| Show jackling ackling properties Pr es described des cri bed S STANDARD jandard ANACONDA MONTANA president charles hayden of the alaska alasca jd d mines company who stopped over in iotte te on his way to a visit to the proper g of the company together with D C 1 I h kling managing director has just reined arned in speaking of the properties as the jackling properties generally I 1 I 1 ie e says ays 1 the alaska gold property is coming along ng splendidly well within original esti I 1 4 ates of cost and materially bettering these I 1 liisi intimates Iti mates in costs of operation and metal d surgical result the method of treatment of im i e ore is an innovation for gold mining but it 41 is a decided commercial success I 1 i t the first section of the mill has treat or cessa d right along in excess of 2500 tons of nit re e per day showing that with four sections wo SE completed tons per day and probably jore lore can be handled production has been i creasing very rapidly and in june the mill 1 ideates lea ted tons of ore prom from the first if f june with only the first section in op rit r a ion over 2500 tons were treated daily 4 1 the middle of the month when part of 1 6 second section went into operation 4 ver V tons daily were handled while at present in excess of tons are going rough every day within a few days it ill be over tons we expect to start operating the third section during the latter part of august nd that section will gradually work up 0 2500 tons per day so that after septem er we should be treating tons daily when the equipment of alaska gold as commenced it was on the basis of ons ns per day with a power development to lor or respond we figured on horse pow ir r development or about one horse power er r ton of ore it seems safe to figure now jo wever that we shall require but three curths horse power per ton so that the apty pty I 1 ahree ree sections of the mill which will lie be run I 1 yf ning full by september can be taken care 03 bf by the salmon creek development of 19 tt horse power As we shall have a ton we st 4 lave ave started a new power development 01 mow OW known as annex creek this Is a Os sat satisfactory find and will start with aa lower installation of horse power 6 iauch aich with salmon creek will give all the ower necessary for the ton mill this ill ra Annex creek development will he be ready for I 1 W adese by the first of january coincidentally 10 t ath ith the completion of the fourth section of aga t h he e mill the salmon creek development theto s sa a great success and when we were there he water was up to the top of the dam and b ov v overflowing feet e alaska gold 10 that there may he be erroneous imbres sion regarding the plans pans for alaska gold it should be understood that there is no intention lor a year at least of increasing mill capacity from the tons which will be ready on january 1 alaska gold can supply ore for a or even a 30 ton mill we believe that the conservative course is to operate the ton mill steadily for three or four months so that we shall know positively what the operating results are then alaska gold can immediately mine begin to pay dividends from the profits accruing from the operation of the 10 ton plant we see no reason why inauguration of dividends should not occur next july after that should the stockholders decide to go on with the enlargement of the milling capacity incidentally coincidentally co incidents ily the second power installation at annex creek will be made giving additional horse power which with the development at gold creek will amply take care of a ton mill As the entire development of alaska under ground and on surface has been on a larger scale than was first contemplated it now that when the four section mill and additional horse power are corn com plated at the end of the year we will have expended about in addition to the funds already raised if this excess expenditure pend iture is capitalized through a bond is sue all of the earnings from the first mill installation will be available for dividends from the start there have been many irresponsible rumors regarding prospective financing for alaska gold in order that shareholders may be correctly informed it may be stated that this financing will probably be done if at all within the next four months by of convertible bonds and with this accomplished there will be absolutely tor for plant plan t enlargement no further financing 1 I for a year or possibly two years thereafter As to the costs and recoveries obtained in the portions of the mill now in operation it may be said that every estimate of our engineers originally made is more than being realized moreover the mining most is well below original estimates naturally t tu however the management does not care to malte make predictions as to what mining and milling 1 costs ultimately will be until we have had a tryout try out for some months with tons of ore per day present mining and milling costs grade of ore and recovery as well as underground developments are however thoroughly satisfactory is there is nothing essentially new with regard to butte superior which is not covered in the quarterly reports of that erm company pany the property is looking well and with the constant improvements which are being made in the treatment of its ores recoveries co and costs and hence production and earnings are at high records not forgetting of course in referring to profits the high price of spelter As to the dividend outlook it may be said that the policy of the directors is to keep in the treasury at idaet in cash and pay the balance of earnings to stockholders as regular and extra dividends in connection with extra dividends stockholders should understand that notwithstanding that butte superior is well sold ahead at high prices the actual cash does not come into the com companas comp anys treasury until deliveries have been completed some months hence in other words when the next dividend is declared for payment september 30 the cash in hand will be the sole determining factor as to the extra dividend the same will apply in december there is no particular change to note in butte superiors underground situation reserves are opened in accordance with butte mining practice not over three years ahead the black rock shaft is being sunk from the 1600 to the 1800 level but no development work has as yet been done below the 1600 where conditions are most satisfactory utah copper company is operating now at per cent of capacity for the first time in its history this means that it is in position to take full advantage of the present price of copper and consequently is making money fast never before have operating conditions been so favorable for utah copper hitherto any increase in milling capacity would have been based upon our ability to increase the rapidity of stripping but the stripping is now so far advanced that the mine can increase tonnage as rapidly as any increase e in milling capacity can ever be constructed some idea of what utah is doing may be gained from the statement that one day last week we treated tons of ore in mills whose capacity was originally figured at tons per day this is of course a tribute to the advance in metallurgical science in the past few years as well as to the efficiency our believe that tons a day is a possibility with regard to dividends on utah copper and th this is applies to chino ray consolidated and nevada consolidated the policy which will be followed is this their regular dividends are at rates which directors believe can be maintained on 13 cent copper any further profits which may not bs be necessary in the conduct of the business of the various companies will be paid to lock holders at the end of each year accord accordini accordi iii ilg to the custom previously adopted with nevada consolidated |
