Show 1 I M orri crits REELECTED ELECTED RE TOK SILVER KING COALITION at the meeting of the newly elected directors of 0 the silver king coalition mines company held in salt lake city last tuesday the following officers were elected tor for the ensuing year david keith president thomas F kearns keams vice president W mont ferry vice president and managing director james ivers ivera treasurer S B lamkin secretary and AT J dalley dailey general manager mearle 0 heltzman was again named as general su superintendent perin and john P flanagan purchasing agent the electing and naming of these effi efficient clent officers will insure a continued prosperous condition tor for the great silver king KAMAS dold GOLD MINE TUNNEL MAKING GOOD HEADWAY TO GOAL according to manager newton dunyon ot of the kamas gold mining company the tunnel ot of that property has been advanced feet mr dunyon said a strong northeast southwest fissure carrying quartz iron and manganese Is being followed to the limestone bed in the park city formation from which good go gold id v values I 1 T were found in an incline shaft it la Is the opinion of 0 mr dunyon that in about feet more the objective for which they are driving the tunnel should be reached A 1 8 R WORKS THREE IREE SHIFTS unusual ilter interest eat Is on exploration pI oration in the east utah mine at park city three and a half miles southwest of keetley says the western mineral survey several conditi conditions om combine to make this statement true the proximity of the mine to the park utah the fact that it Is crossed by the hawkeye mchenry shear zone the strength of mineralize tion opened up by previous work and the fact that after being pawed passed upon by mason and gauld geophysicists control of the property embodying acres ot of patented ground was acquired by the american smelting smelling Sm elting and refining company excellent progress is being made in pushing forward to the mineralized zones pointed out by the geophysical survey three shifts are employed according to j r W lamb president of 0 the east utah mining lining company and dally daily progress la Is averaging 10 feet crosscutting was started mr lamb says feet south of the portal in the park city limestone since that time strong has been cut near goal the first mineralized zone mapped out by the geophysical survey lies about leet feet irom from the face ol of the present crosscut and should bo be reached according to present calculations about march or caping of the results ot of the geophysical survey according to mr lamb shows several zones ot of sulphide that gave positive reactions to the geophysical tests the first 0 of these he says lies but a short distance below the surface and has an indicated length of feet and a width of irom from to feet in addition there are others evidently associated with strands of the hawkeye mc henry fault zone passing through the east utah from the park utah mine mineral proved exploration ot of the american smelting smelling Sm elting and refining company has been undertaken with the idea of proving that other bodies similar to those associated with the hawkeye mchenry fissure system in the park utah exist in the east utah alter after a careful geologic survey a geophysical survey was made results ol of both checked closely it Is said in driving the east utah tunnel numerous promising ore showings have been opened up mineral values ranged from 5 to 16 per cent lead with sliver silver content averaging about one ounce to the per cent of lead copper 1 34 3 4 to 7 per cent gold to AT THE MAYFLOWER superintendent gay of the mayflower mine informs the record that everything at t his property Is going along in first cla class ss shape for the last fifty feet the t tunnel Is following an east yet fissure in this tunnel small spots of lead ore are being found in the quartz and lime and mr gay is watching every shot with much interest about 6 feet a day Is being made in the tunnel AND BROWN LIME encountered AT TIIE THE SILVER KING EXTENSION C D clegg superintendent of the silver king extension mine informs the record that the tunner at his property Is now in about feet and for the list last 50 feet a blue and brown lime has been formation the thel the lime Is 13 not as highly mineralized as when first encountered mr clegg Is s of the opinion that it will be ba perhaps another feet before the contact with the quartzite Is cut HEAVY ROADS interfering AT THU THE PARK GALENA for the past week the roa roads roada ds leading to the park galena mine have been a source of worry to superintendent pearce it has been necessary for the transferring of ore from sleighs to wagons and this has materially decreased the shipments bu but t according to mr pearce since the work of the property was taken over by the management doing away with the leases a much better grade of ore has been shipped and now an average of seven cars a month of high grade ore Is being shipped PARK PREMIER SHAFT PUSHED good progress in the development work being carried on at the park premier property in east park city under direction of the international smelting smelling Sm elting company Is reported from the mine says say the legal and mining news tile the premier shaft Is being sunk between two fissures and close to a churn drill hole that showed the presence of the tha park city formations the shaft Is now down clown feet and Is in limestone the crosscut from the victory tunnel Is still being extended through porphyry toward the limestone in which on the i surface a good showing allowing was found this area will toe be entered at a vertical depth of feet below the surface A pebble dike was entered recently conta containing Jaing anuar t zite pebbles I 1 en enlargement argement of the park konold to three compartments has made good progress considering adverse weather conditions there remains fifty teet feet ot of raising before the whole leet feet ot of shift shaft will be enlarged within the next month the company should start sinking to tho the sediment aries proved by di drilling liling to lie at a depth ot of 1200 teet feet below the surface burbace Bur tace STOCK SALES FOR WEEK FRIDAY new quincy 1300 1300 park city see park utah park premier boo see silver xing king coalition 1000 SATURDAY new quincy park city con sec park premier 1100 see park utah park nelson sliver silver king coalition 1000 MONDAY new quincy 1700 park city park utah silver king coalition 1000 THURSDAY east utah sac new quincy 1400 0 aft park city con part park utah 60 50 silver king coalition 1000 WEDNESDAY east utah 1000 1000 new quincy 1000 2400 park konold 1000 a trowel ac TUESDAY east utah 2000 new quincy 2300 park utah sa 2 90 parle park city con 1000 park king ac park premier sec SHIPMENTS park utah consolidated silver king coalition new quincy park galena park city consolidated total REPORT SHOWS B INNER BINNER YEAR FOR SILVER KING CO production dividends and profits according to the annual report of the silver king coalition mines company show that 1929 was one of the most successful years in the companas comp anys history the report was read at the annual stockholders meeting held monday in the company offices A C ellis jr was elected to succeed the late john H X hardy on the hoard board of directors all other directors were reelected I 1 they are edmund J kearns thomas F P kearns jay T harris david keith william J halloran W mont ferry james ivers and M J dalley dailey improved milling facilities permitted the milling and shipment of almost the entire mine production in the form ot of concentrates there being only 12 tons tona of crude ore shipped during the year the annual report shows total tonnage rained mined for the year 1929 was tons from which tons of marketable products were made and shipped to the smelter the company received from ore sales interest rentals and income from other sources amounted to making a total income for the year of as compared with for 1628 1928 after deducting mine expenses taxes and depreciation the company showed a net profit tor for 1929 of as compared to in 1928 dividends for the year were paid in the amount of per share or a total ot of as compared with tor for 1923 1928 this Is the greatest amount ever paid to the stockholders la in anyone any one year of the companas comp anys history in ahls aport as general manager mr dalley dailey declared with regard to development during the past year there has been feet of development wort work completed at a cost ot of and as a result of this development program ore reserves have been substantially increased by establishing the extension and continuity of the old and proven ore are channels that have been productive for many years what appears to be a new and separate ore channel known as the A K has been discovered along a fissure system that has never heretofore been explored to any extent in the property perty during the short period of time that exploration work has been carried i on ore and added to the ore reserves and at this time I 1 believe it is sate safe to predict a profitable future production of high grade ore from this section ot of your property tor betterments and new equipment the sum of 61 was expended during the year most alost important was the construction of a new compressor building ing at the portal of the silver king consolidated soli son dated tunnel to house a new air compressor of cubic feet displacement this will permit the centralization ot of the air power plant at one point in time eliminating six smaller compressors now operating at different locations on the property and reducing air compression costs two new modern fireproof change house bouse buildings one at the portal of the alliance tunnel and the other at the portal of the silver king consolidated tunnel were completed a new 11 34 3 4 inch air pipe line feet in length was installed under ground at the mill extra flotation cells were installed a new foot diameter concrete dorr thickening and de watering tank was erected and miscellaneous other equipment put in all contributing to increased mill recoveries and a reduction in operating costs silver xing king coalition during 1929 shipped pounds of lead 90 ounces silver ounces gold pounds of copper and pounds of zinc salt lake tribune tribu bu e ceail PROFITS SHOW Dr DECREASE CREASE net income of the pirk park utah con soli dated mines company exclusive of depletion charges but alter after all operating expenses and depreciation amounted to 7 2232 according to the annual report of df the company which Is now being I 1 mailed to stockholders says the de seret news kt 1 come from ore sales interest ion on investments loans bank deposits and I 1 miscellaneous income amounted to 2 of which was derived broto ore sales alone total expenses amounted to and de continued on page four i 1 s r s r r i c ishm am H i MM H H I 1 lining n n g matters ivia t t e r s I 1 1 M at P 4 M 2 M M 94 9 4 H continued from page onel one preci atlon charges are set at several factors were responsible for the decrease in earnings over 1928 including i lower returns tor for ore produced a decrease of 10 per cent in tonna tonnage e ra mined I 1 ned and heavy expenditures tor for no nonproductive work according to president george W lambourne I in his report comparative statement 0 of f the past two years production follow 1928 1929 pounds pounds tons mined mine d zinc lead copper ounces ounce s ounces gold silver mr Lam bournes report follows the major single development operation ti a of the year was to extend the lowest e s t level ot of the utah unit from the 1800 to the 1960 1950 level in the search for the continuation of the ore bodies above much delay and considerable additional expense was caused can sed in the early stages of this work because of heavy ground near th the e shaft large flows ot of water were expected and careful provision was made for the pumping of the water to the main drainage tunnel the pumping plant which was a result of this policy has proved exceptionally effi efficient clent and of adequate capacity and no delays have been experienced because of the non removal rem 0 val of water however the speed of delv driving ang was greatly retarded because of the sudden inflows in the headings all AH levels above are now new completely drained and it Is unlikely that any large amount of additional water will be encountered after crosscutting the fissure on the 1950 level it was found that the downward extension of the western ore body was not vertical because of a change of rock formation present at this location tola this condition does not exist either to the westward or eastward of the crosscut and headings are now being driven in these directions to the eastward ore has already been exposed one hundred feet in length and additional deposits are expected under the eastern caster n 0 ore rl body some distance ahead midway btty between een the 1800 level a and nd the 1550 1950 level large deposits ot of ore have been proved the 1800 level where exploratory work was previously prohibitive because i of water conditions Is now dry and headings are being advanced in entirely entirely now new territory under conditions abir 9 give excellent blont promise of new discover 1 les of im importance p artance the city unit of the pro property percy produced deuced tons of ore during the year and its large undeveloped terri tory dry continues to give every assurance of many years of major production most meet of the exploratory work in this unit hat bu I 1 been toward the southwest where new ore bodies have been diso discovered t to the I 1 i west of any ore previously known brov j I 1 ing the continuity of the into the extensive acreage of ground i owned by the company in that direct direction io A deposit of ore of malor major size recent recently 11 developed below the 1600 level in ta h main producing fissure of the proper property lr y has added an additional fertile area the damage which resulted from the des destroy trao tion by fire in june of the head frame and buildings ol of the main hoisting shaft has been repaired fireproof reconstruction has been completed and the plant Is again in operation operations at the ontario unit to suited in it a net loss of 59 tor for the year and the ore in sight in the upper levels Is limited plans had been made for de watering the lower levels whew where deposits of ore are known to be but the present status of the metal market justifies f holding these expenditures in abey abe ance until market conditions are on I a firmer basis while conditions during tho the past year have resulted in it a decrease of the am amount t of net earnings the manage merit ment has complete confidence in the tu 4 tu ture re of the property as a producer of ore on most of its territory in the known productive areas have been but partially developed and much entirely ed 1 there has been a delayed re 1 to development on the lower levels of utah unit but the values already dla covered together with the heavy min of the veins present a favorable outlook tor for the success of devel develop ment work now under way these levell however represent but a small portion j of the total potential value of the en tire property the unsettled metal market and the th uncertainty of the rate of net earn earia ings in the immediate future made it advisable to discontinue dividends during the prevailing period of low metal prices due to world overproduction output will be materially reduced concentrated cent rated efforts are being made on exploratory work to improve conditions condition within the property the year closes with the company in good financial condition with no fixed indebtedness and with nearly one and y three quarters milan millions US doll dollars am of net quick ass assets e ts in the treasury |