Show utah apex annual report the annual report of the utah apex alining company for the fiscal year ended august 31 1914 shows a profit of from mining operations after crediting miscellaneous income and deducting other expenditures di tures including for depreciation was carried forward to profit and loss ore sales aggregated and royalties a total of net quick assets at the end of the year were of which was cash the president in his report says the year as a whole must be considered as a most satisfactory one considering the many unfortunate features that have developed during that period which have interfered greatly with earnings but beyond the control of your management in the first place the selling price of lead upon which earnings jigs so largely depend was quoted at the beginning of the year at per pounds but immediately declined and at the end of the period was selling at per pounds mill idle for two months in enlarging the old mill it was necessary to entirely suspend operations of milling ore for two months which interfered greatly with the earnings for the time being upon orders from the local sheriff we were obliged to close the entire plant for a time in an effort to locate a desperado known to have been in hiding in the mine the interference of the regular shipment of ores to the smelter as mentioned in last years report continued throughout the greater part of the present year making considerable difference with income notwithstanding these unfortunate condi eions the years business resulted in a gross S profit of after charging into ex 1 pense account the sum of spent for development of the mine during the year which in previous years had been carried in hi the development account this expense p your directors now feel should be consider od ed as a mining cost at the beginning of the year this development account just referred to stood on the companas comp anys books k at t and it was decided to reduce this amount by the sum of be ing at the rate of 50 cents per ton on the tons of ore mined during the year jand J and bringing this item down to hat at chic which ch figure it today stands on the books sand and it is the intention of your directors ultimately ti tinia tely to wipe this amount from our f books company redeems bonds during ring the year the directors have purchased I 1 face value of the companas comp anys ands bonds leaving a total bond indebtedness outstanding as s of august 1914 of the sinking of the Par venue shaft feet as mentioned in last years report was completed with results as expected of finding values similar to the upper workings and it is from this newly developed ore shoot that much of the crude ore has been mined during tile the past year it is our intention to sink this shaft another feet with the expectation of obtaining similar results if it were possible to arrive at any accurate figures your directors would gladly give a report of the amount of ore now in reserve in the mine but from the nature and intense weight of lead ore bodies it is impossible to open up the mine milie as is done with those producing copper without the great danger of caving and the possible loss of a large portion of the ore bodies it can be safely stated that with the sinking of the Par venue shaft an additional feet and the finding of values as above that the mine will have a very much larger reserve of both crude and milling ore than at any time in the history of the company report of general manager the general managers report says throughout the fiscal year the utah apex maintained its position as the leading lead producer of the state of utah because of the physical condition of the property we are encouraged in the belief that this position will be maintained for the ensuing year early in the year development in the upper levels exposed the upward extension of milling ore bodies which had been previously exposed below along the level horizon the substantial increase in mill ore reserves brought about by this development and the inadequacy of the old mill to handle a tonnage of ore commensurate with the reserves thus developed suggested expansion of mill operations in december reconstruction and enlargement of the milling plant was begun and shortly after april I 1 the new mill was put into commission with the exception of time lost in making repairs and in revamping some of the mill stages made necessary by the change in the character of the ore the mill has been in continuous operation to date experimental work A great amount of experimental work has been done with a view to increasing the recovery of lead these experiments thus far have been most successful and it is intended when conditions improve to test this process on a large scale it is expected lead but a very marked in cerase in our tile the process we have in mind will mean not only a reduction in our cost p per pound of growth which may exist third has the output of lead during september 1914 the mill treated tons of ore yielding 2800 tons ton s of concentrates cen an average of ninety three tons of concentrates per day operations in october will show a slight increase in tonnage of concentrates per day the new mill was built to produce eighty six tons of concentrates cen per day and it is expected with recent installation of machinery to bring the average daily output of concentrates up to tons toils shipments of our crude ore continue to furnish us with a substantial profit per ton but because of limitations placed upon this class of ore by the smelter we are unable to make the showing we are capable ot making from our lower ore bodies exhaustive hau stive tests on this ore by flotation process indicate that an additional profit can be made on the zinc contained in our ore and preliminary steps have been taken to realize upon this metal many improvements made many improvements have been made such as increase in our power capacity and replacement of mule haulage on the level by electric locomotive A gallon water tank has been placed upon the hillside just above the mill this water to be used for fire purposes only A steam fire pump of large capacity has also been installed the property is in excellent physical condition and is fully and finally equipped the improvements in so far as now contemplated have been practically completed of course there will be some additional construction work done upon our property from time to time but the cost of this construction will be so insignificant as not to affect our earnings to any great extent in june of this year land was acquired in the valley north of bingham canyon for the purpose of storing our tailings earthworks earthworms Earth works dams have been thrown up and the question of tailings has now been disposed P ased of for many years to come |