Show fintics cs s newest bonanza mine has been a W winner inner from the day ore was opened up early in the year at a meeting of directors and stockholders of the north lily mining company held on the ad instant president J 0 elton eiton submitted a financial statement and orally explained what had been done and what was contemplated in the matter of future operations at ait the companas comp anys tintic gintic bonanza mine mine this report is practically the first submission of authentic detailed information that has been given publicity lacity 1 since the international smelting smelling Sm elting interests acquired control of the ground and inaugurated an intensive systematic development campaign of prospecting and development and the remarkable part of the exhibit made is in the since production was commenced early in the year ae fit property has been operated at a handsome profit something that rarely happens in the opening up of new mines anywhere the report reveals that after paying all operating expenses the bills in connection with development and all ah other work including the purchase of the needed machinery the company as of september 20 this year had a net operating profit of since the ore was discovered last january the north lily y has as shipped dry tons having 6 an average value of WS 23 per ton total smelter receipts h have ave been resident elton announced that owing to the present low we price of lead the mine will continue to ship just enough ore to meet operating expenses but that with a better metal market the output can easily be increased i tramway building and other matters I 1 J and regarding carding the proposed tramway between the new shaft u the railroad it has been decided to postpone construe tion until the shaft connects with the ore bodies and it is kown he just what the requirements of the company will be it itar present arran arrangement gerne rit whereby the ore is handled 5 t the e antic standard is quite satisfactory and ecos no ical the he cost of a tramway will be about and such a connect iori between shaft and railroad can be comy plaited u within thin ninety days the th e president says i drift president res adent ton informed the shareholders that the thattie that has about feet to SO go before reaching its objective aboa above the ore re which is comin 9 from om the level and points IT gintic and below that lev level el is similar to that found in the I 1 that standard and that there is every reason to believe pany pan a wine will be developed by the J north lily com the p tignall sinking job at the north lily has beep been an excel wh ii asive expensive one owing to the character of the ground gro und has ork been difficult to hold but difficulties attending this ark are being eln overcome verdome ver come and the shaft will be a good one every ery avay y the present n i t depth is feet j financial statement official household sho the 0 financial al statement submitted as of august 30 1927 f wed u bets assets of divided as follows mixed mine and mining claims construction and equipment stock investment in east t tintic gintic coal coalition 1 Develop development me nt expenses are given as current assets consist of cash in bank receivable from eureka lily east tintic gintic coalition and miscellaneous 32 making total assets of in liabilities is placed a reserve for development work of it shows owing to the smelter sale of ore up to august 31 was and sale of stock and sale of treasury stock donated working t capital and stock assessment the in international ter national smelting smelling Sm elting company advanced |