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Show IGOLDFIELO CON INiJEPORI Company Has Had Year of Wonderful Won-derful and Rapid GREAT TONNAGE OF ORE BLOCKED OUT Difficult to Estimate Total Reserves Re-serves or Value of Un- IJj The third annual report of the Gohl- jjj fioJd Consolidated .Mines company, pre- j sented at the annual meeting of the j stockholders held in Evanslon, Wyo., I Monday of this week, included detailed 6 statements on mine conditions, records 1 1 and prospects from George "Wingfield, president; J. H. "Mackenzie, general I manager; .1. W. Hutchinson, mill super- I mteudent, and A. Jl. Howe, secretary and treasurer. The report is dated Oc- tober 31, the end of flio corporation's 1 1 In his introduction, President Wing- f field sums up the company's operations I and standing as follows: I The calendar year of WOfl Is the first year In this company's life when Its I equipment has been such as to admit of j adequate production. Y.our board of dl- 1 rectors are pleased to Inform you that j the efforts of tho management In thus j equipping your property have resulted In 1 a production so extensive and cconom- 1 ically accomplished ns to enable the com- I iany to distribute to Its stockholders (luring the calendar year greater gross j dividends that any gold properly In the 1 world has distributed during the previ ous calendar year. It, has. therefore, emerged from the stage of promise to , the realm of fulfillment. During the fiscal year the company has acquired title In fee simple to all prop-J prop-J ertks formerly held by stock control. ' consisting of oSO.027 acres of mining Mill Records, i Its milling plant has been completed within tho fiscal year and has operated with a success which has permitted of the treatment of a greater tonnage of ore per stamp of equal weight than ( any reduction plant previously construct ed, with (ho attainment of an average extraction of 92.66 per cent. Its milling and transportation facilities have been segregated from Its mining properties by a separate organisation, for administrative purposes. I its properties have produced J9-l.473.ii7 tons of ore. of an average value of $37.08 per ton. or S7.3SC.-150. PS gross, from which II lias realized a recovery of 92. 50 per cent, or net returns of $i!.S:!2j)f.2.-l6. This has been accomplished at a mining: milling, transportation and general expense ex-pense of 54.83 per ton. and a development develop-ment expense of $1.94 per ton. malting a gross operating expense of JC 77 per ton rts total gross earnings for the fiscal year. Including lease royalties and miscellaneous mis-cellaneous earnings, arc $6.ri9S.S70.96. Its gross expenses wore $1.572,251. 30. Its not profits are 55,026,619.66. Dividend Record. It has disbursed during the calendar year three dividends at the rate of 30 cents per share each, aggregating $.y20J.2:fS.S0, and has declared a fourth dividend at the same rate, together with an extra dividend of 20 cents per share, which was payable fo stockholders stock-holders of record on tho last day of the calendar year, making total dividend disbursements to stockholders within tho calendar year of approximately $5,000,000. or $1.40 per share. It commenced the fiscal year with a cash balance of $7S6,nSS.4S and closes the vcar with a cash balance of 1,JG,3,-521.42, 1,JG,3,-521.42, and lias bullion and concentrates concen-trates in transit amounting to $407.-3-1 1. 2 1. Ft has no debts. No labor troubles have arisen during the year, and ar the present time- the utmost cordiality exists between the management manage-ment and its employees. It has extended its development work to an extent that reveals an ore tonnage ton-nage exposed of S00.000 Ions, with an unexplored and partially explored acre-nge acre-nge so great as to give assurance of future fu-ture development of ore bodies adding greatly io the life and productiveness of the property. -Tn referring to the resignation from the active management of the property ot J. II . Mackenzie, which took effect . on January 1, Mr. Wingficld takes occasion oc-casion to compliment him on his work and success, and states thai Mr. Mackenzie Mac-kenzie upon taking charge of the company com-pany s operations found conditions chaotic cha-otic and the property undeveloped, though through the capability and .brilliancy .bril-liancy of his administration he mude possible Ihc wonderful record which the property has since made. Ore Resources. In summing up the probable ore reserves re-serves in the Consolidated property, Manager Mnckcnzie in his report says: hi your property experience In sloping slop-ing has shown conclusively that on account ac-count of the excessive variations In value and the great Irregularity In form of the ore bodies, it is Impossible to make hc-curatc hc-curatc estimates of ore reserves The average grade of the ore produced is so largely dependent upon very rich Irregular Irreg-ular streaks which often traverse the ore bodies in many directions that only in very rare cases do samples from exposed ex-posed faces indicate even approximately the average production of tho slopes. Moreover, the limits of profitable ore are not dependent upon structural planes," but swell and pinch .with but the most general gen-eral relations to the walls of the veins. 80 that In few places Is It possible to be certain of ore quantities a few feet beyond exposures. This condition is well summarized by Mr. "F. L. Ransomc In the rccnt publication of tho United States Ecological survey on the Goldfiold district In which he writes with reference to your property; "The quality of ore Is undeniably larse. hut In no district are the difficulties diffi-culties In the way of estimation greater, owing to the Irregular shape, erratic distribution dis-tribution and wldo range In tenor of the pay shoots." Good for YoarB. With full consideration of the present and pnst production of your propertv, howevpr, and or those conditions which heretofore have appeared to govern In general the distribution, value and size of the ore bodies, the present exposures wnrrant tho statement that ore of profitable prof-itable grade now exposed will amount to SOO.000 tons, or sufficient to meet the requirements of the Consolidated mill at tho rate of SoO tons per day for ncurly three years. In addition, the extent of promising territory ns yet undeveloped, on the older levels Is ho large and results re-sults from the present slight amount of development work on the deeper leveln have been so satisfactory that a long life to your property Is confidently anticipated. |