Show THE AJAX ANNUAL the ajax mining company of salt lake held its annual meeting on the dinst and elected a board to serve tor for the ensuing year as follows thos weir president henry G mcmillan vice president L H farnsworth treasurer john M burt secretary W S mccornick charles chares read and W F colton in his report submitted president weir said at our last annual meeting october 19 1903 you were advised that our board had levied assessment no 5 of 5 cents per share and that another assessment would probably follow early in 1904 for the purpose of reducing the mortgaged indebtedness of the company which then amounted to you were also advised of the decision just rendered in the district court in the case of samuel mcintyre vs ajax mining company in favor of the plaintiff your board of directors acted upon the advice of our attorneys and appealed the mcintyre case to the supreme court the case was again decided against the company and the judgment and costs have since been paid this was the occasion of assessment no 7 the parke damage case was compromised by our board there was received by the company from assessments during the year there was paid on the mortgage with interest amounting to while to satisfy sat iffy the mcintyre judgment was dealt out the statement shows net earnings for the year the management in its conclusion submitting the following since last december all ore has been mined by lessees lessels and all development work done by contract ader under our direction during the year tons of ore were mined from the 1000 foot level which averaged per cent lead ounces silver and 15 ounce gold the balance of the ore shipments was copper ore from the surface workings and the and leves levels and amounted to tons in the above the shipments for the last two weeks are estimated ti as we have not the correct weights yet most of the copper ore shipments are of second class ore that tufit is showing a gross value not to exceed 15 per ton our first firs t class ore varies from f rom 15 to 40 per ton gross the condition of ore reserves has not changed we have a small tonnage in sight but we hope to be able to keep up development work from the proceeds of ore sales the development work on the 1000 foot level produced all of the lead ore shipped and the other prospect work produced a good portion of the copper ore we eire are developing ve a very strong showing on the and levels west of the shaft up to the present we have not succeeded in finding a good body of ore here still the indications are encouraging |