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Show iO-ILUIlj HAS GOOD REPORT Official Statement of General Gen-eral Manager Shows Property Prop-erty Is Earning Profits. Special to The Tribune. PROVO, Feb. 20. A report of the Rico-Wellington Mining company for the year ended December 31, 1016, has been prepared for mailing to the stockholders stockhold-ers by Secretary W. Lester Mansum. It says in part: In making: up a brief report it Is gratifying to say that the company is out of debt and lias some money In the treasurv. Through careful and persistent efforts a deht of $150,000 has been paid, which drew heavily upon the various ore beds, and, through our anxiety to get out of debt, new development work was held back; but now we are giving our best attention to the development of new ores along the two great ore-bearing fissures known as the Black Hawk and Iron fissures, which traverse the property In a northwesterly and southeasterly direction, and from these fissures the ore makes in the lime beds almost like coal deposits. We have had as high as five and sis beds of ore one above the other along these fissures. The property has a large territory undeveloped, un-developed, which should respond equally as favorably as that which has been mined. We are driving the Mountain Spring tunnel, which will give us 4o0 feet of depth under the old stopes. We are continuing the main 400 south drift ahead between the Black Hawk and Iron fissures, with the idea of getting Into undeveloped territory to the southeast. Since commencing the new development work we have encountered en-countered several new beds or ore which are responding very encouragingly encourag-ingly for a large production this coming com-ing year. The mine Is kept in good shape, and the outlook for the future is favorable favor-able We have an abundance of timber tim-ber on the zround, and a new saw mill, just installed; therefore, are in splendid shape to do economical work. Detailed reports: FOOTAGE. Feet. Drifts $ Raises ' Winzes Shafts 1- Total f T06- OKB PRODUCTION. Copper and lead ore: " Tons. Moist weight 5,292.490 Moisture atio.u.-u Drv weight 4.9S9.437 Iron sulphide ore: Moist weight 291. SjO NET VALUES. Per ton. Lead and copper ore 3101.034.2S $19.0901 Iron sulphide ore .. 1,167.40 4.0000 Total S102.201.68 LOSS AND GAIN ACCOUNT. Net gain for year 1916....$ 5. 849. SO Credit, balance Jan. 1, 1916. 140.262.4i Total : S146.112.26 The following directorate was unan-imouslv unan-imouslv elected for the ensuing year: .lesse Knight. Charles Read, C. R. Bates. J. William Knight, W. Lester Les-ter Mangum. J. C. Jensen and Knight Starr Jordan. |