Show THE WILBERT MINE additional information was recently released in salt lake regarding the wilbert mine forty miles from arco idaho by A as S ross of salt lake president of the company who reports as follows you will find by referring to the accompanying financial statement inai our company owes ill the largest percentage of this money is owed your directors and were this all the assessment would not have been necessary but some ot this amount is due a local bank and payment of it has lids been bee n demanded the tightening of the local money market brought this about this bank loan was personally guaranteed by your president and was made on his personal security at present it is impossible for him to either carry it himself or to from other sources and the assessment is unavoidable the unfortunate part of levying an assessment ses at the present time is the fact that your company has just arrived at a point where it can now continue operations at a substantial profit and that in time this indebtedness debt edness would be entirely paid from the profits of the mine and mill the last two months run of your mill has proved the extent of profits possible from your property while these profits have not been large yet when it is taken into consideration conditions that existed they have been ample to demonstrate the future earning capacity of your mine owing to the installation of new drive for the coarse rolls thus inci increasing beasing their crushing capacity and the unfortunate breaking of the crusher pitman on the of may a complete shutdown of the mill for seven days was caused during the month of may yet returns from product shipped show that after deducting bosis boses or wa wagon ion haul freight charges to the and the charges themselves there remained from mays shipments from this the costs of mining mining milling interest on four loans and numerous items some of them of an unusual nature that are not liable to occur again there remained a net profit of on account of the broken pitman it was impossible to start the mill again until the morning of june 7 thus incurring a loss of six days in june yet the output for june will show approximately after the same deductions have been made the costs of mining milling etc will have to be taken from this amount and the net profit for june should amount to between and each succeeding month we hope to equal if not considerably increase this amount some of the stockholders have severely the management for the fact that the indebtedness occurred and numerous letters have been received at our office stating that had the management displayed the proper ability the troubles that have occurred could have been avoided we believe that this criticism is absolutely unjust and that your directors have done everything possible to make of this property a success at the lowest possible cost thea the original trouble and the only one for which we believe the management might possibly be to blame was the selling of the wilbert treasury stock for too small a sum had the stock been sold at 40 or 50 cents per share sufficient money would have been raised not only to have entirely paid forthe mill but also to have made the changes and improvements necessary to adapt the mill to the ore in the shortest time possible instead of this our management has been beena handicapped handicap ped by a lack of funds and a j sity for economy that has caused the ex pend iture of time in an effort to secure a aj maximum of efficiency at a minim minimum UM 0 of cost your company originally 0 owned in thirteen claims completely surrounding tw patented claims on which they held a bond and lease and which through development became absolutely necessary to your corn con pany the money raised by the sale of stock proved insufficient to pay the bond and to complete and properly equip you mill this became very apparent after OV op aerating the mill a few weeks the ores of oja the company which had been tested and j found apparently of a character easy to mill when put to actual test on a large scale sealer proved refractory the ore which is ad a fiad galena consisting of sulphides sulp hides and carbo ates when ground to the proper consistency refused to s on the tables as it should and a large percentage of it floated off in the tailings this has been the principal trouble but by the installation of new sliming 0 processes thus has been overcome the original plan of your mill was to concentrate three tons of ore into one of a shipping product the progress that has been made in the improvements at the plant are well illustrated by the fact that when the mill was first placed in commission it required eight tons of ore to make one ton of concentrates the may product shows 16 tons of ore in each ton of concentrates made the extraction was at first far tron from what was anticipated averaging only per cent of the metal contents or the oi oiz oia a on the first 2000 tons of ore milled the month of may shows an extraction of 77 per cent these troubles could not be overcome in a week or a month it has talked taken considerable time and experimenting and the expenditure of considerable money to bring the mill to a point where the best results could be gained your management has devoted most of its time to the problems that have confronted it and is glad to announce the success its efforts have so far met it wishes to assure you that it is not a as s yet content and intends to continue working zealously in an effort to bring both the wilbert mine and the mill to the highest state of efficiency it has not confined its efforts to its own opinions and ideas the best of mill talent has been consulted and each suggestion that has seemed feasible has been followed out we believe that no one with the same difficulties to overcome could have arrived as near the objective point with the expenditure of less time and money we believe this is the last call it will be necessary to make upon the stockholders for assistance your mine is in first class shape aside from the fact that further development work should at once be started in addition to the milling product your maria management gement has been shipping from to tons of sorted ore ore a month carrying from 52 to 57 per cent lead these shipments will be continued and have been found equally as profitable with less cost than the mill product an increase in thu the price of lead which is at present selling at comparatively low figures would add considerable sid erable profit to the wilbert output it would mean on an advance of 20 cents an increase of from 1500 to 2000 additional profit on the present output from your mine and each advance of that amount would mean an added profit of this amount several conditions such as this would lead to the immediate success of the wilbert and we sincerely hope that the levying of this assessment will not lend discouragement to our stockholders and induce them to part with their shares at a small percentage of kneir actual value |