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Show 7 f y ZTBKJlir rr op or.f" DEC 2 3 iS47 4UL1' LAKH Oixr Features Mining, Oil, Financial VOL 1 National Tunnel Reports 1946 Operational Loss Commonwealth Interested in Two Projects Further Sales of ores and metals and premiums on production by National Tunnel and Mines Company during 1946 resulted in an income from such sources of $933,548, according to information contained in the firms annual report of operations. Net loss, including depreciation and amortization, but without deduction for depletion, was development of the Melrose Mine, Madison County, Montana, controlled by the Commonwealth Lead Mining Company, 516 Felt Building, Salt Lake City, Utah, now appears to .be a certainty following the recent consummation of a lease agreement with J. F. Hatch of. Spokane, Washington. The lease involves six patented and ten unpatented mining claims and provides for purchase of the property for the sum of , - $468,743. Production ' Located in the Bingham District, Utah, mines of the company produced 79,061 dry tons of ore, which was divided as follows: $100,000. To Run Tunnel It is understood that Mr. Hatch has also taken a contract on the Jack Rabbit mine to the North of Commonwealth hold- -. ings and proposes to drive a development tunnel through' this property and into the Melrose Mine. Thij adit will come under the Commonwealth property, 700 feet below any previous development and has as its objective the cutting of orebodies mined from upper workings. Recent information indicates .that Mr. Hatch is installing modem power machinery, including automatic mucking machines. Ophir. Project In addition .to the Montana operation, Commonwealth Lead, last September, obtained a lease and option from Utah Op h i r Mines Company and J. F. Feath-erston- e. of Salt Lake on properties located at the head of Dry. Canyon, Tooele County, Utah. Included in this group are five patented and 17 unpatented min-in- g claims. The deal also involves compressor, other mining Copper Lead-Zin- : . . a core --drilling equipment."V;and,-v"?-- ; .. J machine. To Conduet Drilling . weather conditions . Before made further, operations impossible last , Fall, Commonwealth conducted drilling exploration which will how be continued as as possible. soon ' In the event, drilling work corroborates findings of a geo- -. physical examination made several years ago, the agreement provides Commonwealth Lead with the opportunity of acquiring the Ophir ground on a stock exchange basis. Stock of ' the Commonwealth Lead Company is listed on the Salt Lake Stock Exchange. -- . . 4 ldaho: Maryland Mines Reports Profit ; SAN FRANCISCO, Calif. Idaho Maryland Mines Corp. reports for 1946 net profit of $107,482 after all charges, equal to 6c a . . share, compared with $19,618 or a share in 1946. The report shows 185,893 tons of mined ore' were treated in metallurgical plants during the year. - Gross value of bullion produced was $1,459,070 before miqt charges, leaving a net return of $7.81 a ton. During the year there were ,142,138 ounces of gold and 11,602 ' Ounces of silver produced. lc WNMSMU(l t c Total None 1,017 73,266 5,795 ......'....78,044 1,017 79,061 content vas: Company Leasers Total None 2,387,049 lbs. 2,387,049 Copper, Lead, lbs..,. Zlne, lbs.... Silver, oss... Gold, oss. .. 729,582 358,193 36,962 1,485 860,132 438,421 38,912 1,503 additional in130,550 80,228 1,950 18 . The following formation was included in the report:. Development During the past two years attention your managements has been particularly devoted to development and most of the promising prospects which might lead to valuable orebodies have been explored. The amount of development work in 1946 was approximately four times as much as in 1945, and while some additional ore was developed, no extensions of Importance were found. For the past six months exploration has been concentrated in the B limestone bed on the 2700 level. It is expected that the principal objectives of this exploration will be reached within the r first six s months- - Of 1947; Unless this Exploration results in the development of 'a commercial orebody, the ore reserve situation of your Company will be critical. Price Aid The Premium Price Plan fOf Copper, Lead and Zinc was extended by Congress to June 30, 1947. The Premium prices received under this Plan were Of great benefit to the Company; but not sufficient' to offset operating losses, due principally to the increased expenditures for development and shortage of labor. Unless the Premium Price Plan is extended on present basis after Jun 30, 1947, your Officers, and directors will have to give, serious consideration to the discontinuance of operations; .The. number of (employees increased from 138 'at the beginning of thq year to 229 at December 31, 1946, most of the increase coming in the latter part of the year. Expenditures for buildings, machinery, . etc., less sales of equipment no longer required, amounted to $1,483.37. The note of $1,950,000 to Anaconda Copper Mining Company, bearing interest at 2 per annum, was extended to December . WITH MOST SHALLOW ORE deposits depleted, mining firms now conducting search for new mineral sources are required to expend greater sums of money than early day operators. This is due to the fact that exploration projects must go to greater depths and also must be conducted on a larger scale. The above photo shows a typical present day underground operation. Modern Mineral Search Requires More Capital the that mines were developed from The popular conception far fronv faeUTruesome oLthe great-minejwere found at or near the surface, but today prospecting calls for the expenditure of hundreds of thousands of dollars for exploration. Many millions of dollars have been poured into prospecting and Utah, throughout exploration that brought no ore returns, and many millions more spent upon successful seeking of ore. Start From Scratch An example of this is the Silver King Coalition at Park City, which brings to mind men so well known that theirs are household names today in Utah In a directive resulting from Messrs. Keith, Kearns, Ferry, contact with its many members Ivers and Judge. They were not rich men in throughout the country, The those early days; in fact, they Great American Prospectors Asknew want and privation as they sociation, through its Scribe struggled with a lease on the old George H. Watson of Salt Lake, Mayower claims. Tenaciously, this week passed the following desperately, these men sunk a resolution pertaining to annual shaft. Hiring others when they assessment work on unpatented had funds; working u shift for claims applicable after wages in adjacent properties1 at mining of the present moratimes, and then duplicating their expiration on torium 30th of this year: June efforts on their own workings. Resolution Producer Great ' WHEREAS the moratorium on By their stoic determination annual labor on unpatented overcame the and sacrifice they adverse circumstances and final- mining claims has been in force shaft to for several years and this exly succeeded in sinking aore. This emption has been very helpful the ,700 foot level and was the beginning of Silver to the prospector during the war King, a mine that has been in and has saved his claims for him, almost continuous production for for which he is very grateful to over 75 years. Their accomplish- Congress, and ments present a challenge to WHEREAS this Association now feels that this moratorium present generations. is. ho longer necessary or adbe disvisable and should Tonopah Mining 1947. June continued after TONOPAH, Nev. The Tonor RESOLVBE THEREFORE IT 'repah Mining Co. of Nevada disburse- ED, that the Great American ports cash receipts and1946: Cash Prospectors Association hereby ments for the year on hand Jan. 1, 1946, $63,989.97; urgently request all members of cash receipts during the year, the Senate and House of the of the United States Congress $495,904.57; total, $559,894.54. ' to not extend the exfurther Cash disbursements during the labor on unof annual hand cash on emption $540,599.80; year, claims. patented mining Dec; 31, 1946, $19,294.74. grassHroots-i- s s Prospectors Favor Annual Mining Labor . , Changes Positions Felix Edgar Wormser has resigned as secretary and treasurer of the Lead Industries Association to accept an appointment as assistant to the president of the St. Joseph Lead Company on May 12, 1947. Anaconda Copper NEW YORK, N. Y. Anacon- da Copper has applied for exclusive prospecting rights in certain .undeveloped portions of British Guiana. This British colony, which adjoins Venezuela, is reputedly rich in gold and other minerals and has produced The Only Choice a small quantity of uranium ore, My wife says that if I dont the metal used in atomic fission. up golf shes going to leave Anaconda officials said they ex- to Eected to send engineers METAL MINING INDUSTRY Igive shortly on a surveytough. OF UTAH ing mission. Ill miss her. . - - Listed on S. L. Market Company Learns Total .... 73,206 4,778 Ore Ore Net recoverable . . One Year $2.50 Salt Lake City, April 11,1 947 8, NO. 15. . carloads of copper ore per week. Prosper Mining Company, Milford, Utah,. is the latest firm te have stock admitted to trading on the Salt Lake Stock Exchange. The stock was called on the famous mining exchange for the first, time April 7. Holdings . The. company owns 5 claims in the Old Hickorypatented group. 18 unpatented claims in the Prospw.Group in the Newton District, in addition to a mill-si- te and 120 acres of ground for tailings pond, all located in Beaver. County, Utah. On the millsite . is . a 150 ton scheelite concentrating plant. The mine is electrically equipped, and. .mine machinery includes a 350. foot compressor. Gardner-Denv- er steel sharpener, 6 air hammers or s topers, 5 ore cars, 3 ore bins, sorting bin and. . other necessary mining equipment. The firm also owns 2 dump trucks. Development Development consists of a 300 . . foot 2. compartment-- Gold Receipts Record Gain Gold mining in the Rocky Mountain district is making gains after the shutdown of the industry. Moses Smith, superintendent of the Denver mint, disclosed Monday that receipts of gold showed a rise in March. For the month' a total of 50,253 ounces of gold was received here, valued at $1,758,870. This compared with 26,069 ounces worth $912,-43- 4 in March, 1946. this March were 152,Deposits against 82 last year. The Black Hills district of South Dakota continued to gain. The famous Homestake 'mine is located at Lead in this area. All sections showed some increases. Silver receipts totaled 13,355 ounces worth $11,989, compared with 8686 deposits in March, 1946, valued at $6172. shaft,- fully-- . timbered. Drifts open the mine on- four levels, which, together with raises, etc., comprise some 6000 feet All mining is done at present on the shrinkage stope system-anthe ore is drawn off through- chutes ' on the various - . -- 4 28, 1947. . d - levels.- - - - Reports filed with the Salt . Lake Stock Exchange, in - addi- tion to Including the above information,- contained the following-production data: The Old Hickory was first mined by open cut method. The ore .was dumped directly into railroad-cars- , on a branch line of the U.P. Railroad. No records are ' available of the early production.' In 1940, the mine was bought by the present, owners. Since then, the mine has been fully equipped and paid for, as well as much development work done on new ore zones. Since the present owners acquired the property it has produced in excess of $100,000 in copper, silver and gold' Ore, .and $25,000 in tungsten ore. At the time of this report, the company is shipping 3 cars of copper ore, carrying silver and gold, per week, the value of which has averaged net per car. lately around $350.00 The company, is incorporated in Hie State of Utah for 5 million shares, 4,380,189 of which are outstanding. For the period January 1st through March 31st of this year, the company reports a net operating gain of $1,735. Edward Schoo of Milford is president of the firm. - Leonora Starts Work at Mine Development operations were recently by Leonora and Milling Company at Mining properties located in the Star District, Beaver County, Utah, it was announced in Salt Lake today. The new work is being directed toward undercutting an ore showing opened last year in a winze cut from higher workings. It is estimated that a 200 foot drive will be necessary to encounter the lower extension of the ore. In addition to mining properties, Leonora has considerable interests in oil projects. Stock is listed on the Salt Lake Stock Exchange. started |