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Show SILVER SHIELD ISSUES i ANNUAL STATEMENT Considerable Low Grade Ore In Sight; Lead Haa Been Replaced With Zinc; Company Owes Approximately Approxi-mately $18,000. , .. .. ' i N. . Stockholders of the Silver Shield Mining and Milling company are in receipt re-ceipt of the following communication from the management outlining the company's operations and explaining the need for the three-cent per share assessment which has just been levied on the stock. - Since our last report a decided and unlooked for change came in the two metallic contents of our ore body from which shipments were made, resulting in a loss. The lead values in the ore dropped out and were replaced by zinc. To illustrate, reference Is. made to detail of shipments, made part of this report. - I ., While there is considerable ore in sight in the stope it is low grade and necessary expense in extradition and timbering, if it is stoped, would result in continual loss. Hence, all operations opera-tions in the stope have ceased. However, How-ever, a prospecting drift on a streak of good grade lead ore is being followed fol-lowed southward from the stope which pays its way. Twenty feet below or at a point 70 feet above the tunnel level a drift was started on a small bunch of lead ore and at this writing there is a streak of lead ore showing better gold values, than aeretofore encountered, en-countered, in the face. ...This drift will be continued southwest and is serving for development work. It may be that when this drift is pushed ahead that it may encouter the downward continuation continu-ation of the ore body in the main stope and show better values. A drift north of the main shaft now in 200 ft. is be ing run to endeavor to intercept a fissure fis-sure and bed, and may lead on an ore body. The leasers, the LibeMy Development De-velopment company, have completed the double compartment raise from the tunnel level, a distance of about 300 feet, to a station, from which point they are drifting northward to an ore body exposed, beyond and above. The. force of nTiners has been cut down and expenses kept to a minimum. mini-mum. , , ! The company owed - approximately $18,000, a great deal , of which is pressing, hence an assessment is necessary nec-essary to raise funds as the banks are not willing to continue loans, j In taking tak-ing into consideration the amount now owing by the company the stockholders stockhold-ers must bear in mind that during the late war no improvements, betterments better-ments or renewals to tunnel, track or machinery could be made and it has necessarily devolved upon - the company, com-pany, if it were to continue operations to make the expenditure for these purposes. pur-poses. . .., v:: ,,- . :, The tunnel was retimbered ! for a great length, new 20-pound steel rails and new ties, machinery -overhauled, cars had to be repaired- and new ones purchased, and new electrical Installation Installa-tion made, and in these days of high prices and inefficiency of labor, costs were extremely high. The general manager has suggested to the board that a mining expert be employed to make a thorough examination and report re-port on the property as to past and present operations and future developments. develop-ments. The recommendation was concurred In by the board of directors; an ex- pert has been engaged and is now at work examining the property and when his report is completed It will be forwarded to you. |