Show Annual AmI Report of New I II I Park Minem Mining to Notes TIlE ANNUAL A L OUT KIM m OF or NEW NE AIm MINING II COMPANY CO IlA Y This week an elaborate detailed and comprehensive annual report of the New Park Mining company was sent out to stockholders of o the company covering every feature of or development work re receipts re- re receipts expenditures with many descriptive tive tivo drawings and minute details I President and General Manager W. W H. H H. H Cranmer reports as follows The last year and the first four months of or 1940 1040 have been the most eventful In Inthe Inthe inthe the history of ot this company We are Indeed fortunate In being able to present to you ou a report which contains so much that will still mean profit to the stockholders I ers and more moro and better Jobs to the employees We have been asked the fol fol- following fol- fol following lowing questions I On January 1 1940 this company I began producing ore from the Mayflower Tunnel and at once our activities chang chang- changed ed cd from development to profitable min min- mining ing lag operations The following financial reports with charts and graphs will con con- convey convey convey vey to you a picture of ot the tremendous change which was wrought by finding ore are In the Park Galena Fissure on the I Mayflower l Tunnel level We have now a I profitable producing mine and each each month shows a gain In both the tons of oro produced and the net profits to tho the company We are reducing our debt and building up a cash balance balanco in the bank The Tho Mayflower Tunnel has been driven westerly along the Park Galena Fissure In continuous ore for over feet and the average width of the ore is approximately I xima tely seven feet The grade of the ore has steadily Increased The gold content I has risen until now its value is greater than that of the silver Five cars weigh weigh- weighing weighIng weighing ing approximately ly tons show the following values from tho smelter re returns re-I re re- re returns turns Gold 1305 Silver SlIver 1007 Lead I and Copper making a total settlement value of 2574 per ton Our costs of mining have been reduced as I shown on the chart herewith The tun tun- tunnel nel neZ will be driven along the Park Galena I Fissure until it cuts the Contact Fissure which lies approximately feet ahead head I When this fissure is encountered It is planned to start drifting in both directions directions Hons on it it and explore the Pearl Fis Fissure II sure by following the Contact Fissure in a northwesterly direction until it cuts the Pearl Fissure The Pearl Fissure lies I approximately feet north of the Park J Galena Fissure and parallel to it Iti It It is I II I also planned to follow the Park Galena Galena I and Pearl Fissures on there westward I extension into the sediments where oth othI I bedded and fissure ore is expected to be found Raises are being driven to block out the ore oro above the Mayflower Tunnel and it is planned to sink a three com corn compartment compartment shaft In the south of ot the Park Galena Fissure as soon as possible pos pos- possible possible sible and develop the ore below the Mayflower Tunnel level I The Board of Directors have adopted a policy of expending the production as fast as consistent with good mining practice practice practice tice and new equipment is being pur pur- purchased purchased purchased chased and installed for that purpose Other Development ne Work York The Tho work of exposing the outcrop of or orI the large Gold Queen Fissure will be I started at once using a tractor to build a 8 road along the outcrop It is then planned to sink a shaft on the fissure through the oxidized zone to the sul sul- sulphide sulphide sul- sul sulphide ore This fissure shows good gold and copper values on the surface and is Intensely mineralized Tho The Flagstaff Mine being developed under lease by Charles Moore Is now down approximately feet and is showing increased values In a large fissure which was one of or the first to ore In the Park City District The New Park Mining Company is financing the driving of a tunnel to show mineral and patent the Laura Claim which is covered by a deep over-burden over of soil The tunnel is in about 1200 feet and arid is believed to be near the solid formations It will also cut the Home- Home Homestake stake Fissure and give us additional in information in- in information information formation that may result In our devel devel- developing the Homestake Fissure from the Mayflower Tunnel which is only feet it The Park City Utah Company are now producing ore from the Wasatch Homestake Fissure through our Star of or Utah Tunnel and pay New Park a royal royal- royalty ty for fo all ore transported What T i TIlt After Arter the Annual Stockholders Meet Meet- Meeting Meeting lIng ing on June the Board of Directors I of or this company will consider and adopt ia a financial program for the setting aside I and the of money for development i building up of or a cash reserve They will allot funds for paying Federal Income Taxes and will consider the question of ot I I The profits we are now making amount to approximately 10 0 per cent per annum on the par value of ot the stock ing The true value of the stock will be the stock cx- cx in its price price- on change as soon as the company begins paying dividends Those Responsible for the I Company's s 's Success The loyalty and operation co-operation of or orthe the the employees stockholders directors and officers have made the success of ot our company possible and the management I desires to express Its It appreciation and andi i thanks and extend to them its con con- Many of ot our employees arc stockholders and all have a real Interest land and stake in the success of the company I I What Effect Will World War tVr II 1 un I This nation Is faced with grave pro pro- problems International domestic political and economic but by resolutely following the American way of life we will work workout workout workout out our destiny and we will discharge the responsibilities which come to us with calmness courage and humanity ANNUAL lI l' I STOCKHOLDERS STOCK hOLDERS MEETING G The annual meeting of ot stockholders of or the tho New Park Mining Minim company will willI willbe I be held at the President Cranmer's room I Hotel Hotel Utah Salt Lake City on Monday I Juno at 3 o'clock p. p m m. at which In I n a board of directors will be elected and tho the transaction of such other business as may come before the meeting I KING I I G DIVIDEND IH Silver King Coalition Mines Unes i company directors Wednesday declared a dividend for the second quarter of ot 10 cents cent a ashare ashare ashare share same as paid the first quarter payable July 1st let to stockholders of or rec ree- rec- rec I ord June The disbursement will I amount to bringing to I the total amount of ot divi divi- dividends I paid by the company including paid by the tho original Silver Sliver King Mining 1 company I LOCAL METALS LS AND A D STOCKS I FRIDAY Metals Lead copper zinc t I Almost nothing doing on Salt Lake Exchange I Only seven Issues traded in today tOday- two of which were Park City stocks Silver King Coalition Coalition I Park City Consolidated tic 1 New Park Park 2000 2000 SATURDAY I No change in price of metals Little doing on stock exchange Ten Issues traded traded only only one Park City issue New Ne Park Park Odd Odd lot of 67 shares sold at 31 up 31 up one cent I Howell found a customer for shares at Ic I I MONDAY Metals unchanged I Local stocks Local stocks still depressed Only seven I stocks found buyers buye buyers and and s and two of the I seven showed a gain Silver Standard of or 1 Tintic and New Park were the two New Park Park Opened Opened at selling at that figure and 31 al Vic c. c Curb sale sale 1000 1000 31 31 c. c Silver King Western Western badly badly in the the dumps dumps selling for TUESDAY Metals Metals Lead Lead copper 12 zinc Business slow on Salt Lake Exchange Eleven issues hands changed hands among among j two Park City stocks New Park showed Park showed increased strength opening closing at changing hands WEDNESDAY T Metals unchanged Salt Lake Stock Exchange v ve v e r y I stumpy with only five mining Issues traded with traded with only one local Issue men men- mentioned mentioned I I New Park Park 2100 2100 33 1500 32 and 1000 32 c. c I SHIPMENTS Park Utah Consolidated I Park City Consolidated New Park I King Coalition con Park City Utah Total i |