Show chief cons officers off ceis make report officials official of the chief cons mang M n ng i company have just mailed to the shareholders a very corn lete report ot of the work accod dished during the past year fh following alls are taken from that part of the re fort which was compiled by manager walter I 1 litch itch J the expert exert geological investigation of the corn com any a mine and minn minu g lands has been contin led the year and has resulted in a cl ar er comprehension of the complexities h ch eh exist as a consequent cons equen e of the numerous faults crossing the section the develon development ment work of the past year has added a number of new sto es om som of these have very good promise the capacity for production aas nas been increased A fe v months a nee ore was as dincov ered cred in a neighbor ing in ne tie oa owned tied by the may day mining co making into a part of three claims 0 ened by our company s fuated about a mile from your mine A fiort s wit time lease was given to the may day co cc and some of the ore mined through that corn com pany a workings this ore i was of gr grade ade w a n IT yi profit but on account acco int of the lower ing of the prices of the metals its mining has b been een for the time dis continued A two year years s option of purchase has been taken on the scotia mine ilithe in the west tintie mm min ng D strict about twenty miles from eureka owned by the I 1 oston tintic gintic M n ng co cc this mine has been worked in a small way for many years and has prodoc d a small tonnage of good ore and at one time had a of high grade ore we ne have hooes hones that by doing proper cevelo ment work to prove up enough ore to justify its purchase by your corn pany work was commenced there n december po ver equipment in stalled and sinking started in two ilacas on fairly promising leads of ore had it not been for the loss of 0 market for a time and the very great dro drop in the price of one of the rendering it necessary to slacken production of the ores the past y ar have shown the lar gist product pro luct yet made and would have resulted in a considerable addit addia on to tie tae t ie cash reserve after the pay ray mer met t of the us a ial d vider ils the dro in the price of silver since too bi eakin out of the war from fifty n n a and 1 one half cents received for the comp company anys s product in 1913 to forty nine cents at the time of th s report and the lowenn of the price of lead one halt half cent per aund effects a loaa loss of earnings earn to this mine based on a carmal prod rod net act of for the year we look for a reaction in these prices but can form no opinion as to when th s may be ex acted th a condition is extremely anfor dunate and has I 1 d your di actors to om t the payment of the dividend vh ch under ord nary cond eions have been pud paid in rebr february uary in order tint that the corn com anys any s working ca ital and reserve may not be fur ther impaired at ab de from this quail ying condit ion on wh ch is presumed to be temper ary it is safe to siy say that the corn com pai pat y s bus n ss as haa has been improved and broad n d by the cevelo ments of the past year and the results gain d during the six years of its ex istance ani and its present status just fy the extorts that have been made to establish it cecil fitch the su enn erin al at bo u gives a very complete and compre hens ve statement with reference to the years work at the mine it shows that a total of 7 04 feet of work N as done it d vided as folio follo vs drifts 1840 raises 1951 dinzes the total shii shipments ments of ore was 39 6 9 tons yielding net after the payment it of bm biting ra troad and smelter char 20 53 the average gross value of the ore was 14 71 the smelting and ra broad charges 6 77 and the average net value 7 94 the net prof t after the payment of all charges N was as 76 5 2 43 from supt bupt cecil I 1 litchf itch s report we have taken the follow ng the general description of the then ork performed ler formed during the year is as folio follo vs a the crosscut on the foo lev el connecting the 1010 1030 ore gys tern tem with the shaft was nas completed and served for the trans ort it on of all the available waste from the de velo ve loment ment drifts on the other levels for till fill ng the old 1023 th a work is now so nearly completed aa as to allo v an ore product on on the 00 level th a ore carries good go goll I 1 val vat ues aes which makes it very desirable d ieng irin this time of lo 10 v prices on the other metals on the ot of th a system a small deposit of zinc ore occurs some of this ore is also fount between the 1030 and the 1203 1200 levels and at present a small amount of this ore is being in ned nod belo v the 1000 between the 1203 1200 and an 1100 1400 levels mir n ng was being done in a small way but now the low prices for the product has stopped this 1 on the 1600 1609 ore of good silver lead and gold values have been deve developed 10 ed on this same ore system and as far as the work has gone the promise is that the ore body is as large as on 1 the level above although this is about three hundred feet north 0 the ore on the 1403 it is I 1 lely to be found connected on the 1403 ore system a small ton nage was mm min d between the 1400 a aid I 1 levels and a was sunk 1601 1 p to th kh 1700 on h gh grade ore A drift on the 1803 la IS being 1 edg driven to connect with th a ore nd will be fin shed in a few fem months during the year it was considered Jesi desirable rable to apply experimentally a diamond drill in test ng 01 out t th the rum erous untried sections of ground chich may contain ore bodies and thus abod avo d the necessity of patti putting rig drifts in all such places thia this was started last octoba r and though at first the results were very lisac digap poi pointing ntina on account of the d encountered with broken quartz and open fissures several chan changes chanes es abdad and ad just ments were made so that the plan no v looks very encouraging ore was found by th a means this result seems to hive have jus justified gifted its use and proved its economy the extreme irregularity of the mineral n ivalon has scattered the ore de throughout the whole extent of the ore zone but quite widely separated and in apparently d lots this ore zone ran ranges ranes 1 es in width from three hundred bundred fee feet t to four hundred te fe t the cost of cutting the whole of this ground with drifts at short dough iter intervals vals to thoroughly test it is r roh rob b to tory ry but with the drill it is hoped to accomplish th 9 at their meeting in houghton II mich ilich gan th s week the d rectors of the chief cona cons M n ng n co cc dec ded to ass the regular semi annual dm divi bend |