| Show O T mO Sapt Hupt Rood Hood Points Out Ont of 01 I Changes Chances The annual report of oC the Ontario Si Sier ver er Mining company has ben bea made public The pamphlet came in eater yester days malls mails to 10 local 10 1 shareholders and covers the operation at of 0 the company during the year rear of at lOOt me JIle exhibit shows that during durin that period the re receipts f I el t from rom all sources w was WaN s I Dividends were paid during the h year I amounting to and ana was vas expended for or labor At th the tha end antI n J of I 1901 the th company had a fund tind on hand amounting to while at the end nd of lost last year far It was only J 4 m 7 C I showing that over Sits of the paid In va fo taken out I of cf the reserve mentioned mentton d The profit prot from the ore are mined amounted to 10 Sit 50 Supt Sut Rood flood l his report after atler going coins Into details concerning the tho work workings workIng ings Ing of or he the mine by saying paying Pome flome years ago gO the Ontario Sliver Silver Mining company acquired fractional In Interests interests In several mining claims about feet southeasterly from Cram shaft No 2 Considerable Con development nl proved the th existence of ot a II strong vein well vl DUd and carrying ores of or high values Those These claims were ware so situated With reference to erich other oIlier and to the tue vein that all the Ille owners decided It to tobo toI tob bo I b for tor their mutual benefit bandIt to consoli cOMolI consolidate date dale their interests This was accomplished In October by uy the Incorporation Of oC tho the Mining company up 04 4 11 a i buls of oC hat of oC capitol capital stock An Mi ample working capital was wan provided by the nol sole of oC treasury stock stocka at a I 12 S 2 p her r share Work Worle was vas begun gun as ns soon rut 81 to provide a hoist and nI machinery capable of at sinking a II shaft to toa toI toa a I depth of ot 1600 1500 feet The Ontario ser var er Mining company received rw lel share shares ll of ot capital stork Mid nd was accord accorded ed 00 the management Of OC the Z net lIet tons mined mIner and voId sold tons lon came otone from frow the Ille level level and above ahoe since no sloping was as done dope b below low It On Dec 31 nil nfl ore extrac extraction Ion tion was suspended the ore remaining above the l level was not yield yielding ld ing a II profit to I sufficient to 10 Justify extrac extraction extraction tion under existing market conditions condition Below that level HO so much of ot the uro tro has hall appeared to b I of oC a concentrating grade groda that It was not expedient to begin ox ex extraction traction until It can b be s U and treated according to 10 lt It Its character the Increase f In eer certain lain tain classes clauses of expense duo de to deeper i mining and nd to 10 ore orf reserve diminishing above the level the Ih gross s ex ax I for the year are ios than thun for 1301 itOl except In the Item of ot dead lend work The receipts however were seriously impaired by the difference 11 In III rade of or the ore by b smaller tonnage and ami by the th steady fall lab In tho the price of oC silver In 1901 1001 our average sale price for lor or sliver Oliver was wa SLIT cents per oar ounce In 1902 cents per pcr ounce The com come comparative loss 1011 on the value of ot silver alone amounts to over Tho rho fh lust last two to paragraphs clearly In Indicate dicato the necessity of oC new nI methods and lower treatment cost to enable us to handle our ore ores with willI a II reasonable profit This Involves a IJ concentrating or other process for or th t tho hI low grade or ort ore und ami a II reduction of ot smelter and 1111 1 railroad charges on all nil products The Th nature of the treatment to be adopted for lor the low grade ore will be governed somewhat by the tho results re of at developments now In progress It Is I be ho believed that 1111 oil of those thole questions can ron be disposed of satisfactorily during the present year |
