Show 3 I United Park City Mines Reports Loss of Less than in 59 tAnK PARK CITY CITY- CITY CITY- United Park City Cily Mines Co l Park rk city lead lead zinc producer er et reported a net loss lose of ot 21 21 tor or 1960 operations operations operations-an an anK amount considerably under the P. P K reported for 1959 1969 contained toa In to Ina W The The Tho statement was WM a report to shareholders by John Johni Johnt i M M. M t Wallace president and S. S K Droubay vice president and gen gen- 4 v oral ral manager The rho depressed market situation for products of ot the domestic lead lead- t I. I f sine mining Industry continued y I throughout 1960 they reported Year fear Increases Current Ii f Assets Prices at the Ule end of ot the year J t were 11 cents a pound for lead a. a f. f and 12 cents a pound for lor zinc f 1 compared with 12 cents and 12 6 respectively at the tho end of 1959 J The company sold worth of ore In 1960 compared t with the tho previous year oar t It reported total current assets r tI n of or at the he end ond of 1961 H compared with at the end end of 1959 Several steps were taken to cut cuti i losses In 1960 the report added I 1 Among them I Elimination of overtime pay by r rotating to a 40 40 hour work week Instead of the previL S provi-I provi L i CUB ous hour 18 week v Issuance of small block leases In fringe areas that could not be worked economically In normal I I T 9 operations I I I Reduce Losses But nut Prices t liar Bar Gains i ht Procurement of a temporary re- re in smelter treatment i. i rates During the fourth quarter such such actions and others othel's reduced losses v i for forthe the year but a price t 1 j don tion of one cent a pound for tor lead and one and a half cents for tor zinc j t f in December nearly neutralized I I these adjustments for future op op- I era orations lions the report continued f The report added that a joint Z development program has been undertaken with Keystone MIn i x 1 l Ing Co to prospect for tor possible 3 J t ore ere extensions along formerly contested apex positions of the Cr Crescent scent fissure v 1 It was considered necessary necessary 1 i said the report to get this work j tr done ione before existing shafts and andI I i tunnels idle for tor years deteriorated ed beyond use I I t Ends Stone Quarry I Operation i A building stone quarry operation opera opera- tion started in 1959 on a lease leaser r baste basis was ended in 1960 when It ItI I was found that isolated quarry conditions and high trucking 4 a charges resulted in lower soles sales volume than research studies had indicated Government loans through the theOffice the theOffice theOffice Office of Minerals Exploration were negotiated on twp tion projects th the tho report added However it noted It Is la too loo early to predict final results of the work In a letter to Mr Droubay reviewed pending national nation nation- al legislation to deal with the thel l lead lead- ad zinc line dilemma then added hopefully I No one C can n predict the outcome outcome out out- come como of legislation nor the time Ume element It requires to get help on tho the road roar I In the tho meantime we hope forthe for tor forthe the boot best and will do everything I within practical limits to maintain main main- maintain tain our operating position II I I |