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Show Utah Apex Hand . Out Checks Inclosed with checks aggregating $185,000 to the stockholders of the Utah-Apex Mine came the welcome i report that copper ore had been discovered dis-covered and struck recently on the 2400 foot level of this property. It was also given out that progress of the shaft-sinking to the 2400 foot level is satisfactory and the level will be reached by the end of the month. The President "in his report states as follows: "The limits of dhe new copper ore body developed on the 2400-foot level (have not as yet been reachedj but the width is expected to average fifteen feet and the length is estimated to be at least 100. feet. On the 1800 level, new ore with high lead-zinc value has been discovered. It appears to' be an ore body of considerable magnitude. A vein of good lead ore five feet wide has been discovered in the Utah Apex-Bingham Apex-Bingham and Ea.-rtern ground. "Improvements in the mill of leadline lead-line separation are nearing completion. comple-tion. Zinc recovery should begin before be-fore the end of the month. Earnings, although reduced are sufficient for the .present dividend rate. The reduction re-duction is due . to our output being curtailed in consequence of our controversy con-troversy with the Utah-Delaware (formerly Utah Consolidated) Mining Min-ing company, which led to suspension of ore extraction in ore that we de-veloved de-veloved and planned to start mining some moths ago, "Regardig this controversy, we have nothing to add to the statement contained con-tained in our last circular to stockholders stock-holders The Utah-Apex vertical bound ary lines is still being investigated on the ground and discussed between representatives re-presentatives of tine two companies for the purpose of arriving at an understanding under-standing which would enable the question ques-tion involved to be settled on its own merits out of count. Our neighbors have not substantiated their claim. No legal proceedings have been instituted. institu-ted. "Copies of our annual report for the fiscal year ended August 31, with balanca.hest and statement- of profit and loss account, will be published after af-ter approval at. the annual meeting of stockholders in November. All data accumulated so far show this year to be the most successful in the history his-tory of the company. |