Show UTAH-APEX UTAH PRESIDENT TELLS OF CONDITIONS Ore Now Blocked Out Figures Probable Ore OreN N N- N Nearly Nearly- ear Y MII Million M More re IO 1 E. E 1 R. R Ha Hastings president of or the Utah Apex Mining company conwan operating In has Just issued for or the benefit benent of at stockholders a com comprehensive compre compre- pre pre- hen lve report of the company's compans condition condition con con- and progress of ot work The re report report report re- re port says sas Since our last report April Apri 1 operations operations oper oper- have havo continued without Interruption interruption Inter Inter- on development work Earl Early In 1908 we opened up on the fourth level a well defined of 0 wel body high-grade high lead ore ore which has haB since shown up in ina ina a 0 very ver gratifying manner On Au August 15 Ie we began hegan to make shipments shIpment of or this oro ore to tho Murray lurra smelter of oC tho the American Smelting and Refining company compan which have continued continued con con- at the rate rato of ot 3 35 tons or more moro dally daily daly Proceeds s of the sale o of convertible G 5 per cent bonds havo have furnished means to lo prosecute development development develop develop- ment to date and Ind leave a a substantial cash balance The Markham Gulch mill ml half of which Is owned by this company has ha not proved entirely satisfactory A reasonable offer to purchase our half b by ly other Interests i Is being considered Our manager has hag ha advised building a ton GOO lanager concentrator to handle the largo large mont ment quantities of or oro ore awaiting ship ment We 0 are Bre looking forward to a period 01 of steady production and amid since the latest report of or Manager Oliver Olver the lead rc bod body has shown up In a remarkable re re- re- re manner and O our latest advIces advices ad nd- vices lire re most gratifying A report b by Manager Oliver Olver gives details etal of development work between October 1 1 1907 and August 31 1 1908 The Tho fui amount of class first clas oro bloc blocked ed out is fl figured at al middle grade ore blocked dut Out at ot probably first class ore oro at 35 and ant probable middle grade ore at 4 The rho balance balanco h et ct as of oC August 1 1 1908 1008 shows as us follows Asset Cash Cah 1 Bonds Donds in treasury Stock to redeem out outstanding bonds bonde o Equipment 9 Cost of or properties Markham larkham mill ml Development o 1 Tuxes Taxes 0 1 19 9 Boston expense 9 Total 33 Liabilities Capital stock Stock to redeem ln bonds Stock to redeem bonds In treasury Bonds issued less cony Insurance Insurance OZ Profit and loss loas Total |