Show i I 1 aemil i V N 9 F M 0 lul a I 1 la 11 9 ma U gater 4 S 24 9 0 4 i 9 0 E an Q D C DESPAIN NOW INCH CHARGE IRGE OF FLAGSTAFF new equipment Is now being installed at the flagstaff property pio perty including a power hoist so far more rapid progress tu in development win will be made from now on mr D C despain formerly for meily with the part park city consolidated Is now in charge ct cf development work and he repel ts present conditions as decidedly enciu encouraging raging some ore 01 e has already been mined but the roads are not in condition to permit shipments because of the bad roads it 13 costing the company three or tour four times as much to get timber lumber equipment machinery etc to the property than it if the roads were tn in normal condition but the management Is anxious tor for development to continue hence the increased expenditure with a week or two of good weather the roads will be open and occasional ore shipments will be made A promising prospect Is the flagstaff PARK CITY consolidated EARNINGS TOLD I 1 park city consolidated mines company last year shipped tons ot of ore yielding ounces of silver and 1095 ounces of gold it Is revealed in the annual report received by stockholders monday from J H devine of ogden vice I 1 president and assistant secretary of the company the ore averaged 1304 13 ol 01 ounces of silver and ounces of gold per ton gross smelter returns totaled 83 a little more than the entire sum received during the years 1929 the first year of operations to 1933 inclusive last years shipments yielded an average net profit of 1 03 per ton resulting in net income before depletion and federal income taxes of I 1 tonnage increases the report indicates production increased from 65 tons in january to in Novem berwith a dally daily average of tons since this was written production has reached tons dally daily per ton smelter returns including royalties increased from 4 74 in january to 7 12 increased in n october the average for the year being production costs per ton de 1 creased irom from 5 62 in january to 3 53 in october tha years average being profit and loss per ton including royalties applied on property payments varied between a loss of 88 cents per ton in january to a profit of 3 59 per ton in october the average being per ton production costs included all development work and much new equipment ore bodies described along alone the silver and the roosevelt I 1 veins the ore bodies have an average thickness ot of about five feet while on the east crescent vein the ore Is usually from live five to 20 feet thick end and will average close to seven feet on all ot of the veins the ore shoots are usually several hundred feet long they have been extensively ten mined from the foot level to about 20 feet below the foot level on the sliver silver vela vein was carried on to the 1000 foot level mr beeson discusses the companas comp anys or ore e reserves and future plans as follows the indicated tonnage on the east crescent vein Is now estimated at to tons that will average about 1 in gold and 16 ounces of sliver silver which should yield a net profit of 4 00 per ton at the present silver price or a total profit of to to date only a limited tonnage of ors ore has been mined from below the present water level ore shoots are known to extend below the water level on the silver roosevelt and east crescent veins the company is said to be preparing to begin pumping I 1 rich ore found in developing the east crescent vein mr beeson reports that an excellent ore shoot was encountered which has widths of ore up to 14 feet in thickness or an average of at least eight feet that usually runs 20 ounces in silver and carries carrie from 1 50 to in gold A raise has been dri driven v en in this ore shoot tor for 60 feet bove above the foot level of two ore shoots recently encountered on the loot foot level mr beeson says they are feet long with ore averaging between six and eight feet thick and carrying from 15 to 25 ounces of silver and from to 62 2 00 in gold in general he concludes 1 I believe the development work on the foot level shows an increase in and a greater average thickness of the vein than was found on the foot level the present water level Is 34 feet below the foot level and because of the strong described there la Is every reason to believe that the ore will continue to a much greater depth it Is expected that additional new discoveries will be made as the work now in progress continues to the northeast and southwest a long along the vein additional new ore reserves win will doubtless be discovered when prospecting has to the tha southeast where two other veins outcrop on the surface production estimated judging from the ore production as a result of the development work completed to date it Is my opinion that for the immediate future the mine win will produce to tons dally daily if the development work continues to add to the reserves as rapidly as it has during the past few months the production can bo be materially increased fixed assets are listed at 61 and current assets at 60 liabilities capital and surplus account includes stock outstanding long term debt current liabilities and 69 surplus conditions CONTINUE PROMISING AT AMERICAN FLAG manager ma ager hurley informs the record that conditions at the american flag continue very promising high grade ore Is being mined both by the company and leasers leaders lea sers three cars were marketed this week EXHIBITED ORE FROM PARK CITY UTAH W A dennis owner ot 1 mining claims on the east side came up from american fork the first of the week and in company with his son rule visited properties in that section and brought back samples of ore from the park city utah which la Is certainly good to look at and from accounts there Is at least a million dollars of ore stored stared and in sight with many millions yet to fo be uncovered ore from this property Is now being hauled from the mine to ore bins at the forks of red pine and mchenry canyons and acl fro from m there in trucks truck to keatly and loaded 0 on railroad i cars MONDAY local sales park baity con 1900 61 51 and silver king western a silver king coalition 50 TUESDAY bar silver vac c higher 55 c local sales new quincy 2000 ac park city con 1100 silver king western sliver silver king coalition WEDNESDAY bar silver up ot of cent today to 66 56 highest tor for some weeks lead 3 55 copper t 18 8 65 local sales park city con 48 47 and this being the only stock offered THURSDAY bar silver made another advance of of a cent to 56 lj lead copper 8 65 zinc 3 85 local sales today east utah ac park city con 49 to park premier ac other utah stocks horn silver loo east gintic tintic con 1000 leonora 1000 ac north standard a union associated 2000 ac walker park city consolidated silver king coalition park city development total |