opportunity ot of deciding whether they wished to continue the work at a lower scale of 0 wages being in a mining camp with many years experience per peri ence lence I 1 need not explain to you that I 1 this exceptionally low price ol of silver has been entirely responsible tor for the action we have taken on behalf of the management we express our appreciation to the miners at the property who have given us such wonderful erful operation cooperation co in the past and in this present instance and in the future we will increase the wage scale as rapidly as conditions will warrant thanking you tor for yo your ur interest in this iatter I 1 am very sincerely J J BEESON salt lake city utah february 3 1931 CON dominions OM iniONS DIllON 1111 IMPROVING PROVING AT T ST 5 TR III or p tap intend john D fisher returned d I 1 irom rom salt lake this morning lie he re ports progressing splendidly in botn both the east and west drifts at the star of utah the big fissure impi improving oving steadily with seams ot of high grade ore getting betting rong ronger in the enst east drift mr fisher says it Is a certainty a big ore body will be uncovered before long THE al ER super superintendent In had bad nothing to report this morning the big adit Is being pushed ahead and every shift gets it to the big ore bodies of that section 1 UNITED I THE PARK CITY CON ca mrs airs J J beeson motored from set sat lake yesterday and visited the part park city consolidated property the lady reported that conditions were steadily on the improve lacking only a fair air metal market to make it one ot of the big producers 0 the camp mrs beeson like her talented e ted husband is a recognized geologist of more than local tame fame and aids very m materially ateria lly in planning work at this big property STOCK SALES ron WEEK FRIDAY new quincy P i 3 and 3 sc c park premier en a ac park utah a 0 1 I 1 so 50 silver king coalition 25 g SATURDAY new lew quincy 2000 3 ac c park city con loo 4 park king lc ic park fork utah Q 1 55 silver king coalition 1100 MONDAY new quincy 1700 3 and se silver king coalition a 0 5 25 park galena unlisted 1700 ac TUESDAY new quincy 2000 ac silver king coalition 0 3 25 park city Ci tyCon con 1000 1 park utah WEDNESDAY park city con 2000 park utah sl 50 silver king coalition 65 5 50 and three kings unlisted lc park galena ac new quincy assessment paid 2700 cb SAC park earlc premier Pr emler ac THURSDAY howell c new quincy iss 5 and EC be sliver silver king coalition loo park king 2000 c ORE SHIPMENTS rop rob V week EEK park utah consolidated 4 silver king coalition park city consolidated total |