Show THE annual report shows company to be in satisfactory condition the annual report of the utah apex mining company for the year ending august 31 has been issued to the stockholders president edward R hastings reports in part by reference to our last annual report it will be seen that we were then preparing to up a lead silver ore body which we had discovered in the south branch of the Par venue tunnel As early as december 1910 we began to ship ore in small quantities which was taken out in process of development and the size of the ore body continued to increase constantly during the winter by april 1911 we were in a position to begin regular shipments which have continued since without interruption As a simple matter of fact we have as yet found no limits to the size of this ore body to september 1 we had shipped tons of profitable ore from this body during the year we have extended our ou a 7 level to a point under the north br branch anch from which an incline has been put up to reach the ore connection with this ore is being made at present our mill started up in june and is now running two shifts on the second class ore from the par venue body we expect shortly to mix with the ore from the louisa ore body and thereby obtain much better results rZ results E P jennings consulting engineer eng ineer of the company adds his report of the development accomplished during the year showing that feet of drifting and feet of raising work was done the ore in sight he states is tons and there is a partially developed ore tons a 1 total of tons mr jennings then says the most important work is the development of the Par venue ore body on the Par venue tunnel level this huge ore body is opened for a length of feet and is known to be 60 feet thick but as a matter of fact its boundaries are as yet unknown consequently no definite estimate of its size in any dimension can be given the limestone bed containing it is at least feet thick it is evident most of the development should be done on this ore body the louisa ore body is now being opened for mining below the fourth level and very recent developments of ore are sufficient lelent to warrant more work it is the present intention to open a on this ore body and put the mill on three shifts to treat the extra ore from this source the ore reserves are the largest ever known in the mine and the probable ore far exceeds anything in the mines past history bistor with good management this mine will be a profitable producer for years to come the balance sheet as of september 1 1911 was as follows debit cash north utah bonds phoenix mill supplies equipment construction development phoenix mining go co cost of properties 23 9 73 7 12 b total credit capital stock bonds notes payable accounts payable profit and loss total mining ore sales six months tons mining costs mining profit six months profit and loss net profits from ore sold coupons 9 and 10 boston expense disc expense insurance phoenix mill taxes and interest 0 net profit balance to credit of profit and loss sept 1 1911 |