Show SILVER KING CON HOLDS ITS US ANNUAL MEET I President Solon Spiro Makes lakes Detailed Report t to Stockholders I Stockholders of ot the Silver King ing Consolidated Con Con- hell held their annual meeting yesterday afternoon at which Solon Spiro v. v chosen president ent and general general general gen gen- eral mana manager er reports were read and andI will be printed and sent ent to stockholders stockholders stock stock- I holders In the near future I The following directors and md officers were selected Solon Spiro president and general manager Richard P. P Morris Mor Mor- ris vice president D. D L. L treasurer who with Herman Harms Sherman Fargo William and Harry A A. A L- L Le Lee e c mal make e up ip p the directorate Georgo W. W Yo Browning was re elected secretary There was wag oas represented at atthe atthe th the meeting about bout 70 iO per cent of oC the outstanding stock The elections were unanimous The following Is taken from President President dent ent Spiros Spires detailed report Tho feature of oC the year ear 1918 of or primary primary mar mary Importance to our com company pan Is the he beginning on a commercial scale of ot of ore production from its western territory territory ter ter- In rha Thayne's canyon In view of ot I Ithe the probability that this territory will wll rival f If not surpass In mh mineral eral wealth the tho older portions of or the tho Park Cit City district Its establishment on a producing producing I In ing basis should be regarded as a 3 milestone In tho the history of ot the camp Production commenced with Hh the ore nearest the surface and most easily mined This will m be followed in the near future l II by y the richer ores whose reclamation Is delayed by natural obstacles ob oh- such as depth and water The recent output Is from an entirely now nosY source an at upper mineral horizon no not found at the scene of ot the earlier operations on the tho ea eastern tern part of oC ou our property The rh lower horizon In which we operated operate there has not yet t been opened In our western territory We Ye Weare Weare are entering it as this report I is written and Iam confident ent It will m add some Interesting chapters to the recon record o of our property before the next annual report Is iz submitted Or Ore Ore- Projection Production In lOiS 1018 Settlement on the shipments from tho the new development was not made in time to be included in the J business busi- busi ness Production from the old workings work work- lags ings amounted to tons of ot crude ore o of a value after pa payment ment of ot transportation transportation transportation trans trans- and treatment charges o ot of Concentrates aggregated tons with a net value of ot production fo for forthe were cre shipped The total the tho year vear from tho the old workings In Including In- In eluding both crude ore an and concentrates concentrates concen concen- was 4 01 tons and the net re returns returns returns re- re turns 7 I We produced In metals ounces of or silver 2433 65 pounds C of or lead 1 ounces of or gold sold and pounds of or copper Five years cars development of development in a longitudinal dl distance of or 00 feet on a single fissure and md its beddings during which wo we extracted ted tons of oC ore oreS S nf V Of 33 tt l 94 ei had brou brOUCht ht Ui Uj it 1 II HU VA u our slopes to the north and west boundaries of f this particular group of ot claims We e co could not go deeper without without without with with- out pumping water at treat reat expense rl Therefore it tt was as expedient to transfer transfer transfer trans trans- fer operations to another part o of ot the thc theore theore ore channel This we were in a a. position position tion to do owing owing- to the fact that the the territory from Crom vein eln re rc our adjoining prop property rt Into which It passes from our original workings s and continues continues continues con con- in our oUt domain for at least this continuation continuation continuation con con- embracing feet The area arca referred to toas of the vein eln and not covers covel'S aa os our western estern mentioned but several only onh the fissure others It consists of or approximatelY Including acres purchased purchased purchased pur pur- 1200 acres acre chased from the C-C C Mining company compan and aud many tunnel site In 1917 the Spiro other claims and groups of claims our compan company com corn acquisition by Prior to Us Its partially partial was C-C C property the pan pany SoreS explored by means mean of ot a foot shaft and drifts rifts This TIlls development development develop develop- quantities of or lead lead- ment mont exposed selected from tram which zinc silver ore lots were shipped direct to the smelter smeller was however ho The mass of ot the ore treatment treatment treat treat- future reserved with a view to tO- future to-future in mill with which the proPerty property prop ment meat a equipped In the fall tall of or 1918 erty was work miners to w we put a force o of timbering the tho and ami first In cleaning out development develop develop- In prosecuting drifts and then results attained between ment The the OO and ond foot toot levels exceeded our expectations Several new beds of or orore and mining costs opened ore were simple by a few were cut In two changes in tho the method of ot extraction under underWater level le was The oHiO or lowest and the water A J pump was Installed of ot the level is In pro progress ess In connection connection con con- acquired The rhe milling plant Was vas C-C C property with the y-as y erected In tn 1903 and closed down after overhauled the a thirty day run We re replaced the tho deteriorated machinery parts and Increased the capacitY to machinery machinery ma ma- Installing new nes HiO tons a day by br Radical latest pattern chinery of ot the changes made in the interior arrange arrange- 1 t 1 t 1111 to neni 01 Ul me UI a. a Its ts efficiency as well as to the economY econom was of r f its operation Reconstruction finished and the mill started November the 1 B By the middle of ot December had been made mane adjustments necessary and the plant was in steady stead operation lo low remarkably i is iN The cost of milling of ot the and the percentage c of or recovery recover metallic values alues In the tho ore Is such that merchantable merchantable merchantable merchant merchant- we are enabled to make a I class of or ore able commodity of eer every broken broleen In tile the mine Gr Great lt Spiro Tunnel Spiro tunnel on n on The Tho breast of oC the January 1 1 1919 was feet from the tho portal an advance of ot tOOl f feet ot for tor forthe forthe of this Mils dis- dis the year ear The greater part tance tanco was made malIc through the Woodside shale shae In Ira October however the shale gave place to limestone which ha alternated with nith bands of ot shale in tn the thelast thelast last 1000 feet These strata arc upper members of ot tho the Park City formation As the tho tunnel progresses it will wilt gain depth on the formation and will penetrate pene peno- a highly fissured section at the thc geological horizon In which Park City's itys largest and antl richest ore deposits are arc found The Spiro tunnel will eliminate sinking shaft hoisting water ties tics and the tho surface transportation of ot ore and nd supplies Uius a Bavin saving saying say sav in ing in operating expenses which may maybe maybe be expected to yield a liberal return I. I on the cost of oC tho the enterprise and swell I the margin of ot earnings available for fop oi dividends Finance and Ore At a special meeting of stockholders on January 31 an amendment to the articles of or Incorporation increasing the capital stock of ot the company from to shares was author author- Izell We e had paid for new territory hence It was deemed ad advisable advisable advisable ad- ad to dispose o of or sufficient treasury treasury treasury treas treas- ury stock to liquidate the Indebtedness Incurred In making the purchase and wd to p provide for necessary Improvements Every stockholder was as given an opportunity op up- to buy his or her pro rata of or ortho tho the stock in the treasury at 2 per share On computing the yield of or tile the vein In our old workings s east of or the tho tunnel we find that in a distance of It 00 feet teet teeton on Its strike the tho vein with its beddings bed bed- lUngs dings produced from the horizon between be bc- tween the 1500 and foot 1700 levels or per pct linear foot toot Beyond the tunnel to tb the thc west the vein runs through h our territory for OO feet At per foot tho the yield of or the vein in that distance would be 14 OO This computation Involves olves only tho the ore deposition in the tho lower Jower horIzon Supplementary to It fo 10 0 have hass the lie upper horizon now producing The yield of th this Is horizon In feet teet should be included In the potentialities of or our western territory |