Show MADE A GOOD SHOWING i Annual Report of the Mammoth I Mining Company I WHAT THE MILL EARNED I I COST OF TIE WATER SYSTEM AXD THE REDUCTION PLANT Richer Ground Being Encountered on the Colorado River Extensive Operations of Ben Hite and Associates Asso-ciates Aew Gold District Near Frisco Coming to the Front Some Very High Grade Ore Being Discovered Dis-covered More Machinery for the BuUioiiBeulis New Mill 3Hning Notes Of a very gratifying nature were the reports submitted to the stockholders stockhold-ers of the Mammoth Mining company at their annual meeting held yesterday yester-day afternoon In this city and the show of profits for the mines and mill reflects great credit upon the I management which has been in the hands of an executive committee and General Manager Robinson for the I past two years During the entire twelve months of 1894 the new mill I was in constant operation with twenty stamps one half of the present capacity capac-ity and during that period it treated 18818 tons of ores from the properties of the company which averaged 51025 per ton Of this total amount treated I 7000 tons were from the waste dump at the mine and had been thrown away as useless twenty years of constant con-stant experimenting having failed to save the values The company now has in its dumps over 200000 tons of just such ores as have been worked with handsome profit During 1894 the net profits of the mill were 62755 With this showing the stockholders were highly pleased At the meeting 340000 of the 400000 shares of the capital stock of the company com-pany were represented L C Trent was chosen chairman and the business on the table was disposed of with dispatch dis-patch but its volume required some three hours of steady work Great interest in-terest attached to the report of General Gen-eral Manager Robinson which had I been prepared with the view of giving I the stockholders an idea of the operation opera-tion of the new mill and its cost with the profits accruing to the company I After going into full details e to the working of the property the report continued with a statement of the method of ore treatment and the revenue rev-enue derived from the mill run during dur-ing the year just closed with the expenses ex-penses attaching to the operation of the plant As before stated the total number of tons of ore crushed was 18818 of an average value of 1025 and including 7000 tons from the waste dumps at the mines The total yield from the pans was 56144 less refining and realization 5991 leaving net returns of 85350 The cost of millwork I work was 51116 leaving a profit of 34137 Total yield from plates and vanners was 106715 less freight and treatment 27401 leaving 79314 less cost of mill treatment 534832 net returns re-turns 44482 The total mill profit was 427 per ton giving a revenue of 78 65S from which must be deducted all extraneous expenses including legal title insurance and discount leaving a net profit for the mill during 1894 of 62755 While the report does not include in-clude in the totals the cost of mining the crude ore sales to the smelters direct di-rect have given sufficient revenue to cover the full cost of the production of all ores treated and sold leaving the net result of the operations as stated Until within the past two years the company could make no disposition of its secondclass ores of which there is a practically inexhaustible supply and some twenty years of previous experiments experi-ments had failed to give the solution of the treatment problem Two years ago General Manager Robinson Rob-inson assumed the active management of the properties of the company and to his executive ability is greatly due the success which has followed the operations of mill and mine The gentleman gen-tleman equipped the property with a water system which from a technical point of view is a marvel Its length Is seventeen miles stretching as it does from the mill to Cherry Creek at which latter point is located the great triple expansion steam pump which lifts the stream of water over the divide di-vide and sends it on its way toward the mill and town of Mammoth The total cost of this improvement was 110000 After an enforced idleness often of-ten days the pump last evening again began to force water over the divide and advices received from the mill were to the effect that every thing was working with extreme smoothness smooth-ness On the 24th of January one of the fittings on the machine gave out and the delay was caused by its replacement re-placement At a cost of 14X000 the company also put in the new combination mill which while only equipped at present with forty stamps has structures foundations and power for sixty This cost price also includes that of office buildings storehouses and other jieces sary structures On the 5th day of July 1893 ground was first broken for the mill anq the plant was completed on November 7 1894 to forty stamps and has only been delayed by reason of lack of water since that date This difficulty has been overcome and the full operation is now possible Director Trent is also entitled to great credit for the energies lie has devoted de-voted to the solution of the treatment problem for it was his ideas from which the company evolved the pros ent methods in uce at the mill The machinery for the pumping plant was all furnished by Mr Trents house and his calculations also contributed largely to the success of this enterprise enter-prise The only change made in the personnel per-sonnel of the board of directors at the election of officers for the ensuing year was the dropping of Samuel McIntyre and the substitution of H S Young This departure was probably the result re-sult of certain differences which have arisen between members of the com arsen pany Mr McIntyre received a vote of 111000 shares 104000 of which were I his own or those held by him as agent As reorganized the board is made up as follows William Mcln tyre James A Cunningham W S McCornick W M Bradley L C Trent L S Hills and H S Young Of these Mr McIntyre is president Mr Cunningham vicepresident H S Young treasurer J Fred Corker secretary |