Show STATUS OF PRINCE CON salt lake mining men have been awaiting with great interest developments in the affairs of prince consolidated of nevada since the change in control recently effected whereby sat salt lake interests again took charge odthe of the property murray C godbe who has again become identified with the company as secretary and assistant manager has prepared a statement which he is sending gout out his report in full follows pursuant to instructions received from you at your special meeting of august 14 1913 1 I submit herewith the certified audit of your companas comp anys books made by J W edmunds co certified public accountants covering the active operation of your property up to lo august 15 1913 two periods are covered by this audit viz from february 1 1911 to october 31 1912 and from Nov elmber 1 1912 to august 15 1913 up to july 1 1912 your your property was in the process of development making ready for ore extraction and shipment the construction of your railroad from the mine to pioche a distance of miles was completed on july 1 1912 prior to that date no regular shipments of ore were maintained sample of iron ore were made as well as such high grade ore as was encountered during development your si sm melting elting contract with the international smelting smelling Sm elting refining company is for a minimum of tons and a maximum of tons daily trial shipments were made to the united states smelting smelling Sm elting refining company of 2400 tons and to the american smelting smelling Sm elting refining company of tons but owing to unfavorable smelting smelling sm elting rates from these smelting smelling sm elting companies our results combined with those obtained from shipments to the international smelting smelling Sm elting refining company did not make as favorable a showing as shipments to the international company alone the colm combined bained results from the shipment of tons as shown in exhibit E of the auditors statement from which ch the company received and from which a total of was deducted representing all expenses mine development etc the net smelter receipts were I 1 therefore 2256 per ton the combined operating expenses 1735 per ton and net revenue per ton prom from the shipments to the international smelting smelling Sm elting refining company alone the following results were obtained on a shipment of tons the average assay value was silver ounces lead per cent iron 2968 per cent lime per cent manganese 1107 1107 per cent insoluble 1346 per cent prom this shipment a net smelter return of was realized the mini mining ng executive and overhead costs exclusive of depre clation charge and improvements have been in the past 1618 per ton leaving a visible net profit on future shipments of this grade of ore of approximately 1 per ton during the early operation of the mines at pioche the ores were milled at bullion ville vilie and dry valley approximately twelve and six miles distant from pioche tons milled at bullionville Bulli onville and tons at dry valley during the early eighties a portion of those at bullionville Bulli onville were concentrated cent rated and the concentrates smelter smelted I 1 d on the ground subsequent measurement of the pits gave a total of tons remaining from this gross tons were shipped to salt lake smelters shelters sm elters from january 1912 to date A recently modified contract for further shipments will become effective april 1 1914 exhaustive tests are being made with a process for treating the entire remaining tonnage on the ground and so far the results have been satisfactory when these tests are corroborated by practical mill tests the management will recommend but building ding a amill for treating the tailings on the ground no tailings have been shipped from dry valley and recent check measurements show that near the original tonnage still remains but owing to a large overburden of gravel washed on some of the tailings tai ings at bullion ville during the heavy storms of recent years all of the tailings may not be recovered it is safe though to estimate that a total of tons will be recovered from bullionville Bulli onville and dry valley and if treated on the ground should shoud yield net profit of approximately the following excerpts are from the report of retiring manager A Y smith dated august 15 1913 made at stockholders meeting the underground is in excellent physical condition for the continued extraction of ore up to the capacity capacio y of the surface equipment the present rate of extraction can be carried on for a long time with very little development work should shipments be increased they can readily be taken care of by adding a night shift and extending the development work to the south total area sloped cubic feet and the actual tons shipped to which should be added the broken ore reserve in the tons making a total ot of tons broken which gives cubic feet per ton of ore in place development during the past year was pushed to the limit of our capacity at the e same time keeping up our regular shipments drifting 1 feet raising kaising 1572 feet sub levels leet feet total bet feet cost per foot gork w g A large amount of additional done cutting out for chutes which is not included in the above figures forty substantial chutes have been provided which will take care of the pillars left in the mine the capacity of the shaft pocket on the fourth level was increased to tons tone and the fifth level pocket enlarged the railroad between the mine and pioche has I 1 given very satisfactory service at a reasonable operating cost considering the tonnage moved the track is in fairly good condition but since the rainy season commenced it needs repairs in a number of places one source of trouble and expense has been the inability on the part of the salt lake route to furnish us with open cars we have been forced to load two box cars to one open car and the cost has been slightly above 5 cents per ton additional on the barisof basis of a large tonnage a mechanical box car loader would be preferable the surface equipment has been increased by the addition of a fifty horse power hoist the former hoist could not handle the large skip there were built three cottages for the heads of the departments one round house one four room office building one change room with six shower baths and an additional room built on the baker cottage the bunk houses are in a deplorable condition and a new bunk house should be built at once diamond drill holes put down from the sixth level revealed the presence of a large sulphide zone below water level the high grade fissures are practically unexplored and future development on the present levels as well as below water level should result in the opening of profitable bodies of ore in these fissures the beds of ore that have been partially opened up by the present workings have had a very little development work done on them they have been carefully sampled and assays essays show they will yield good profits under the same mill process on which tests are now being 1 made for the treatment of the bullionville Bulli onville and dry valley tailings large portions of the property above water level are practically unexplored and prospecting will doubtless open up more beds of the present oxidized ore of which we at present have no knowledge |