Show r tt ISI I j t Mining Matters 1 T. T i SILVER R KINO KING 1 I COALITION CO SES ANNUAL X L REPORT m Silver King Coalition Mines company last year ar mined tons of ore says James Ivers general g manager in his annual report to stockholders The com coni- company company pany shipped tons of crude ore to the smelter and milled tons producing tons of lead concen concen- concentrates concentrates of zinc concen concen- s and 1215 1 tons trat s. s Net smelter returns amounted to and other Income a total for the period of 21 Expenses totaled Including depreciation leaving a dis die distributable distributable profit of or 67 cents a share and resulting In an In Increase In- In increase crease cr ase of surplus of for the year ear Silver SIl contributed per cent of the receipts from ore sales lead per cent zinc 15 1569 69 per cent gold 1 per cent and copper 45 per cent Development footage totaled feet at a cost of Outstanding in the years year's activities Mr Ivers reports was the projection of ofa a new shaft to be sunk near the head of canyon In the northwest sec sec- section section tion of the property furnishing adequate ate ventilation to a flung far section of the mine and facilitating access to work work- working workIng working ing places removed by great distances from present openings The new work will make available to easier prospecting a territory traversed on the surface by known mineral-bearing mineral fissures as yet unexploited at depth Preparatory work necessary to the sinking of the shaft Is well under way M. M G. G Heitzman Heltzman manager of opera opera- operations operations reveals in his supplementary re report re- re report port that the company Is replacing the steam hoist which has been In service I In since 1893 by an electric hoist driven by bya a n horsepower motor capable of de delivering I de-I de- de delivering livering 1200 horsepower for short per per per-I teds lods The change Is expected to effect a a. substantial saving in power and hoisting costs I PARK I RJ CITY CONSOLIDATED CO TELLS fELLS OF OP WOK lONE DONE nO Official notice of important develop develop- development ment meat work In the Park City Consolidated I company's Park City property is contain contain- contained ed In the annual report for 1936 released I Wednesday A three-compartment three vertical Is being sunk from the foot level In Inthe inthe inthe the of the East Crescent fissure to follow this vein to greater depth General Manager Gloyd M. M Wiles reports continuing Tho The present program calls for the opening of this vein on the 1050 and 1200 foot levels and It is expected that production from these two levels will willbe willbe be In excess of tons of ore At present work on the 1050 foot level j I station Is in progress Sinking to the 1200 foot level will be started as soon as the Installation of the transportation equipment Is completed so that this work can be carried on simultaneously with the 1050 level development The report shows the company re received re- re received in net smelter returns during the year This Is compared with for 1935 but the explanation Is made that the lower production was due to the aggressive development pro pro- program program program gram which overtaxed the hoisting equipment and to the general g labor strike An operating profit of was wasI made during the year before depletion I depreciation and Income taxes were I charged Net profits were al allowing al- al lowing one-half one of the net for depletion I I as os required by the federal income tax 1 law An agreement Is In effect according to the report with the United d States Smelting Refining and ond Mining company under which the Park City Consolidated company can borrow up to to I prosecute Its sinking sl development pro pro- gram To date no Indebtedness has been Incurred under this agreement Indebtedness of the company on con con- contracts contracts contracts tracts to purchase claims etc amount amount- amounted ed to on January 1st MEXICO ADOPTS PLAN ILA TO SPEED D MINING iI WORK VORK The supreme court of Mexico has es established es- es established established as a rule that every mining claim Irrespective of the date of Its title or concession Is held under the obligation of doing regular mining work and that failure to fulfill this ob ob- obligation obligation obligation should cause the cancellation of the title or of the concession despite the fact that mining surface tax may have been paid up to date says the Denver Mining Record 1 I According to the official statements I the i the Mexican government has made up tip upi I Its mind to create a new country with witha a chance for everyone to turn himself 1 into an economical factor of tion For this purpose the secretary of national economy is seeking to fight stagnation In every line of economical econom activity Including of ot course ou mining miRing powers seem to be acting In ac accord ac- ac accord accord cord with a view to such an end There Is every Indication that the mines department will continue Its pro pro- program program program gram of canceling old mining titles or concessions whenever a report Is filed to the effect that the corresponding mining property Is at present Inactive The mine owners holding old titles under the prevailing circumstances find themselves confronting this dilemma ma either they must start mining op operations op- op operations operations right away In order to pro pro- protect protect protect their properties or In order to ward off the danger of ot an Immediate can can- cancellation cancellation of their titles should they the not be able to resume mining operations they must start at once proceedings for fora a transformation of their old titles Into new mining concessions and subject the latter to the obligation of ot assessment work from the date that the new con con- concession concession concession cession may be Issued NEW ELECTRIC HOIST IN l i OPERATION OlEU Last Sunday Sunda the cable was taken from the old steam hoist and placed on the th new ne electric hoist at the Sliver Silver King Coalition shaft Monday the thC th hoist was In operation operation hoisting hoisting ore ote at a rate never before known In the tamp Superintend Superintend- Superintendent ent M. M G. G Heltzman Heitzman H I an the th principal de designer de- de designer designer signer of the hoist holst is more than pleased with its operation and Is to be con con- congratulated d for his untiring efforts In making Ills his property one of oJ the out out- outstanding outstanding outstanding standing mines pf tir the west PARK PAUK UTAH n CONSOLIDATED COS ANNUAL L REPORT The annual report port of the Park Utah Consolidated Mines company as released the tl past pass week w k shows that during 1936 1836 a net loss of after charge off of for tor depreciation says say O ON d JN N. N Friendly vice president and general manager In his annual report to stock- stock holders Income from ore sales totaled I During the year the company shipped tons of sulphide ore hav- hav having haying ing ng an average assay of ounces gold ounces silver per cent lead and per cent zinc and tons of siliceous ore having nn on average assay of ounces gold and 13 ounces silver The market price of both lead and I zinc says the report remained at an unsatisfactory level for practically all the period of the years year's operations their advance In price toward present levels It having laving taken place a a. short time after the properties were closed by a n. state state- statewide statewide statewide wide labor strike of miners which clos cbs closed closed ed practically every underground opera opera- operation operation operation tion of the state Tills This strike the first firstIn firstIn firstin In Park City in 17 vears rears resulted In a stoppage of operations and of employment of all mines In the district for the period between October 9 1936 1938 and December 18 1936 when work was again resumed An expenditure of ot 8 was made In development work during the year and although no ore bodies of magnitude was uncovered new areas of the property have been made available for continued exploratory operations In sections where should ex ex- ex 1st It Is the policy of ot the management to continue this search for new ore bodies s at the maximum rate consistent with good mining practice WORK PROGRESSING AT TIlE THE SILVER SIL KING I COALITION NEW NE' PLANT lLANT 1 Work is going steadily forward at the Silver King Coalitions Coalition's new works at the head of Canyon The large bunk house and shaft house are both under cover and nearing completion I The foot steel gallow frame will be beIn bein bein 1 In place this week and Is a beauty The weather of ot course will have to moderate very materially before the Im Im- Immense Immense im- im immense 1 mense amount of cement work for pon pen ponderous ponderous derous hoisting machinery can be pro pro- proceeded proceeded proceeded with with but but everything that can be bedone bedone done clone Is being done to push lush ahead the great new plant With warm weather and bare ground more rapid progress will be made made and and likely before the end of sum sum- summer summer summer mer the big new plant will be completed and the tho sinking of the compartment 3 i shaft well under way for connection with the present workings on the east cast eastside eastside side and for extensive development In Ir new territory and for prospecting and ore finding at depth In the Silver SIl King Western holdings on the west side side side-ad- ad adjacent jacent to the Silver SIl King Coalition ground ATTENDED TTE TIlE THE LONE LONEPINE LO PINE lINE PI MEETING Henry T. T Coleman prominent mining man and rancher of Wasatch county and one of the early miners in Park City who helped find the ore In the old Woodside which eventually made the great Silver King Coalition what it is today came over o from his Midway home to attend the stockholders meeting of the Lone Pine company held this morn- morn mornIng mornIng morning Ing details of which will be given next week Mr Coleman retains a large In Interest In- In Interest interest terest In this property and also In the John the Revelator Re Southern Tier and nth n In r the th Snake Creek section which were worked In the days of Fred Hayt former mayor ma or of postmaster ter of ot this city In the early days Mr Coleman Col man recently returned from froman an extended trip In the east enst and Can Can- Canada Canada ada and visited with members of the Hayt family In New York state the few who are arc still alive all LOCAL STOCKS AND A METALS THURSDAY Metals Silver 44 lead cop cop- copper per 1265 1285 six Fifty Issues were traded In with In-with with gains and losses about 50 Nine local stocks changed hands East Utah Q New Quincy 6 and Ic Park City Consolidated 31 and Park King Q 7 and 8 c. c Park Konold 2000 Q El 90 Park Nelson 1000 Park Premier Silver King Western Q ale FRIDAY No change In metals A big day on Salt Lake Mining Ex Ex- Exchange Ex- Ex change change- change 55 55 Issues changing hands hands With with the higher priced stocks advancing and d penny stock better bettu than holding their own own- Nine local stocks were called East Utah 2000 f 4 c Keystone K 1500 14 and 1414 14 up UP up 2 a 47 47 off off New N Quincy 2000 7 and 7 c. c Park Pirk King 84 8 and Pc Park City Con 31 to 34 34 C. C Park Nelson 1500 i 4 i and se Sc Park Premier 1000 I Sliver Silver King Western Westerns 1250 60 and SATURDAY Metals unchanged un Local sales were quite active some at advanced d anc priceL t Continued on Page Four Mining ining Matters Continued d from Pace One Park Utah took a turn upward upward selling sellin 6 up 00 up higher of or pre pre- previous previous sale Quite an agreeable are Jump New Quincy shot ahead of or low priced stocks 1000 selling high high mark for a long long time Park City Con touched again again- shares selling sellin 34 34 34 A and Park King Park Konold 1000 j lOc bOc Park Premier 12 c. c Silver King Western Silver King Coalition 1500 bid 1562 2 asked No sales Park Utah bid asked TUESDAY Metals M same as Saturday Sixty one one Issues were traded In today I on the Salt Lake Exchange seven Exchange seven of them being local stocks East Utah 1000 ft a t New v Quincy 1500 ft e 12 and 13 c. 13 A c. c c Park City Con 35 and Park King 0 9 84 8 and andge Oc Park Konold 1500 Park Premier 2000 12 C. C GOc Western 1000 Sliver Silver King in WEDNESDAY local price or of metals I No change stoCks traded In Inon inon state or Of the one sixty were P Park k the Exchange today ten on x city stocks some som or of which sold at er r. r 30 80 star performer was the Park utah selling and selling seJlIng ng and nd advanced of or 91 as Keystone loc New Quincy 2000 t 15 He down to Park City con 34 33 c. c Park King 2813 9 0 and 8 e c Park Konold 1500 10 and lic Park Nelson NelOn Park Premier 12 up to Hc King West western rn 1100 Silver Silver ss King Coalition 1500 bid 16 asked d No sales SHIPMENTS IE TS Park Utah Consolidated Consolidated Park City I Silver Sliver King Coalition con New Park leasers I Total 6 HU |