Show I lrJll j CONE MECURS ANNUAL p i Report in Hands of the Com llI J I if Flock I I r i i panys < d 1 I I I r 1 II i MJ I i rt YEARS OUTPUT OF GOLD I k I I 1 r I 1 J f i 1 I < I I I Added 1321000 to Wealth of Ii 1 II I L i II f I I II the Nation I h II I I rj II I f Treated 335000 Tons of Ore and I I t I 1 f I t I Some Tailings Some Ore Still Left in Old Bonanza fC I i I onnnza i f1 1 I i I I tl I 1 1 I n f i 1 Ii I The annual report of the Consolidated ii Y Mercur Gold Mines company with I t t Ii II j jilants and properties at Mercur this 4 1 I I W I i State and comprehending operations for 1 I iI the year ending June 30th lost 1 Is J in I the hands of the shareholder The story n t I I I r I I 1 embodied In the pamphlet Is an instructive I I Iu J in i jl Ii t instruc-tive one The statement prepared by i j tIc management discloses that during 4 tj I 1 j1 l the year there was milled 33510 tons of iljl 1 i ore From this was derived gold bullion I tls < el1e < bulon I I fl i of the value of 12S55oG At Manning j I IIJII 1 L I 1 j there was treated t SoOOD tons of tailings il t the gross earnings from which Jlll n I g I amounted to 31152PO at a cost of 27 I r 1 OG4I2 The TIe gross earnings Irom the jl i two mills were accordingly 132100003 I tl 1 The net earnings for the year endIng tLJ 9 i I I end-Ing June 30lh were 30735974 the dividends I I J 1 divi-dends from July 9 1102 to May 9 JJOS I II t ll I i 1 amounting to 330000 The statement 1 II reveals a cash balance on June 10th of jU 4 I J 5fiO129iC this Including the value or b 1 i I bullion In transit On the same dale I 1 I n j the exhibit shows that on hand was t I 1 unsold sIng from the lefinory of the I J < i J value of 211072 while hand on were U I II J L I i j M f 11 r i supplies ot the value of SCOaoitJ The I j r assets on June 0th with these items I I I t I JI 1 piled up were 12324302 1 Thu total i i t I I 1 t i cost of mining J during the year In ques I J 1 il lout was 130 per ton of milling li8 i 1 I or S2SS for mining and reducing the n iii d i 1 11 1 i crude oro The cost of mining and I milling the Previous year was 2 r0 per It I II J ton The cost of extraction at the Manning 1 1l ljt J1 0 Ii i Man-ning mill where the old Merrur mill it 1 j J tailings were relcachcd was 1 1J cents to il 1 f r per ton the extraction 61 cents Opera I 4 tions there were suspended with the fI I k iji approach of winter 1D02 The plant has I t i 0 t 11 j since been idle pending the installation ij i 4 of the Moore slimes plant at the Golden II I 4 li li y Gate mill and the lesson the process I I U I promises It U I I The companys mining engineer In a Fin1 t HI h statement addressed to the management j iUi l manage-ment certifies that on April 7th last Ip I I J1 there was exposed In the Mercur mine i i It II t I system alone 9d5G55 tons of ore Ills f I measurements did not comprehend the 1 J I I tonnage In the Golden Gale system W fI The report of Superintendent George t k II III i Z Edwards of the mines after review i ii Ing conditions tinderyound throughout r n1I I J rnu t I i the properties calls attention to the S I I IUIte amount 01 exploratory work and ii the good results achieved 1 I I Tn concluding Its report the management Ju manage-ment says i I n t Reference to the companys previous M annual reports shows that the tailings Jw i fOI 1001 averaged H5 cents and for 1102 ln 5115 For six months preceding May r 1st of the present year they averaged 1 120 The board of directors then I authorized the installation of the Moore I i slimes process which had been care fully tested at our works and had lll given uniformly satisfactory results 1i showing a flattering improvement upon tf I I the extraction obtained bv the straight k Ii leaching method Construction work ii was promptly Inaugurated and is now lt m well under way However it has 3 I I 71 oven to be a bigger piece of work 9 I than was first thought and it is liable i k to take another sixty days before the I machinery can he put Into commission L Since the first of May we have p f been 1 running on a reduced tonnage and 4 k have exercised mol care in mininir i i with a view toward keeping out as much 4 t as possible the more slimy ores Tire result Is that the tailings for May and aI June were so low that the average for 01 I 1 I11 r the year wasbrought down to 121 I |