| Show I YAnK CO S. S SEES i py PAtiN iN 4 C. C SilVER M BM i ii i President Beeson Describes J t. t P Present sent sent- Position of Prop Prop- J erty No erty-No No Sale On 7 i A rise the other day o of Park City Consolidated Mines stock to 24 cents cent centa f. f a a share from an average price o of About 16 cents indicated that mining min mm- ing tock traders are arc already preparIng preparIng preparing ing to dL discount a considerable adVance advance ad ad- ld- ld vance in the price of silver Consolidated especially is is sensitive to th the reactions of the market because of the dominating part the white metal plays in th the economy the economy of the mine Practically its whole commercial com commercial corn com mercial production is 15 in that metaL When silver receded to 2 25 tt and 28 26 Cents an ounce in May 1931 although figures indicated that the mine could get ct by at a cost as low as 20 cents it was not considered good business to operate on such a narrow margin and nd the mine was closed down June 1 Calculations on the minimum silver price at which it would be profitable e to 10 resume being now In order President PresIdent dent and General Manager J. J J Jf Bee Bee- ion Thursday furnished data bearing on the situation He stated that with s production equal to its last month of operation with silver at 42 cents the property should net approximately approximate I ly a month and at the same time keep up its development work woric It It v would be possible Mr Beeson continued with silver beyond the cent 40 mark to mine a large tonnage of low-grade low ore are at a profit which heretofore has been considered waste This applies particularly to some som of the oxidized ore in the upper levels r The past production n and the present present pres pres- ent largest ore are reserve have been developed developed de de- de- de vc ped on the Silver Vein In addition add addi 1 tion Uon to this vein a substantial tonnage tonnage ton ton- nage has been en mined from from the Roosevelt Roosevelt Roosevelt Roose Roose- velt Vein and there is every Indication Indica indica- tion that l both of these veins will continue continue con con- to yield a large production About 1300 feet to the south of the Silver Vein a lUge vein was cut cuton cuton cuton on the foot level showing a limited limited lim urn am amount m of ore running from front 8 I to 25 ounces in silver The extent of this was not proven because with low silver prices it could not be mined at a profit This vein Is called the East Crescent and undoubtedly with it further development development develop develop- ment meat it will produce a large tonnage of ot silver ore similar to that which has been mined on the Silver and arid Roosevelt veins During the month of May 1931 the production tion amounted to tons of ore averaging 2134 ounces silver and 40 cents gold The total production of the mine to date amounts to approximately approximately approximately ap ap- ap- ap proximately ounces silver ounces gold pounds lead and pounds zinc During the time that the mine has hasI J I been closed the workings have been kept in in condition The superintendent dent D. D S. S Despain has remained on the property as watchman and all of 01 the equipment has been kept in first first- class running order So 50 that tha with a afew afew few ew days' days notice the mine can be started on the same operating basis lis as when work was discontinued During the month of May the theto total to total total to- to tal c cost st per ton Including all mining development and overhead amounted to less than 3 With increased development development development de de- de- de work In the future the costs will run slightly higher but with a an 1 improved price for silver I there will be a substantial profit During the past week numerous Tumors have been circulated regarding regarding regard regard- ing lag the property all of which are without foundation and apparently have been started by some one who has baa been interested in depressing the price of the stock so sO that it can be accumulated at low figures One rumor was to the effect that the control of the property was about to be sold In so far as the local management management management man man- Is concerned the matter had hadn n never ver even been considered In order order order or or- der to make sure of this particular point a wire was sent to W. W R. R Wade of the Engineers' Engineers Exploration Syndicate Syndicate Syndi Syndi- cate and the following reply received We have not sold control and have no intention of doing so so Thus we ve naturally feel that the Hammond Interests in interests interests in- in are w well ll satisfied with the mine and the outlook for silver |
