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Show CHINO DURING JULY MADE COST RECORD. Tho following interesting statement in regard to thc Chino and Ray Consolidated Con-solidated companies has been issued by Thompson, Towle & Co.. We believe that the Chino Copper company made a new record in July for low cost copper production, where gold and silver values have not been deducted In determining cost. In yearn past Utah Consolidated held the record rec-ord for low cost copper, with not figures fig-ures as low as 4 cents, but In getting such costs there were large values, as Utah Consolidated ores carried at that time $4 to $5 per ton of preolous metals. Nevada Consolidated has produced copper for a fraction above 6 cents and the one-time despised Butto & Boston has produced copper within a year for 6 1-2 cents, but Chino for July produced 3,200,000 pounds' of copper cop-per at a cost lower than any othor mine we have heard of. Earnings Are Generous. It Is now estimated that with a maintenance of present metal prices Chino, when It I3 operating its full complement of units, which wilbbo Iq i about a month, will bo able to show net earnings for Us stock of between $S and ?9 per share. This accounts for the great slrcnslh in Chino, and If it is able to accomplish accom-plish this thero is reason to anticipate antici-pate that tho shares will command very muoh higher prices markelwlse, and, as the company has an adequate working capital after meeting all Its construction needs, there Is reason to anticipate the early distribution of profits to stockholders. In August. Chino, with only part of Its plant In operation, is estimated to have earned $400,000, which Is at the rate of ?5 ner nhare. Preliminary figures tor August at Ray Consolidated place thc production nt approximately 3,250,00 pounds of copper, and estimated earnings at around $250,000, Grade of Ray Ore. The grade of ore treated recently at Ray has been slightly below that of the past few months, owing to thc stopes bcins in lower grade material. T.nis condition is only temporary and t wil not be long until the ore going to the mil will be of a much hlghor grade than has thus far been treated at tho property, Tho reason for the ore on which Ray Consolidated has in ?.or,dn elng considerably be-ow be-ow tho average iB not generally lnn0n; This Is duo to the fact that In working out the ore bodies the SmhJ?tJ ?lure 1-v,ng MUth anl! southeast of the Ray-Par.ong section,! ' 1 which has never been Included In the ! company's ore reserves. This body U contains approximately 250,000 tons i and It is estimated that three months v must elapse before this tonage Is ex- ) tractcd However, during this time : ore from other portions of tho mine J should tend to bring up the grade. Ray is now operating five units of Its mill. The sixth Is completed and J the remaining two can be finished In I thirty days' timo. In tho next two or f three months Ray should Increase Us 1 production very materially, nnd by f November 1, to use tho words of one 1 of thc company's directors, "the mine should strike ita gait." It would not bo surprising toseoatthat time a very I heavy Increase In production, and bo- f foro thc close of the year Rav Con- sollated should be giving an "excel- f1 lent account of Itself. |