Show UT AU CON ISSUES STATEMENT SHOWING CONDITIONS Of MINE A great deal of criticism has been ni do on on the way the tho taah litah Consolidated its Hs Bing Mining l j c c company has handled ham 1 properties and ancI Uie Ule secretive tiye mann man- man r n r all all operations have been heen conducted ob- ob tho time the Ole present owners f Gained control con trot Recently the tho shares of T A-T this ibis c company have been hammered down u below all l levels vels attained by the thC stock st co It IL i was as first Issued This has a a number of inquires inquiries to be made V to management UIG-management ause r resulting in th the f fol- fol o- o tJ issued by Pr Prest- Prest sl- sl Th being v d ert Urban IT H. Brou Broughton Vv c- c In n 11 February last ast d your directors I ree t ors i th thought ht it il a advisable to obtain an in- in x dependent ent opinion upon the ore reserves 7 of your 01 property and for that purl pur- pur l r J. J TV W. Finch was a engaged m i Hp tc place placed tho the or ore developed and m in t S reserve at tons against 1231 r 70 tons estimated b 1 by Mr Risque who Ste- Ste f h had been the compan company's manager for the Y 1 Since th then n up to ton pr previous four tour YrS years n J December 1 I. I 1910 uno tons have haye been f. f extracted x N 4 S Sep Sep- p- p A VIr rr Risque having resigned on fember 1 1 last ast R. R R II n. Charming Channing Jr Jr under f r whose management in Utah your our c com Coin m- m Y pa papy attained its is greatest prosperity Was as appointed consulting engineer andi and mine thereupon assumed charge of or the i J Mr Channing Channin reported on September 24 4 l last st that from his examination there available for extra was not a profitable approximating the tonnage given glen in the tho last ast annual report consulting engineer i 10 C C. C Burger Burger was employed to make maie an examination mae of the pr property and he under date of November per 28 1910 confirms Mr Chan- Chan s report j 1 fied Vod v J Mr regarding Risque and ad Mr Mr Mi Channing's I. I Finch were estimate noti notified nol nol- c a and id d a a conference took place at Salt Lake Lak City early in November at which Channing eary Risque Finch Burger Bur Bur- Burger of your our company ger Jer and th the president were present Our understanding understanding of of Mr A understanding of his bis iS estimate is S that ho he hor r accepted when he assumed charge of or the mine the estimated tonnage in each block of ground calculated on adjoining adjoIning levels lees adding Jound thereto ore developed subr subsequently sub sub- r and deducting extraction He did iId l not recast these estimates from tUne time IT 1 lo- lo time nor except in one ore bod body make proper deductions for fOI mining mining minin 0 losses oss s. s losses loes b by br caving cavin or ot for ground round in interior blocks found in exploitation to to be b waste or unprofitable Mr r. l-r. rinch's explanation i is equally unsatisfactory factory and both of their estimates are r ith those of entirely irreconcilable with ChannIng and Burger I Prom the reports and from additional addition 1 accurate investigation rom we believe beleve the following is Ore in sight averan 2 2 per cent co copper coper p r. r ounces s zold 2011 ounces sil silver siT si- si sil- sil T ver- ver tons From the large ar e tont ton- ton t of or ore are shown by mine maps and which is inaccessible r records cords to exist but sible ible for inspection on account of caves I arid and nd fills filIs of waste there may be cred orad from to tons Other c ore in the mine is of or too low grade rade for profitable extraction at the present price of of ropper AV v r The 1 output of profitable ore cre rc i s limited lim urn at present to about 50 tons p per 1 L day I y That this is Iho proper limit is fc k s en b by the fact that to maintain a iV j vv output from January Januar 1 to to Sep Sep- SepI September pt m r 1 1 1910 a considerable shipped to tot ase of ore are was ivas I ife the te t or J j Development De t work ork is being being pushed at atall all 1 points as directors believe beHeye this feature feature fea fea- ture ure of of more mor importance at present than the ie extraction of ore and lo because ti the the- the output output can b be increased cl from time 10 lo b working faces are ex ex- J h as more J I T posted posed 1 d I V. V TT t j. j To l regain aiT the Ule position your corn com fx X held heIr during durn the years from 1903 vV to 1907 it i will wiIl wi be necessary necessary to develop ors ore of 0 a hj higher her grade de than that mined J during diring tl the e la last t two years cars Both Mr I 1 d i r and ld Mr r hel believe eve that W Wi J. J i grade d ore will wi be found in the lift d territory rV C At t the present date dat 1 the lowest h level vel of or your yoU mine ire are re ref ii there O fe of o drifts drift f nb 0 fat and raise raises in 1 ore averaging a 23 3 per centi cent q i copper copper In In the the opinion n of f your yon direct direct- ire t- t strict classification of f ore in tn J j ct 1 ors vors a a has ha but little bearing the upon 1 hal lite probable future tonna tonnage e. e i 4 The aerl 1 a corme in I 1 he t Jn 5 with Ith th fhe le melt s of or t the he h. h Tn- Tn 1 t S and R n futine flin r fn i I r n y at t lia la not riot v fit t t b been en taken t. t r- r from from the builders but j. j It i is now nowr g in satisfactorily 1 r Company has a a. a ten ten- ten year er contract l riK q the of its ore ores unon ln 1 terms s l unquestionably favorable to it |