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Show GRAND DEPOSIT 409. NESS BI,D r CITY Features Mining, Oil, Financial t VOL. 19. NO. 9. Salt Lake City, Utah, February 27, 1948 One Year $2.50 Colorado Mines Post Gains in Metal Output and The Colorado production of gold, silver, copper, lead, zinc increased in 1947 over 1946, according to the Denver Office of the Bureau of Mines, United States Department of the Interior. Gold production showed an increase of 17 per cent over 1946, with production reaching the peak during June and July. In last part of the year several I placer operations were closed because of high labor and material costs, resulting in a decline of production during the last four months, which was partially offset by increases of production from Teller County. Silver production increased 13 per cent the production trend, in general, follows that of lead. Shift To High Grade Copper production increased 22 per cent; this metal is recovof ered chiefly as a lead and zinc mining. Lead production increased 7 per cent; production increased materially after the ending of the Premium Price Plan on July 1, chiefly because several operators shifted underground work to higher-grasections of their mines. Zinc production increased 4 per cent; however, the value of the metal produced, due to a decrease in the average weighted price, was slightly less than in 1946. The output of zinc was relatively steady throughout the year. Labor, in general, was adequate, except in the gold districts. There were no labor strikes in metal mines, in Colorado in 1947. Production In 1947 Colorado metal mines yielded (in terms of recoverable metals) 166,255 fine ounces of gold, 2,526,811 fine ounces of silver, 4,294,000 pounds of copper, 36,320,000. pounds 'of. lead,' and 75,144,000 pounds of zinc. These preliminary figures are. based on 10 months actual mine production with November and Decalculated cember production from reports by mine operators, refineries (including the Denver Mint), and smelters of anticipated shipments and receipts. Production in 946 was 142,613 fine ounces of gold, 2,240,151 fine ounces of silver, 3,508,000 pounds of copper, 34,072,000 pounds of lead, and 72,294,000 pounds . of by-prod- uct de ONE OF UTAHS LEADING METAL PRODUCERS FOR MANY YEARS, Silver King Coalition Mines Company is again 'making headlines following development of a promising new ore showing. This famous Park City property is now producing profitable ore at a substantial rate and is facing bright possibilities of increasing production 'during the current year. Shown above is a portion of the company's mineral holdings and in the center may be seen the Silver King mill. Production Of Oregon Metals Small t Production of silver in Ore- gon in 1947 largely from one mine was five times ttie. 1946 output, but the total was only rec14 per cent of the all-tiord set in 1916, according to preliminary figures prepared .by . the San Francisco office of the Bureau of Mines, United States Department of the Interior. Gold was . moderately production in i948,' and copper than higher and lead output though more than in 1946 remained low. No zinc production was reported. These figures, which are in terms or recoverable metal, show gold production at 18,780 fine ounces, silver 33,000 fine ounces, copper 16,000 pounds, and ' lead 22,000 pounds. Production in 1946 was 17,598 fine ounces of gold, 6927 16,000 fine ounces of silver, pounds of copper, and ,4000 pounds of lead. The value of the ' four metals in 1947 was $693,721 compared with $624,231. for the same four metals produced in 1946. an increase Of 11 per cent.Gold output in 1947, though 7 per cent greater than the pro- duction in 1946, was still far short of the production of 113,402 fine ounces valued at $3,969,070 in the record year 1940. 1 me ft.. - 4 . . Mining Conditions Improve At Silver King Coalition With production and mining , conditions materially improved during the last quarter of 1947, outlook for successful and profitable operations for the current yeaf are? definitely bright'at properties controlled by Silver King Coalition Mines Company, located in the Park City District, Utah. In presenting a resume of 1947 operations, Mr. James Ivers, nt and General Manager stated that production of 42,102 tons of ore yielded revenue of $1,221,090.33, which, with premiums paid by Government for production of $125,214.84. and $102,226.96 received from Metals Reserve Company covering exCRIPPLE CREEK, Colo. Any ploration projects, and misceldoubts regarding the wisdom of laneous income of $15,516.22, acdriving the deep Carlton drain- counts for total revenue of age tunnel will be dispelled at $1,464,048.35. once by a. glance at the record Fay Back Taxes of production of one mine, the Expenses amounted to $1,474,-115.9- 1, Ajax, a Golden Cycle property, leaving a net loss for the from 1943 to the present. In this before year, depreciation of time, $1,754,654 in gold ore has adding plant depreciation been taken out by the company from the 2700 and 2800 levels of $14,611.23, accounts for a book of the mine, both of which were loss of $24,678.79; to this add unwatered by the tunnel and taxes paid under protest in prior opened up after its completion. years, now charged off as uncol-a Before the Carlton tunnel was lectible, $37,085.85, making driven, the pumps which were total loss of $61,764.64, Mr. Ivers operated day and night to keep said, continuing: The above figures, broken the mine, from flooding were located on the 2600, or bottom down into quarterly periods level. After the Ajax was drain- show: a first quarter book loss ed; the 2700 and 2800 levels of $57,900.07, or 4.7 cents per were opened up, and steady share; a second quarter profit of shipments of extremely good ore $102,560.85, or 8.4 cents per have been made from these, es- share; a third quarter loss of pecially from the Bobtail and $82,963.56, or 6.8 cents per share; and a fourth quarter profit of Newmarket veins. v Present plans for the Ajax $13,623.99, or 1.1 cents per share. call for opening up a great deal Open New Orebody of additional territory for deeper For the first quarter of the mining. A raise was recently year the mine suffered from secompleted from the tunnel level vere labor shortage and low to the bottom of the Ajax shaft, On Page 4) a distance of 260 feet This raise will at once be widened and Co. guides will! be installed, superintendent Earl Bebee states, so that the shaft will extend to To a depth of 3100 feet. Two new levels, the 2900 and 3000 will then be made, and the mine will be Directors of Equity Oil Comready to carry on much more extensive operations. have declared a dividend of pany The figures given above show five cents per share on outstandonly the company returns which ing stock of the company, payare attributable to the benefits able April 2, 1948 to stock of recof the drainage of the tunnel. ord March 22, 1948, according to Since the. mine would have oth- an announcement from the Salt erwise have been shut down, all Lake office of the company.. Approduction of the lessees on the proximately 1,500,000 shares ar proDerty is also due indirectly issued. to the same factor. .The firm controls holdings in the Rangely Field, Colorado and Neighbor: You should be more in addition has interests in subdiscreet Last night I saw you stantial exploratory acreage in kissing your wife. You ought to eastern Utah and western Colorado. Some 5000 acres of these pull your shades down." Husband: ..Ha, the joke is on leases are in Uintah County, you. I wasnt even home last Utah, some of which are on the Ashley Valley structure. night" . ! Deep Tunnel Vice-Preside- Boosts Yield At Ajax Mine $10,-067.- . . . Equity Oil MV Make Initial Dividend Payment ! . , Meted Mining Industry o! Utah I ' i r . -- . X 56, - - zinc. Seven counties comprised the major producing areas and re- -( Continued On Page 2) Utah Company Makes Offering Homestake Makes Output Comeback In 1947 the production of gold ind silver, from mines in South Dakota increased 30 and 31 percent, respectively over 1946 to the Denver Office of the Bureau of Mines, United States Department of the Interior. The Homestake Mining Co. and the Bald Mountain Mining Co. the chief producers of these two metals in the State, reported that underground personnel was only 60 to 65 percent of that necessary for full-sca- le operation at their properties. The Belle Eldridge Gold Mines, Inc, incidental to development of its properties and test runs in its mill, recovered some gold and. silver, and all the lead and zinc reported for the State in ac-"ord- ing 1947. . : Production for South Dakota in 1947 (in terms of recoverable metals) was 406.365 fine ounces of gold, 113,910 fine ounces of silver, 24,000 pounds of lead, and 32,000 .pounds of zinc. These figures t are based on: 11 months' actual mine production with December production calculated from reports by mine operators, refineries (including the Denver Mint), and smelters of anticipated shipments and receipts. Production in 1946 was 312,247 fine ounces of gold and 86,901 fine ounces of silver; no lead or zinc was produced. At the average prices used by the Bureau of Mines, the calculated gross value of the output of these metals in 1947 was: Gold $14,222,775, silver $103,-08- 9, lead $3,504, and zinc $3,744, a total of $14,333,112. In 1946 the value was $10,998,861, of which $10,928,645 was in gold and $70,216 in silver. The Homestake Mining Co., at Lead estimates its 1947 production at 392,400 fine ounces of gold and 79,600 fine ounces of silver, and states that underground labor is about 60 percent of that required for . full production. The Bald Mountain Mining Co. at Trojan reports that due to shortage of underground labor, its properties have been operated at 60 to 65 percent of normal capacity and estimate its 1947 production at 13,893 fine ounces of gold and 33,574 fine ounces of silver. , Following of filing of application with the Securities and ExWestern change Commission, World Industries, Incorporated, Salt Lake City, is offering 44,000 shares of common stock 20 cents par value per share to be offered at 50 cents each. Total offering $20,000. There wil be no principal underwriters. Securities to be distributed by the issuer thru the following authorized representatives: Kay Luke Stoker and William Giles Sharp. Underwriting discounts and commissions will Maybe you cant make a silk amount to $4000. Proceeds will purse out of a sows ear, but be used for equipment and selling, many a woman has gotten a expense, including commissions. mink coat out of an old goat. non-assessa- ble Engineers to Explore Abandoned Oil Fields The Texes production methods are not 100 AUSTIN, Texas railroad commission soon will per cent efficient. ' send about 50 graduate student engineers into abandoned oil fields to see if any remaining oil can be brought to the surface through secondary recovery methods. The state has allocated $50,000 to finance the program for the next two years. It is estimated by the Texas oil conser' vation agency that millions of barrels of oil remain in abandoned fields in the state. Old-tiproduction' methods often of a fields oil left three-fourtbelow ground. Even more recent . me hs 4 ? Recent increases in crude oil prices now make normally exrecovery secondary pensive methods for bringing oil to the surface profitable. Most of the abandoned fields still are held by property owners who cannot afford to investigate the possibilities of oil remaining in their wells. The state would stand to benefit in the oil search from production taxes if any old wells are placed in production again. Many state .agencies primarily the University of Texas and Texas A&M College would receive royalty payments on old leases granted these groups on properties which formerly produced oil. |