| Show WASATCH MINES CO ISSUES REPORT ON MINE AND FINANCIAL STATUS in a report to stockholders of the wasatch mines company dated january 12 by A H cowie president results of the past years operations and a complete financial statement are given the report is a most comprehensive one and makes an altogether favorable showing during the year there was marketed a total of dry conr oi 0 ore containing ounces of silves ounces of gold pounds of copper and pounds of lead the total net receipts from the sale of this ore including royalties on lease ore amounted to after paying I 1 al for treatment freight and sampling and 16 for wagon haulage from mine mine to railroad at wasatch the financial statement shows total receipts for the year including cash on hand january alst 1st 1922 to be 85 while the cash balance at the end of the year was following 6 the balance sheet exhibits of the con com banys assets and liabilities th the report is devoted to a recital the mines and I 1 fine ore showing made particularly ticul arly in the no 5 ore body which is the downward extension of the ore body that yielded so much ore in the workings of the company y s old columbus mine territory orv above what is known as the level in addition to the ore opened by tapping z the downward extension of the columbus ore shoot several I 1 other ore bearing fissures have been tapped and prospected to a greater or less extent and these are relied upon to yield considerable ore this year adverse water suit decision etc in closing the report the manao management ement calls attention to matters affecting the companas comp anys future welfare how alie the water suit decision was adverse and explains why it is deemed expedient to levy an assessment as follows we regret to report that the district court recently rendered a decision adverse to your company in the water case wherein our ownership to the water developed in the construction of our deep drain and transportation tunnel was attacked however the expediency of appealing from this decision of the lower court is now being considered by the company attorneys and proper legal steps will be taken in due time to safeguard as far as possible your companas comp anys interests while the net returns from mine operations and ore marketed during 6 1922 were highly satis satisfactory factor y yet the absolute necessity of protecting the indebtedness created by construction st of the deep drain and transportation tunnel and before the opening 6 of commercial ore bodies left insufficient funds to pay for important underground development work and necessary surface improvements accomplished during the year and now under way and also maintain payments on the drain tunnel old indebtedness meet current expenses and leave a safe provision for immediate future contingencies cies last winter ore shipments were almost entirely suspended for more than sixty days on account of unfavorable canyon road conditions between the mine and the railroad at wasatch and like conditions are possible again this year in which event receipts from ore sales will temporarily cease thus causing cessation in important underground development work and leave your treasury without funds to meet current obligations therefore an ail assessment at this time is deemed the best method of safeguarding the best interests of your company |
