Show ch chief ef consolidated M mine ine has B big g cash surplus more than half a million in the treasury after the payment of the quarterly dividend which amounted to local shareholders of the chief consolidated mining company received their dividend checks on wed of this week and accompany ing the money was a very complete statement on the business of 0 the past quarter this statement being compiled by the officers ott loers ot the company the dividend as has previously been announced amounted to 10 centa cents per share or a little more than 88 this was the regular G cent distribution ani and an extra sum of cents for the past quarter regarding the affairs of the company for the past quarter manager walter fitch pitch stales states the enlargement of the shaft re berred to in the last annual report by the superintendent has been car ried along ver ier successfully and it Is expected now that the work will bo be completed in juno june and the fur ther details in connection with lad changing over the pipes and putting in ili of the second cage will bo be probably finished during the following month mouth the completion of this task is 1 of great importance tor for various reasons the principal of which will be the possibility of in creasing the product largely and permitting the installation and car out of the new plans of pump ing which are necessary to admit of following the ore where it makes below the permanent water level the general development work has been greatly restricted by this vork work in the shaft but will bo be actively resumed resumed as eoon soon as the second cage is running the work on the pinion peak tract has bor continued and con fists now n ow oi of drifts that are follow ing the fault and we ne fully expect that during the year that some bome evi eyl dence will be developed of the ore in that locality supt bupt cecil ritch fitch gives a summary of the developments at the continued on page 6 5 chief cons has big cash surplus continued from page 1 mine for the first quarter ot of 1917 he ile states that the total work tor for that period was 5 feet and this footage all except feet was drifting the company shipped 19 tons of ore dry weight yield ing net after the payment of smelt ing transportation and sampling charges 40 the average gross value of the ore was aas 36 ja per ton and the average smelting freight and sampling charges were 13 91 per ton making the average net value of the ore 23 OS 08 the net profit after the payment of all charges was 28 the following figurea show the classi classified fed tonnage for the quarter lead ore 15 dry tons dry ore 3 dry tons zinc oie oze dry tone tons and zinc lead ore dry tons the following figures cover 11 V e re ri h and expenditures for the past three months cash on hand janu ilo ary 1st 35 36 ore sales for quarter 78 due from smelters sni eltera 75 operating costs for throe three months 50 machinery and equipment 12 28 supplies 39 76 mining or claims purchased 31 97 office expense 32 february dividend 44 due duo tor labor 50 94 other bills payable 22 47 leav ing a cash balance of 64 supt bupt cecil fitch pitch makes the follow ing interesting report to the share holders the enlarging of the shaft which w was as started at the beginning of the year has been continued the work mork consists of changing from a single hoisting compartment and small manway to two hoisting compart merits at d a similar compart mei t tor for a manway an all water pipes electric lines and also a small timber age cage on account recount of this shaft work it was wag necessary no essar to stop nearly all development drifts in order to per 00 mit the hoisting of ore A in the 1000 ore system the main mairi wv product Is being derived from be tween the and levels in the A broad thin deposit pitching down to the north at a slight angle mention e I 1 in the last annual report A email small high grade zinc deposit was found on the level work in a email way continues on the 1000 1200 1400 and 1460 1450 levels of this system A small tonnage of ore was pro deuced on the 1400 system on the 1428 1500 1600 and 1800 levels in the 1800 system the ore was gain ed from the 1400 to the levels south of the 1800 ore of thia this tern tem another ore body of 0 high grade silver and lead was found which Is V almost horizontal as tar far as ite its deve loument has been carried the developments drifts raises and linzea were driven on the 1000 system on the and levels on the 1000 level a new ore body was picked up considerably south of the 1000 system one drift searching for a new ore t zone was continued on the tile 1000 1000 level a the development of the ground being carried on by a drift from the shaft of the victoria min t ing company was stopped for two months on account of 0 a snow elide slide which damaged the victoria hoist building the number humber of ore producing points have increased since my last t t report |