Show UNION CHIEF SENS SENDS OUT FULL S1 STATEMENTS A Goes Into Particulars and Tells Tens of Low Lov Cost of nci ri I J. i A I Union Chief ChiAt Mining COmpany stockholders stock stock- holders wore in receipt yesterday of or a full CuU statement from President G. G L. L Bemis of the 1917 operations Inclusive of ot a financial staten statement giving the tho kind of ot which the tIme ic legitimate mate investor In mining company feels il- il It I his duo due to receive at lea least t on once co oVer every year ear Tho The report shows shown a low f per foot of oC 83 especially low when It Is con con- COI- COI that nearly half haI of ot the work was ul underground sinking The statement statement state state- ment Is as follows As 5 we wc are arc now no no entering upon a now new I year It becomes m my dut duty to advise the tile stoc stockholders of or the progress made in the development of ot your our property dur dur- during ing the past year ear I am also giving you OU h herewith a R financial statement of at monthly operations and results result At the time of ot Issuing m my report to the stockholders a year ago I felt folt very er hopeful that th the year ear 1 1917 17 would 1 put your our property on a producing hasla basis but having having failed in iii this I have no hesitancy In showing my disappointment disappoint disappoint- ment nevertheless the tho work accorn- accorn pUshed during the past year ear has proven en conclusively that your our property contains largo large deposits of ot silver lead ores ores Last Lu May your our directors deemed it advisable to start tart developing your property at a further depth and an In Incline In in- cline chine cine shaft shat was sunk Bunk during the year ear to a depth of o feet teet and from th the bottOm bottom bot bot- tOm tom of or which a drift Is now no- bein sent out on tho fissure which drift will wIl In Intercept intercept In- In a n number of ot fissures cross within a distance of ot feet teet and it is at this point shero we expect to get our ore bodies bodleR In the tho sinking of ot timi this shaft shan from the time lower tunnel level no wo had hind continuous streaks of ot oro ore of or high grade grada silver lead dipping to the south Routh and in the drift which we are now running running- wo we have had a continuous streak of ot high grade nigh grade ore vary varying In from 3 to 5 6 Inches In fn width and all al of these stringers are making in one direction which proves that ore long your our property will wil become a producer pro pro- ducer Tho lImo present drift which we are arenow arenow arenow now running Is approximately 1400 feet teet from Crom the surta surface e and I am well satisfied that it is only a question wel of or ofa ora a short time until this development will m prove pro my conclusions Tho The company having an nn Indebtedness Indebted indebted- ness at this time of or your di directors directors directors di- di rectors hav seen fit tt to levy a cent 1 assessment tho the proceeds of or which I feel hopeful will wl pa pay off orr this Indebtedness Indebted Indebted- ness anti and put your com company pan on a pro pro- basis The development during tho the past pat year yel has greatly added to the value of or your our property This Timis will wl be reflected ere lon long in the marl market markot ot value of or your holdings Financial statement for tor year 1917 n Receipts Cash on hand Jan 1 1 1917 5 Assessment No 5 3 Directors loan Bank Batik loan i Disbursements Payment of ot In indebtedness Jan 1 1917 Operating expenses 1917 Labor I I I I Supplies 2 Powder fuse and caps 1200 Electric Power Assaying Wire Iro cable Compressor repairs Pur jackhammer Compass 2600 Interest 62 Printing an and stationery station station- e ery r staton- staton 2263 2 6 Stamps Office rent Secretary's salary lalar President and genera general gen- gen I era eral manager I Mine expense 1001 Assessment exp expo Filing assessment work wok Liability In ins 1957 Property t tax tac 35 5 Incorporation tax ISOO U. U S. S power permit I Less bal Dec e ex expense cx- cx pense unpaid Dec 31 31 cash on hand 9 S Total Indebtedness 3 unpaid December 31 19 1917 72 I Monthly Op Monthly Tunnel Cost 1917 Exp Drift Shaft per feet teet feet foot toot January J S 13 February March 10 93 April 51 61 35 90 May June une Ju July 40 0 66 86 August 65 66 61 51 6 September 26 October 23 17 1427 November 87 81 1196 December 10 7 93 08 Compressor down for repairs September Sep Sep- and October Miners setting getting out timbers rs and repairing repairing roa roads s. s T |