Show NEVADA CON CAN SUPPLY SMELTER Economy of One Administration tion Feature Which Led to Big Merger Melger Th consideration of greatest weight perhaps which led to the tho absorbing of Cumberland Ely by Nevada Neva o Consoli Consolidated dated was the demonstration following the temporary closing down of Cumber Cumberland Cumberland Cumberland land Ely Kly that the Nevada Consolidated steam shovel workings could easily sup supply supply supply ply the tonnage of ora ore required to feed the Steptoe smelter and concentrator at full capacity and that reserves rc erves are be being being beIng ing developed so 80 rapidly that the situa situation situation tion in this regard will not be changed even after the contemplated enlarge enlargement enlargement enlargement ment of smelting facilities facUlties shall have been accomplished important reasons presented by President James Jame Phillips jr in his annual report are the advantages to be gained by complete control and owner ownership ownership ownership ship of the Nevada Northern railroad and the probable reduction of operating expenses expense which would result from per perfect perfect feet unity of administration Noting that the ore reserves in Ne Nevada Nevada Nevada vada Consolidated ground were In Increased increased creased during the year from tons to tons nearly 50 per cent Mr Phillips says Development Is Remarkable In this connection it should be borne In Sn mind too that a comparatively small area of your entire property has been prospected The extraordinary aggregating tons of a copper tenor of f about 2 23 it per cent blocked out outon outon outon on a single claim the Ruth RuthIs Is espe especially especially worthy of attention for such a reserve of ore constitutes in itself a great mine though It may be years be before before before fore we move a single ton from it From the history of the past year combined with the results of development work now in progress we are confident confidant that the coming year will disclose a very lare lar e Increase In ore reserves and In fact it is reasonable to believe that for I many years ears to come very material ad additions additions additions will be made each succeeding year to this proven area The average percentage of extraction of copper and the precious metals in your concentrator and smelter is gradually gradually gradually ally improving and the Installation of new and converters has secured increased economy in the cost of production prod while the completion of our now construction In January will effect a further material saving of ex cx expense expense pense With respect to the net surplus for forthe forthe forthe the fiscal year It Is proper to advise that only during the last three months of that period did the product attain a total In excess of pounds per month During the last quarter the production was pounds While the operations of the last quarter were still ss than normal the earnings were on a basis of considerably over per annum Production Is Increased During the fiscal year which ended Sept 30 your company produced pounds of refined copper For Forthe Forthe Forthe the month of October 1909 the actual shipments of copper have exceeded pounds and by b January 1910 there Is every reason to expect that the th monthly production of blister copper will reach pounds Never be before before before fore In the history of copper production in America have such results been ob obtained obtained tamed in the same space of time and when it Is borne In mind that only two years ago we were just emerging from the prospect t sta stae o e of our development I feel that there is every reason for gratification gratification gratification The inclusive cost of all the copper produced and marketed by your com corn company company pany during the fiscal year was less than 7 71 cents per pound The profits during the fiscal year I have fully justified your board of di directors directors directors rectors in declaring an Initial quarterly dividend at the th rate of 37 cents a ashare ashare ashare share involving a disbursement ol of This dividend Is payable on onDee Dec Dee 31 1909 The early action with re regard regard regard gard to the dividend was taken with a aview aview aview view to afford the tho bondholders the full fullest fullest fullest est opportunity to convert their bonds into stock and participate in the divi dividend dividend distribution Results for Year The results for the year were as fol follows follows lows Tons of ore treated dry Average copper assay a ay 3 per con cent Percentage of extraction copper per cent Ratio of concentration 1004 1001 to 1 Assay value in gold Assay value in silver slIver Percentage of extraction gold 5 per cent Percentage of extraction silver per cent Average gold and ad silver siver re recovered re recovered covered per ton of ore In incent cents cent 2312 Average copper in concen concentrates concentrates tte 1662 percent per cent |