| Show park utah consolidated mines more than meeting dividends while mines are growing bigger and richer all the time according to a statement issued a few days ago by president and general manager george W lambourne operations at the properties of the park utah consolidated mines company are proving highly gratifying earnings for the past six months after deductions for general taxes and depreciation but not federal taxes amounted to nearly and that in the face of rather unstable prices of the metals in view of the much improved metal prices now prevailing and which are counted upon to prevail for the second half of the year the record of earnings for the first six months of 1927 should insure more than a duplication of earnings for the first half or approximately as compared with for 1926 and which means that the company is earning 20 per cent more than dividend requirements quire ments dividend requirements of the company are a year or 80 cents a share as compared with 60 cents a share for last year the exact amount of net earnings for the first six months of the year was after deductions for general taxes and for depreciation but not including federal taxes in other words the park utah consolidated mines company ac accordia cordin according 9 to president george b W Lam bournes statement in in six six months earned 60 per cent of the years gears dividend requirements notwithstanding that metal prices were much lower than last year and dis disbursements burse to stockholders 33 13 1 3 per cent higher gold values in ore nearly double production of metals durin during g 1926 the banner year for the park utah company will be greatly exceeded during 1927 if metal production during the first six months forms a basis for conjecture while the increase in iii the output of all metals has been notable th that at of gold is extraordinary for production of the yellow metal during the first half of the current year amounted to ounces or nearly as much as was produced during the whole of 1926 when ounces were mined this advance has been caused by th the e higher gold values in the ore of the park utah unit of the companas comp anys holdings zinc output for the first six months totaled pounds pound sor or 30 per cent more than was produced during a corresponding period of 1926 when pounds was produced silver output for the first six months of 1927 amounted to ounces or 7 per cent more than output for the same period of 1926 when ounces were marketed lead output for the first half of 1926 totaled 25 pounds or at a rate 20 per cent greater than that of 1926 when a record of pounds was established tremendously large ore bodies developed the remarkable showing of the park utah consolidated mines company can be attributed to three factors first recent installation of the most modern mining equipment second low cost operations which allows the park utah organization to handle a tonnage that makes the park city property the largest underground mine in utah and second only in output to the utah copper third the fact that the company is exploiting in the park utah unit an ore body which has been pronounced by engineers visiting utah one of the largest if not the largest silver lead ore body of its it kind in the world outlook of the company has been further enhanced by the opening of an ore body on the level east of the ontario drain tunnel and a considerable distance west of the no 2 or main shaft on the 1500 level vastest disclosures proving sensational on the level ore has been followed continuously for 12 0 feet without finding its lateral boundaries where crosscut cross cut in the center of the ore exposure the ore measures twelve or fifteen feet wide the first carload shipment carried values about twice as high as the usual production of the mine mine car samples have assayed as high as ounces of silver the deposit while associated with the quartzite and carrying values somewhat similar to some of the rich silver ore first opened up in the park utah on the 1500 level feet below and farther to the east cast resembles in a striking manner the ores of the famous ontario mine to the west also owned by the park utah company for this reason and the fact that the new bonanza is in entirely virgin territory to the west of the major park utah ore bodies and in a horizon higher in elevation if not than the other large of the mine officials are inclined to believe that an altogether new deposit has been opened up having no connection with anything ever exploited in the east park city mine mine |
