OCR Text |
Show RICO-WELLINGTON MAKES ITS ANNUAL REPORT The Rico-Wellington Mining company's com-pany's annual report shows that receipts re-ceipts during the year from the sale of ores were $4,558.59, from notes payable, pay-able, $38,000, which, with revenues from other sources, made a total of $44,498.54. During the year $43,549.50 was expended, mainly for development work, which left on December 31, 1919, a balance of $949.04. All of the ore mined from the property prop-erty has been taken from the southeast south-east section of the mine, but this ore body has now been exhausted. - The company spent a large sum of money during the year in keeping drifts, raises and crosscuts open in the hope that a contract for pyrite ore could be secured. About the first of March a new ore body was developed in the northwest portion of the mine. This strike is in an entirely new section of the property. prop-erty. Up to date, says the report, enough work has not been done to determine the extent of this deposit. |