United Park City Mines Mie Reports INet Net Loss of for st Pa-st Year I United Park City Mines Co one of the few remaining lead- lead zinc silver-zinc producers still operating operating operate ing in Utah Thursday reported Ii a anet a anet net loss of ot for 1957 This compares with a net loss for fOI l Park k City producers of for tor the year yeat 1956 SJ SK Droubay generals general manager and John ohn M. M Wallace Wallac president told shareholders In annual statement Figures are before depletion Ore sales last year year Were 2263 versus in previous s years Because of ot continued decline in prices for lead and zinc United Park City last year found it necessary necessary necessary essary to eliminate most long- long range development work and lay layoff layoff layoff off approximately 20 per cent of ot our employers In order to continue contin contin- ue to operate the report said World oversupply of ot most metals continued through 1957 which resulted in drastic reduction reduction reduction tion in price Many domestic mines have been forced to close down or curtail curtail curtail cur cur- tail operation because they cannot cannot cannot can can- not compete with low cost foreign supply which dominates our mar mar- ket Lead prices declined from front 16 cents a pound in January 1957 to 13 cents in December Zinc prices declined from tram 13 1341 H cents to 10 cents a pound in the same period period- I Wage Vage rates were not Increased during durin the year ear however Other costs reflected the general inflationary inflationary inflationary trend the report added United I Park ark City last year ear I was a ab e to develop elop one ton of t ore for each tach ton mined I II 1 This was even I though range long-range development I work which which- is vital to future op operations op- op had to bV tie discontinued the metal market improves As stated in past reports there are strong potential areas in the I property for development of rel relatively relatively rel- rel rei-I rei high grade zinc lead silver sliver sil sli- sll-I sll ver ore if developed would would help compensate for pres pres- day ent-day unfavorable prices the report said I I I Most of the 1957 production at Park City came from the Ontario I section of the mine where development devel- devel I I work resulted in finding 1 additional ore The Park Utah and Daly West Vest section of the e mine minI tamed a small production I which should hould continue through 1958 1953 I I I Statistically produced 96 96 i 1404 I dry torn tOni ol of ore last las year I against tons in 1958 1956 This includes 2677 oz of gold ounces of oI silver sliver pounds of l pounds of ot zinc an and 4 copper cop cop- per This co compares pares with 2525 ounces of ot 1 O ounces I of o silver pounds of ot lead 1 t oo pounds of zinc and Po pounds of copper coppe- in 1956 Avera Average Average assay ay of ot met metal t last i I I year was ounces o of ot f go gold d 6 i JO I ounces of ot silver sliver per cent ent lead per per cent zinc and per cent copper The rhe he assays in 1956 ran ou ounces of 71 ounces silver sliver per cent lead I per cent zinc and percent per percent percent cent copper During During- 1957 merger of Daily Daiy Mining Co and was approvEd approved approved ap ap- proved simplifying exploration and development de when needed in connection with the Ontario No 2 drain t tunnel The report concludes that The long rl mineral minerai polIcy policy policy pol pol- pol- pol icy promised fd by the government over a year ago has yet to become become become be be- come come- a a. reality An Emergency lead Zinc Lead comm Committee tt e established by the industry is working in government agencies tr trying to toj I formulate government policy and legislation that tha allow lIow domes dOntes- domestic tic mines to compete with low- low cost ost f foreign production