Show MINING M I N I N the News New Quotations Camps From and All AU on OD STOCKS Prices With From the Flashed Latest MARKE MARKEY r. r Leading GROUX CON REPORT INDICATES SOON WILL IEt j jI I Giroux Giroux Consolidated annual r report for fora a tk the year ending December 31 31 1910 has Just st reached western wester shareholders shareholder Tho most pOl important item iem Is tho the statement statement from President Cole Colo that production from the tho mine would soon coon commence Some Somo of DC hc the other Items have ha e been en covered by dispatches These Include tops tons of porphyry ore of or an average grade rado of ot per c cent nl copper proven up by drill op 01 op- op This ore should yield pounds of copper or besides bedes In precious 00 metal values Tho The cash on hand amounts to and bonds sold old and payable pa amounting to t which mikes available c cash ush besides which the Butte Butto and EI Ely Copper company compan a 8 subsidiary concern concer has COPer makIng making mak mak- ing Irig total cash Ch resources 63 I A summarized Income account for Cor the year tr is as follows I Receipts Cash on hand band Jan Jon 1 S Sale Je of bonds Int mt and fire lre insurance Expenditures Property General Generl exp expenses J Int mt and discount 5 32 Nevada Nevada mines expenses Nevada mines Mexican mines expenses Total expenditure MIs credit items Balance cash Ch on hand December 31 Comparative Balance Sheet A comparative bale balance balac sheet as f follows los Assets 1910 1909 Cash Cah let 1st mt mig bonds sold Butte El Ely stock stock Supplies Supplies Nevada Bute Nevada 2593 5 Supplies Supplies Mexico Nc ada Mexico ISrl Accounts receivable SO Ore on dump dump Mexico 1 Total Total Liabilities Accounts ts payable Assets in excess of Ha- Ha la- la Total bites PIc President Thomas F. F Cole ea says cays s 's In part Before Betor we C exercised our opt option on on the Butte and Ely Copper company's stock our Bute work ork on Its Is lands Ians demonstrated that the conc concentrating ore bodies being Ing mined by the Nevada Consolidated d to the east eat of the Westphalia claim caim of the Butte Butto Buto and andEl andEly El Ely company extended Into Butte Butto Bute and Ely Imd lands and since that time mining operations operations opera opera- oper- oper tons of the Nevada Ne ada Consolidated compan company com corn pan pany have ha e reached the northeast corner of ot Westphalia claim caim Though no work was S done upon the Butte Butto Dute and Ely Eb Copper company's ground during tho the past year ear earthe of ot adjoining the drilling on OH some our claims to tho the north Indicates that the theore theore theore ore which we are there showing up ex extends extends ex- ex tends into that company's property also Butte Bute and md EI Ely has no Indebtedness and at the close of ot the fiscal year ending December 31 1910 1010 had cash balance of ot After High Grade Ore Wo 0 are arc still directing our efforts to towards towards towards to- to wards r reaching and opening up through the GIroux shaft shaf the hl high h grade gado ore or bodies boIM bo- bo bod bod- ies ses rut cut Cut by tho ho old Alpha shaft on the foot and and foot 1200 foot levels lc Wo We have havo o ha also 18 continued sinking the GirouX shaft to the foot 1400 level IB so that thata a n crosscut can be mode made mae from t ls level le el t to th tho Alpha territory That cro crosscut cut on the foot 1200 level was started d September 16 IS 1910 and we Wp expect to complete same about March Starch 1 1911 The Th company compan still RUI has hat a very large ter- ter unexplored on which the prospects for showing up additional ore oro tonnages are fn favorable and there are possibilities of dl disclosing large tonnages of contact ore bodies along a tulle mile mie or more of our land and which should be bo of the s same me charac- charac ert as those of oC the Alpha Alpha shaft shaf territory Tho The churn drilling has hns demonstrated that in fri a very ver large portion porton of the tho territory west st and south metal values have been out olt and at depth To reach roach these ores ore as aR well el as al the Alpha lph mine ores the GIroux shaft was aR sunk in the limestone limestone- and equipped with modem modern mod mod- mo- mo moer em ern er pumping hoisting and other machinery machinery machinery ma ma- chinery so BO as Rf to give o I us U a permanent outlet Development Dc work ork from this shaft shaf now that pumps to handle the water ater are In Installed will wi be vigorously prosecuted Porphyry Ores Ore Rich Etch TI-is TI porphyry ore developed h d has hai ha sown richer r copper Cont contents nh nearer tho the surface which will wl be the tho first concentrating concen concen- taUn ores ors mined and treated and will willbe willbe wI be of a grade considerably higher than average shown in iii th the estimate Therefore There There- Ther- Ther fo fore for se er several l years years after work on that portion porton of the property is 1 commenced commenced com corn tho the ore extracted will wi average 2 per cent or better belter in copper The lower beter pr grade material can be bo taken out In fu future future tu- tu ture years as ns the price for copper copper metal advances ances It I is Ir proposed to do 0 considerable consid erable crable additional development de work ork on the lands Just north of ot the tho Dut Butte Butto Ely EI property nd aid and we e are hopeful that this will 1 dl disclose additional ore of higher alu values 8 The ot tonnage actually de developed developed de- de eloped does dos nor not Include any estimate of tonnage of the high grade direct smelt smelt- lag ing h 1 ores known ta In exist in the Alpha territory The drilling and drifting I heretofore done at that tat point arc are not sufficient to enable us at this time to tomake tomake tomake make any estimate of definite tonnage In that territory but such work gives eve every Indication of a very ery large lafe tonnage of or hl high h grade grado urea ores From now on de development ne- ne work here wI will bo be carried on extensively wih with a view of showing the extent tent tonnage and value of ot these thes ores as soon as RS possible After Lower Bates Estes ht When the present mana management cm nt as assumed assumed u- u ume control of ot the GIroux pro property it I found that railway rates charged d on materials ma ma- tennis lifted for fr mIne mind equipment and smelter and ami arl mining operations were excessive ex cx- and unreasonable During the bear year ear complaints were ere prepared covering both otI calt eastern r and western business and although our cases are untried tho the de decisions de- de in the Intermountain and Reno Beno eases cases indicate favorable decisions for tor This would mean Ican great saving to u us It I 19 in Is expected that GIroux will 1 he I producing high grade grode direct smelting smelling ore within within tho the n next t thre or four months I und and we HIV are In now negotiating with Uh the railways for reasonable rates on the oretO ore oro oroto to tn smelters to apply until such time as ll thc smelting proposition preposition is fUl fully solved to the best interests of the company First Frt mortgage bonds aggregating In par THU value alue oO w were rc retired during the thc a l leaving n ln n u i balance lalance now how out- out of or In the two years of or tho ho present management this bonded Indebtedness has been reduced d n nearly arb and the tho annual interest charge ct has Ims been en accordingly cut down don from to R a little more mor than 1000 The division of the ore proved up by churn drills together with Ith estimated cop copper r contents Is as ns follows follows Tons Pet Cop Lbs Cop Bunker cr Hf con ore lbs Old Glory mine nine smelt ore 15 Old lid Glory Glor Hi con ore or NoUh of Dute Ely Ey con con ure ure 11 Total j 36 Average gold old per ton f I Average silver sl cr per pr ton Ion 0 Total gold old and silver sl er I |