Show THE CHIEF consolidated annual report shows the company to be in most satisfactory condition the chief consolidated mining company of eureka utah walter fitch president and manager has submitted its annual report in which it is sh shown p wl that the company is in good financial condition and that the mine is responding to able management in a most satisfactory manner the report says receipts jan jail 1 1911 balance on hand 4 5 15 6 dec 31 1911 ore sales replacement surveys total disbursements eureka city mining co mining claims new hoise and equipment total mining costs houghton office expense total balance on hand grand total Sul summary mmary since organization za february 6 1909 receipts sales of shares of stock ore sales replacement reserves total disbursements little chief company eureka city mining company 00 mining laining claims buildings and equipment total mining expense houghton expense total balance on hand grand total the capitalization of the company is I 1 shares of stock of which shares are issued and shares still report of president after calling attention to the fact that with the ore now insight in sight it is reasonable to expect a substantial addition to the cash balance from month to month and that tho the company has no indebtedness president walter fitch says referring to the failure to win the returns anticipated in the last annual report it is well that the stockholders should know that the tintic gintic mining district there exists in mining operations opp rations greater uncertainties tain taint ties les and difficulties and that the ore is more irregular in its dispo disposition sitio n than is generally the case in other mining sections but that an offset for these disadvantages the ores when found are of remarkable richness and profit and can also be depended on for continuity though the ore channels may at times be found faulted or the diverted as shown in our recent experience the mines of this district have nearly all yielded very large profits and those that have done so are not the exception but the rule as their published record of dividends will show taking into account that the character of ore produced from your mine is equally as good as that produced by its neighbors and that its occasional rich shipments have only exceptionally been surpassed by them it is fair to assume that its possibilities in the way vay of profits are the equal of these other mines and that on account of its larger holdings of mining ground and the consequently greater opportunities thus presented its earnings are likely to be much larger than many of them the opening 0 of this property has really been attended with less expense and delay than was the case with many others in the district there can be no doubt as to the ultimate success of the enterprise superintendents report superintendent cecil pitch fitch reports the total work done during the year was feet of which 2682 feet were drifts feet raises and 99 feet dinzes the property produced tons of ore yielding net after the payment of smelting smelling sm elting transportation and campli sampling ng charges this ore contained ounces of gold ounces of silver and pounds of lead the av arabe gross value per ton was 2555 and net 1559 averaging ounces of gold and ounces of silver per ton and per cen cent t lead the net profit for the year after the payment of all charges was 1 the superintendents report then says drifting was done on the ore zone zon both eboth north and south on the 1400 level and similar work on the 1500 and 1600 levels and from these short crosscuts cross cuts were driven raises put up and dinzes sunk at intervals to develop the ore channel and ore the work proved early in the year that a fault ing had occurred on the south end of the workings which has evidently carried the ore to greater depth and on the north end of the ground previously scoped a cross break had diverted ali the both of these were developed at about the same time and seriously affected the production of ore and left us dependent for the time being on the lower grade ore remaining in the stoves from which the previous product had been derived and such new leads as could be found with the result that the production both as to quantity and quality was very n much impaired much time and labor has been expended in the search for the extension of the ore in its course in both directions prospects for 1912 on the south it has been necessary to follow the drag ore downwards by dinzes this has been difficult on account of necessity of continually changing the direction of these tl ese this work has been carried on from the point of faulting to a short distance above the 1600 level A small product of fairly good 1 ore is gained from this As this work has continued downward the ore has been gaining in quantity and quality so that there is the quite certain indication that the point is being approached where the ore will be found making to the south on its regular course on the north the ore has recently been successfully picked up tip again after long searching and it is now being followed in the ground underlying the town of eureka where an excellent grade 3 of ore is being scoped so far on that end of the workings no evidence of lateral faulting has been observed the ground therefore in that direction gives good promise of uninterrupted work for the following year A product ig now being made which i is s yielding considers consider 4 able profit and all indications point at this time to a much larger and better production for the ensuing year considerable progress has been made in drifting east and west under the town in the effort to develop other ore zones the western drift is now within a few hundred feet of the neighboring mines which are working on an ore zone entirely independent of our own and should when it has covered that distance be able to develop ores in that locality the drift to the east has been extended 1000 feet in that direction but has developed nothing of interest it will be continued at a reason ab leand economical speed the new machinery has been of great assistance si to the work and has proved both efficient and economical |