f 1 f SPLENDID D' D RE RECORD OF FOUR BINGHAM SINGHAM MINES i I Utah Copper Utah Consolidated Utah Metal and Utah Apex I 1 i Four big Bingham mines are arc today toda attracting attracting moro than passing attention of ot tho the mining world Thc They aro the I Utah lUtah Copper the tho Utah Consolidated the the tho Utah Metal and the Utah Apex In the past three months tho Utah Copper has hns produced the thc enormous amount of or more than pounds or of r copper or moro than each month besides the values carried in other ther metals At present prices this is 15 worth almost and It is estimated menus means a net profit to tho the company comp of at nearly nearl r Utah Copper is today mining a n. I larger tonnage of ot ore than ever before In its history earning more than double its normal ormal profits Tho The Bingham mino I la is making dally dalh extractions of oC to tons of ot ore This is at tho rate of ot approximately tons of ot ore oro a year The Utah ore oro is averaging a 14 to 15 per pcr cent copper Tho The present mill extractions ox- ox tractions var vary between 67 and 70 0 per percent percent percent cent of or tho the metallic content This gives an lin average n. of or about nineteen pounds metal recovery to the ton Tho The total cost of or making the copper will not exceed ex exceed exceed ex- ex 8 cents a pound This leaves a profit of or 11 to 1 12 cents at the tho present market At the present rate of ot production production pro pro- the Utah c Copper Capper p I Is m making la Pounds O of i copper cupper a year j oar This will wm amount to earnings of ot 16 per annum This amounts to 1 a share hare profits on the 90 shares of ot the company now no nd ing inS However cr to these theBe figures must be added another profits ac accruing accruing nc- nc to Utah Copper from the operations operations operations opera opera- of or its Bingham ham Garfield railway railway rail ralI- way ar also between and 3 that will come in from Its controlling controlling con con- trolling holdings in the Nevada Consolidated Con Con- Con Con- This Thus brings the total net yearly profits up to nearl nearly on In the present operating basis making the yearly early profits more than 12 a share Ihara Improved Methods 1 It Is stated that with the improved metallurgical features at nt atthe tho the two tt big mills at Garfield and the advanced state of ot the stripping operations operations operations opera opera- that the cost mn may bo reduced from 8 to 7 cents a pound Every 1 cent reduction means added profits to Utah Copper Col D. D C C. recently reported that the stripping operations have pretty well reached the apex of ot tho the great porphyry mountain and from that time on this expense will be greatly lessened Under Under Un Un- der Jer present conditions an 80 per cent cont labor Jabor force Corce Is accomplishing the tho work formerly required b by the maximum force torce or comparing Ma May and June 1915 I operations with those of or last August II It is estimated that Utah Copper has 3 tons of ore oro in reserve At Atthe Atthe the tile present rate of ot operations that would require forty years to consume On the acres of ot the tho porphyry mountain mountain moun moun- tain only onh acres are under actual operations leaving two-thirds two In re re- re serve ser In the past nine years rears it is roughly estimated the production has been about tons This has taken care of ot the tremendous preliminary I nary expenditures for tor equipment railroad railroad rail rail- road toad and mills and enabled the man management management man man- to pay PM ou out dividends of ot 28 8 The company is today entirely free from debt and has no tun funded ed indebted Indebted- indebtedness ne ness s whatever Instead of at borrowing capital a against its metal today It has hns hasa a 3 ca cash h surplus of or Tho company's dl dividend record follows follows fol tol- fol- fol lows 1915 1 7 1914 1914 1913 SOO 1912 3 1911 3 00 1910 v OO 1909 4 t r. r 1903 1908 1 00 tanh Con Consolidated Company Utah Consolidated's report for tor the year ear 1914 notwithstanding thoro thorn was a avery avery very slight decrease In Its developed develop cd ore tonnage makes a fine showing Both the copper and the lead ore chipped chipped chip chip- I ped during the year ear averaged materia- materia I all ally higher in grade and notwithstanding i standing the thc fact that tho company I must have received recel 12 U cents less per pcr i pound for copper and lower prices priceR also for tor load lead and sliver silver Its earnings per share w were re only 22 cents less less' than In 1913 and this thin with a 3 20 per cent smaller tonnage mined Its operating results compare with those of ot the preceding preceding pre pre- ceding year as follows 1914 l 1913 Pounds of fine copper copper copper cop cop- per produced Tons of ot ore oro treated treated treated treat treat- ed Total expenses of ot all kinds 1966 Paid P. P 1 i net U I. I tion 2 j I Expense less construction construction construction con con- per ton ore Pounds copper coppe per ton ore Copper cost per pound 15 Profit per share Balance assets per pcr share sharo Price per pound received re received re- re ed for fOI copper cents 1357 1530 From copper ore arc and Including copper copper copper cop cop- per from tram lead ore Estimated The company produced In addition to copper pounds of lea lead ounces of at sliver silver and ounces of oC gold comparing with 19 08 pounds of ot lead ounces of ot silver and 1412 ounces of gold In 1913 The tons of ot copper ore shipped contained an nn average of or 50 pounds of copper gold and about 50 60 ce cents ts worth of silver as ns compared slightly less legs than 40 50 pounds of copper cop cop- per 11 gold and about 40 cents worth of silver sliver in 1913 Lead oro ore shipped averaged ed higher in lead and a shade lower In gold silver and copper than for tor the preceding year At the end of last year real Utah Con Con- reserves stood at tons of copper ore comparing with tons at the end of 1913 The grado grade figured the same for fOl copper higher for tor gold old and a shade lower In silver sll It also had tons ton of leadore lead leadore leadore ore comparing with tons a year car previous pre the tho gra grade c of the present tonnage ton ton- nage nago g being higher In lead lend and slightly lower In gold silver and copper In view of the tho fact that mine shipments last year amounted to about 5 55 53 per percent per percent cent of ot tho the copper ore that Was as developed devel devel- developed el de at the end of 1913 and more than 90 DO per cent of the lead tonnage than demonstrated tho the er very slight fluctuation fluctuation fluctuation tion in reserves should cause caus e no uneasiness uneasiness un un- easiness The stockholders in the Utah Metal Y 1 Tunnel company compan were t in receipt of or ortho tho the following statement from Treasurer W W. E E. E L L. L Dillaway w of at Boston The rhe mineral developments de In your our property sinco the early part of ot May have been so extensive e and valuable as ns to not only gratify your our directors but hut astonish th them m. m Apparently the limit of ot tho the principal oro ore bod body which we have t discovered er will not be reached within the boundaries of or the tho property because the direction in which drifting is now no being belliS carried on eastwardly Is towards old workings where rich copper copper copper cop cop- per deposits ts were discovered In times past and anti t wards towards tho the old Jordan claim of ot tho the United States Mining company which has been and Is a n. wonderful producer producer pro pro- ducer for that company compan You will possibly possibly possibly pos pos- sibly recall that It has haa been said suld that that company compan has extracted from Its ground In years cars past over o Certainly a large largo proportion of ot this must have como coma from rom the old Jordan claim The drifting on our property Is likewise likewise like like- wise In tho the direction of the Last Chance group which Is owned b by tho the United States a Mining company compan and acquired acquired ac ac- ac- ac b by them only two years rears ago but from which It Is announced the they are earning over net per month We e have apparently cut Into two other and Independent bodies of ot ore which while It Is not expected the they will wll show much richness nevertheless ne apparently contain largo quantities of ot shipping and ann aim mining on ore um The late latest t advices from your our property property prop prop- crt erty stated that settlements have been ma made e for carload carland lots shipped shopped to tho the smelter running over 01 42 per pel ton over 60 GO per ton and over 80 SO per ton Of Ot course these are arc Individual Instances but of or the fifty odd carloads sent to tho the smelter since m may a. a 5 6 r none has been below 19 per ton and a n lar largo e proportion proportion proportion tion over oer 25 per ton There has already l been blocked out In our mining operations a no bod body of ot ore OIe which will probably show values amounting amounting- to at least and we have not done an any sloping or mining but our present production Is s entirely from drifting It will bo be seen that this estimate of the value of oC the present body blocked out is liable to bo be too Ion Utah Apex Mining Secretary Schirmer's last report In part on the tho Utah Apex Mining inning company was t as tou follows The sinking of the shaft to th the tho foot 1300 level has been c completed completed com com- m- m and unless the tho ore ote bod body has hns faulted at this level lovel the crosscut crosscut cross cross- cut from the shaft should encounter the oro ore at nt the present rate of ot progress in about four weeks Considerable crable development has hns been done during this quarter and is being continued to increase es reserves of millIng milling milling mill mill- ing ore are but nothing of Importance has been encountered excepting a body of or siliceous ore the tho extent of which Is Isas Isas Isas as yet et Ore taken out In de development development development de- de has been shipped to the thc smelter for treatment The matter of or separ separation tion of zinc in our ores oros has has been been delayed as It was found that owing to limited zinc smelting smelting- facilities tho the zinc concentrates produced b by separation separation tion would have to bo ho stored Indefinitely Indefinite Indefinite- ly there thero are no facilities near the mine for tor storage and this with the added expense for tor tre treatment ment promises no In Income Income income In- In I come from this source for tor some time I The oil flotation process for tor the treatment milling ores is b being I Installed This will add materially to tho quantity of ot lead reco recovered ered The cost of ot this Installation will be about and undoubtedly will be he paid for b by Improvement Improvement In In earnings within four or five fi months As s the company compan had about cash on hand and earnings have hac increased In Increased In- In cr creased duo to larger shipments and higher prices of load It was decided to declare a l dl dividend of oC I 12 cents per share sharo pa payable ablo October 1 to shareholders ers of record September 10 1915 1913 Your management hopes to continue dividends divi divi- dividends dp quarterly unless unless' unforeseen condItions conditions con con- prevent During tho the quarter of your our company's compans bonds were purchased at par and accrued interest leaving the outstanding bonds out of an an original issue of ot The Thc treasurer treasurer treasurer treas treas- Is IR prepared to purchase the balance balance balanco bal bal- ance anco outstanding at par and nd accrued in in- in terest A serious attempt to enlarge c the boundaries of the Park City district Is being made by tho the Three Kings icings Silver Silver Silver Sil Sil- Sil- Sil ver Mining company compan which Is seeking ore oro further north than an any yet et found In the district For man many years ears sporadic sporadic sporadic radic attempts lla have ve been mn made e to do something with this ground attemPts ground attempts that were thwarted by diverse ownership ownership ownership owner owner- ship and lack of oC the necessary ro- ro sources When hen tho the control passed under under under un un- un- un der one management a two compart I ment working shaft w was s started This Tills has now reached a depth of ot feet The bonanza horizon in the adjoining Silver Sliver King Icing Coalition and Silver King 1 Consolidated mines lies in the thc Park Parle City lime formation just above e tho the Weber eber quartzite While hUe the other companies companies com com- panle have vc had to sink pOO OO to OO feet to reach the tho Park City formation which is Itself ItSE-a about feet leel thick the Throe Three Kings King's has the advantage of ot starting in the Park City formation and should therefore reach the Weber reber quartzite In another OO to 75 feet The company compan Is well financed work Is being done Inan in inan inan an efficient and conservative manner monner and the results of at this exploration should to DC of r the greatest Interest Ex Ex- eluding management expenses tho the of- of Hive give their time grat gratis tho shaft has cost to date dato 35 per foot Mining conditions are arc favorable the tho haul to the tho railroad being but quarters of a milo mile and the shaft but ISO feet above the tracks Judge nI Order Orders fig IJ Hold hoist This week tho the or order er went In to Allis- Allis Chalmers company for tho the machinery and equipment for tor the tho new hoist of the Daly Judge company compan says sas the Park Record The steel gallows frame will come from the Omaha Steel works and will excel any that has been Installed In Park City and that Is saying a good deal Two additional cables will come como with tho order Tho The electric hoist will willbe willbe be a horsepower and It will como come other equipment will be bo tho the veT very last word In mining machinery and the best that money can cnn buy Tho The hoist will willbe willbe be he so constructed that after atter the power Is shut off oft there will be bo sufficient en energy on- on orgy ergy stored to make mako twenty-ono twenty trips with the cago cage up and the shaft This will enable tho the taking from the mine every ery man In It should an accident accident accident acci acci- dent occur that would shut off ott the current When hen tho the new machinery Is Isi i Installed the thc Judge Daly-Judge will be as wellI well I equipped as an any mine in the tho state The Tho machinery Is expected to arrive 6 In the Park Parle b by tho the first of November No and In operation by the first of next year ar The equipping of oC this property In this manner establishes establish os one oe fact that will willbe willbe be pleasing to all and that thatis I is the long Snake Creek ek bore which Is Isnow Isnow now not being run Iun to tap the lower workIngs workIngs workings work- work Ings of or this big property wIll not be used for the transportation of ot ores and nd supplies as it was thought ht It might ht be bc b by man many The ores nn and supplies supplies sup sup- plies will be handled at this end which means much for tor Park Crt City Reports from the mine are to the effect ct that Its physical condition was never better better botter bet bot- ter and that conditions are Improving continually under the tho painstaking and Intelligent supervision of ot Superintendent dent 0 O. 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