Show MADE PROFIT PROfI F LAST QUARTER Net fet Surplus Sulu Ater After Dv dc Had fad in 1 previous Quarter a net surplus o bad nt io bed Its us ila dl tUU operation this scar veal as uter deficit a or of td ed wih laSt quarter th tho quater tor foi Jat to tho quarter been r it which quarter h ha just pounds the produced a of oC pounds 01 at Ie ge total production h With monthly nT are 4 roundS pounds qua qua- previous 1 aar- aar J In part partI v report sars of oC oro pr milled for tor the tho thoI amount lount tons an av- av tJ I 0 months WM a per day day as against I of r iSM tons for of tons per day K Of oC ton F e Average quarter o of ot 1919 of oC the ore are treated for tor forton r LUy ar was per cent cent as first Quarter for the tho cent tt with 1 7 per pred wih 17 pred Quarter per ton of ot ore milled i recovery 8 2566 pounds I was 4 the fI firt quarter quarter ton compared with reI re- re per pounds pound or of copper per U I r q ot of for Cor the tho fourth gu r- r o 11 re produced sz- sz t uTh There were cre to toni tons of concentrates averaging cent copper a as a compared r r I per Will of concentrates tK h dry dr tons RD I rin 15 K quarter pcr per cent copper for tor previOUs pound or of net net t copper prod pro- pro sit during per nr the first firt quarter of or 1920 td d deductions smelter for or er e nil all al other items items- except for federal income and excess re Sra rrai and excluding any fits tax tat iSs nt income was Wa 1462 HG cents cent corn com cor- cor q iff f edwith with 1865 cents centa for tor the fourth ed wih of the tho previous year After rt the value of or tho gold goM and and nd miscellaneous earnings iti tr P to 2175 or 71 7 cents pound the final net cost per pound produced was wa 13 1391 91 cents as copper Ower with 1768 1168 cents for tor the 58 pred th quarter of 1919 calculated on oni i iun me gane basl basis bIs In Izig the first quarter of ot the pres- pres ul calendar year there thore was removed shovels sho at the Santa Santa Rita Rita BE e sum e i total of oC cubic yards ards of Aerial an nn average average of or 2741 11 cubic cubicS fit S per month compared with a toi toof to- to i of cubic yards ards of ot material in Is average enge of cubic yards ards i I month for tor the te fourth quarter of oC 1 U. U j. j The reduced yardage for tor this Te trier net was wa due to a reduction in mine during the tho month of ot Debe Dobe Dc- Dc be be full fun operations not havIn having i resumed during the present Of the total material removed 79 cubic yards were stripping the tho winder alader being equivalent to 5 1 65 of oro oro of an average grade grado of or cent cent centi according to mine sampling Difference difference between tonnage mined and the tonnage fed ed led during this thle quarter was du due to toled led and partially oxidized ores low w grade which were sent Bent to the theu u stock piles ae e financial results of ot the comys comy's com com- j's js operations for tor the quarter un un- r consideration are ae compared compared with wit fourth fourt quarter quarter of tho the year rear 19 1919 In Ine e following table t. t FIRST F QUARTER 1920 t Income from copper production only 40 s income Inu in- in u ng payments for tor torr precious r clou meWs metals tit otal to ri r. r 3 ZO 4 plus rUl after e distribution Ko 0 stockholders FOURTH FUTH QUARTER 1919 it t income from copper only income in- in payments for metals tI r U t. t Ion to JI Cs after ater distribution to I Stockholders It rc i I |