Show UTAH APEX stockholders ADVISED OF MINE conditions BY PRESIDENT in a letter recently mailed to stockholders of the utah apex mining company president R F jr says in part over a year ago it became apparent that the economic conditions of the mining industry then prevailing throughout the country and which still prevail made commercially profitable mine operation impossible excepting on a scale much greater than our shipping ore reserves and our working faces permitted the only possible way to overcome this difficulty was to develop more shipping ore reserves and open up more working faces in our ore deposits utah apex ore does not form one continuous ore body it is encountered in fissures or underground pockets the policy of the company has been to der develop elop ore sufficient for a years operation continuing exploration and exposure or development of ore when fluid in proportion as the ore already placed in sight is being extracted for shipment the duration and cost involved of this work cannot be calculated in advance thus far it has not only absorbed operating profits but has also imposed inroads in our cash reserves now however it looks as though the cost of what remains to be done will be more than covered out of ore shipments on the lowest level 2000 feet a copper ore body has just been encountered the dimensions of which are as yet indefinite the management has acquired adjacent claims and properties thus minimizing as far as possible the repetition of litigation involving apex rights to ore which we might develop in lower levels our mill has been improved improve il and enlarged and its capacity is tons per day we began our present fiscal year the first of september 1924 with cash and negotiable securities of and of this was received from the mine during august with the prospect of further remittances |