| Show NEVADA DOUG DOUGLAS LAS STATEMENT assistant general manager henry I 1 moore of the nevada douglas consolidated copper company has issued to stockholders the following statement regarding operations at the property during the latter half of 1918 with the change of management of your property which became effective june 3 1 1918 and owing to the fact that at the time thile the mines of the company with the exception of the western nevada were running very low on shipping ore we inaugurated an active development campaign in the ludwig casting copper and western nevada mines this campaign we have kept up continuously with the result that we have added sufficient ore of a 3 vz to 4 per cent average grade to carry a ton production for eighteen months or more if no further ore were uncovered some of the largest ore bodies which the mines have ever had are now uncovered in the level of the ludwig and the and levels odthe of the western nevada while the development work in the casting copper is promising and we have new ore today on the and foot levels these ore bodies are no not t demonstrated to a point which justifies the assertion as yet that there is any considerable tonnage in sight the development work in footage to date during this period is approximately 2500 feet in the various properties and the cost of this work has 13 been carried by the ore we have extracted we are sinking from the to level in the ludwig have reached a depth of six ty five feet in our and have today encountered ore in the running approximately 17 per cent copper this to my mind conclusively proves the extent of our high grade ores in the ludwig to unknown depths and revolutionizes all ideas as to the magnitude of the ludwig mine it izz is now considered by some of the best mining men in the west who have recently inspected your properties that your compain y has astounding future possibilities and surprising present ore reserves up to december 1918 when we were re ceiling advances on our copper of approximately 21 cents we were able by rigid economy to pay our operating expenses abil make some slight payment on the com banys floating debt on december 1 1918 the refineries changed their rate of advance to 15 cents per pound our present operating costs are approximately 19 cents per pound of which 11 1112 cents constitutes smelting smelling sm elting freight and refining on december 1 1918 your company had on hand and in transit to the refineries approximately pounds of copper the company Is now producing and has been through the months of december and january between and pounds of copper per month with a total employ ment in all properties including all office forces and management of men forty per cent of this employment is on development work in spite of the higher cost of supplies wages smelting smelling sm elting refining and freight charges your management has succeeded in ia reducing the cost approximately 4 cents per pound of copper produced since december 1 1918 we have sen sent jw to the refineries slightly over pounds of copper against which our advances are only 15 cents your railroad is now and has been earning and should continue to earn approximately 6 per cent on more than twice your investment in it in december I 1 went east and studied the copper situation at close range and it is my impression that after a few months of quiet the natural laws of supply and demand will bring to us a healthy copper market and increased prices for the metal your company has on hand today in its equities in copper in debts owing to it by its subsidiary company the railroad an and d its salable material on the ground sufficient money to almost pay off the floasin floating r debt of the company taking the liabilities exclusive of th the 0 capital stock we have the following says president orem funded debt current liabilities accrued liabilities assets current assets 6 3 66 4 deferred debits paid in im ad adv v net indebtedness this amount should be earned in a few months now that the mason valley smelter is running both furnaces and in a position to take ore from the nevada douglas at the rate of tons a day 0 ONTARIO FIGURES FOR 1918 stockholders of the ontario silver mining company operating at park CRY city utah have received the report of the companas comp anys operations in 1918 the following is taken from the report of general manager ernest bamberger on account of my absence in the service of the government during ta the he greater part of the year the operations at the mine were carried on for the most part under the direction of N A dunyon it is apparent from the results obtained and from reports of engineers gi that the mine was in very promising condition during the first half of the year due to the increase in costs of labor supplies freight and smelting smelling sm elting rates but prin cipully to the lower grade of the ore the operations for the past six months have shown but little profit As indicated by mr air Dun report it is the intention of the management to carry on development work with the hope of opening up other profitable shoots of ore the property of your corn coni pany contains a number of areas which well deserve exploration and it is planned to to carry out such work as far as our resources and opportunities permit financial statement the financial statement for the year ending december 31 1918 follows cash and bonds on hand jan 1 1918 RECEIPTS ore sales rents and royalties interest and dividends miscellaneous receipts disbursements mine labor and salaries supplies and power 1009 general expense taxes and insurance no 2 tunnel expense dividends and 4 assessment new quincy mining e company cash in bank U S treasury certificates bills receivable stocks and bonds as follows 37 M new york city as 50 M chicago milwaukee st paul general mortgages Mot gages 53 M chicago milwaukee st paul convertible as 30 M southern pacific convertible as 20 M consolidated gas co convertible as 25 M baltimore ohio general mortgage as 75 M liberty bonds 1000 shares copper co 69 miscellaneous pour four seventh interest weber coal co one third interest Nail driver mining co shares of new quincy M co stock one third interest silver lake water co the report of superintendent newton dunyon is as follows prospecting and exploratory work durilin during the year 1918 developed a number of shoots shoot of ore between the 1500 foot level and the 1700 foot level which resulted in profitable of 0 shoot operations for the year one of 0 considerable extent but containing ore a low grade was extensively developed be tween tho the 1500 foot level and the 1600 foot foo level this shoot of ore has been s on the 1700 foot level and will be developed during the present year another shoot developed on the 1700 foot level contained ore of higher grade but did not prove as persistent as we anticipated the continuing but a short distance above the level A is being sunk on the same fissure on which this ore occurred from the 1700 foot level to the 1800 foot level for the last sixty feet in this we have had bunches of ore of good grade it is our intention as soon as this reaches a point feet vertically below the 1700 foot level to prospect pio this fissure thoroughly I 1 am of the opinion that development work in this portion of the property will bring good results the 1300 foot level east is being reopened in order to prospect a portion of the mine in which there is reason to hope for favorable results A raise has also been started from the foot level which is showing a small amount of good grade ore the main working shaft is 2000 feet deep while the lowest level in which we are now working is 1700 feet deep the 2000 foot level which was run rull but a short distance eat east and west of the shaft by the former management has been under water for the past fifteen years and it is now planned to begin un watering the shaft to this level and to continue drifting in both directions the leasing operations in the upper workings of the mine during the year have been continued with favorable results the ore developed in the earlier part of the year proved disappointing only in that it did not continue as long as we had reason to expect and while the ore for the past few months has been low in grade I 1 believe that further development will result in the opening up of other profitable bodies of ore |
