Show RAY consolidated ANNUAL old cid directorate reelected re elected and reports submitted to the meeting the ray consolidated copper company held its annual meeting at Por portland portana tand maine a few diab ago at which the old board of directory directors were reelected elected re the bylaws by laws of the company were amended so that the fiscal year will coincide with the calendar year hereafter the date of the next annual meeting to be the third friday in april semiannual semi annual reports to be issued in the meantime owing to the decision to enlarge the concentrator from a dall daily y capacity of tons to tons the original plans of the ray consolidated copper company management to start its mill on janary 1 1911 have been somewhat altered and the month of february is now named by general manager D C jackling Jackli Jackl iLlg cg as the probable time for commencing production in his report president sherwood aldrich says under offer of exchange one share of ray for three shares of gilla copper company stock over 97 per cent of the latter was required red the assured ore in the ray properties has been brought up to something over tons and the acquisition of practically all the outstanding stock of the gila copper company adds in excess of tons or a total of more than tons the management felt that the great tonnage developed in the ray properties with the additional tonnage secured through the acquisition of the gila properties made it imperative that the capacity of the concentrating mill and smelter should be substantially increased As a result the mill as now planned is expected to treat at least 1000 tons daily when in full operation and the smelter will have ample capacity to handle the resulting concentrates which should give an annual output well in excess off 80 pounds of refined copper an exceedingly favorable contract has been entered into with the phoenix eastern railroad company for the transportation of our ores from kelvin the terminus of our own ray kelvin railroad over their tracks to hayden junction and from thence over our own tracks to the ore bins at the mill all of the companas comp anys outstanding bonds have either been converted or were paid on july V I 1 D C jackling general manager brings his report up to september 1 he says the last annual report placed paced developed ore at tons during most of 1909 eleven churn drills were operated but shortly after the beginning of 1910 the number was reduced and now but five drills are in operation developed and partially developed ore on ray ground up to september I 1 was tons averaging 22 per cent copper through acquisition of the gila copper company tons of per cent copper ore was added to tonnage making total on both properties tons of per cent ore of this tonnage tons of the average grade stated is developed and tons partially developed ve loped there are on both properties about acres of promising ground yet to be prospected on ray ground there are drill holes and on gila 70 making a total of on both properties feet of drilling was done average thickness of ray ore is feet and average thickness of capping feet corresponding measurements on gila ground are and 35 feet respectively with but five drills there was added to development during august 1 tons drilling operations will be still further reduced the developed ore bodies are known as the eastern and western the former containing 94 acres ot or both ray and gila ground and the latter 82 acres the western ore body is considerably thicker than the eastern and contains about tons or 60 per cent of the total the property will be worked from two main shafts no 1 serving the eastern ore body and no 2 the western ore body although these ore bodies will be connected underground in addition to the two main working shafts through which all the ore will be lil osted there are six other shafts extending to main levels for ventilating and other purposes pui podes poses total under underground grund work amounts to feet divided as follows drifts 36 1300 raises and shafts 2313 approximately 85 per cent of developed ore bodies will be hoisted less than feet for some years the largest portion of the tonnage will come from above the second level which is about feet from the surface at no 1 shaft are about tons of ore on the stock pile all from the eastern ore body and this should be increased to tons by the time the mill is ready for operation ray consolidated treasurers treasur ers statement of assets and liabilities follows assets property i cash outside investments supplies accounts receivable miscellaneous expends developments administration general 17 hayden plant construction ray plant construction mine department R R construction and equipment miscellaneous total liabilities capital outstanding bonds outstanding interest sus disc 1515 surplus sinking fund accounts payable total |