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Show , nanclal statement with profits from or shipment up to April 22 of this mr amounting to $12,145.74. Tb. (company li a regular weekly shipper now from the Park City district. Park Galena Issues Annual Report for Stockholders ' Mine Is Newest Producer for the Famous Fa-mous Park City District; Hliipments Show Nice Profit With Ore Development Devel-opment Outlook Most Promising, The annual report of the Park Galena Ga-lena Mining company was submitted to stockholders Saturday by J. F. Fcatherstone, secretary and treasurer. treasur-er. The Park Galena company Is the newest producer o fthe Park City district, dis-trict, one of the richest and oldest silver-lead-gold mining districts of Utah. The Park Galena Is now free of Its troubles and its destiny is In the hands of a new management and new people, and within a tew months some remarkable achievements have been accomplished. The management is now shipping from an ore body exposed some time ago that has developed de-veloped nicely with additional work, and further sinking on the ore should bring some Interesting results. A portion of the report, to stockholders stock-holders follows: "The progress made during the first year of your company's existence, exist-ence, due to the cooperation of stockholders stock-holders and untiring efforts of officers offi-cers and directors, is Indeed gratifying. gratify-ing. A great deal has been accomplished, accom-plished, In a comparatively short time, toward putting your company well on the way to profitable production. produc-tion. The outstanding achievement Is that, out ot a total cost of $225,-000 $225,-000 purchase price of the mining property, there remains unpaid only the sum of 817.270.62. Part of this Is payable during 1927 and the re-mainder re-mainder in 1928. "Work on the property was com menced in the month of July, 1926,' under the" direction of President and Manager William Anderson.. All the surface, buildings and equipment had to be renovated and painted. A new water system had to be Installed for culinary use, it being necessary to pipe the water for a distance ot 1800 feet, from a point near the end ot main tunnel level. A new storeroom, root cellar .timber sheds and a 200-ton 200-ton capacity ore chute were erected. "Underground development work consisted, mostly, of retimlberlng and cleaning out the main tunnel or 200 level and In drifting both ways on the 300 and 400-foot levels. This development, together with repairs and improvements necessary, cost the company 35673.83. Mining operations opera-tions were commenced in the month of September, since which time a total of thirty-three carloads of ore has been ahlpped to the smelter. The gross value ot 1406 tons marketed amounted to $27,788.41. "Net smelter returns amounted to $16,795.74, including $3000 advanced ad-vanced by the smetlng company on ore mined ready to ship. Cash re-, celpts and disbursements to date aggregated ag-gregated a total of $47,392.73. The purchase price of the property and equipment being largely paid for, In treasury stock, has put your company com-pany in a very sound financial condition. con-dition. "The property owned and controlled con-trolled by your company consists of ten patented and nine unpatented mining claims. These are situated in the heart of the East Park City district dis-trict and extend for over a mile along the strike of' the Glencoe fault fissure. fis-sure. The new ore loading chutes are located near the portal ot the tunnel, making It convenient for teams to transport the ore to the railroad, rail-road, two miles distant. "Mine equipment consists of an air compressor sufficient to handle ten drills, about 2500 feet of trackage, track-age, mine cars, hoist, drill sharpener and blacksmith shop, stoping ' and drifting machine drills, tools, etc. Mill equipment consists of a 100-ton-daily capacity gravity concentrator. Both mine and mill equipment are electrically lighted and electric power pow-er is used to drive all machinery. "Development work done approximates approxi-mates 200 feet ot tunnels, drifts and adits. A double compartment ver-ticle ver-ticle shaft to the 400 level, together with a 4x5 raise from the 400 level to the surface provides splendid working conditions as well as good ventilation." The management shows a good fl- |