Show II I I I f II I I I H I IV HII The Board of ot Directors of ot the Keystone Mining Company in their annual report to the time stockholders dated April 1st lit 1923 says The Time property of the Keystone Mining Min Min- Mining ing Company consists of 73 13 acres of ot patented claims located in Park City Summit County Utah 35 85 miles distant from Salt Lake City Utah and located on a branch line of the Rio Grande Western had and UnIon Union Union Un Un- ion Pa Pacific Railroads Following the satisfactory settlement settlement settle settle- ment meat of litigation between your company and the Silver King Coalition Coalition Coalition tion Mines Co by the terms of which the Keystone Mining company received received ed a substantial b amount of ot money title to the ore bodies in question and valuable working rights active development has been resumed LyIng Lying Ly Ly- Ly- Ly ing contiguous to the properties of the Silver King Coalition Mining Co and Park City Mining and Smelting Company arrangements have been made with these companies whereby whereby where where- by your company has gained access to certain of their workings makIng making making mak mak- ing It possible to operate your property property pro pro- perty in in an efficient and economical manner Since the last report your company company company com com- I pany has feet of drifts and relayed the track of entrance entrance entrance en en- trance Into the were feet of drifting raising and crosscutting done there were feet of diamond drill work done for prospecting formations ns All the buildings of the Silver King property property property pro pro- perty at the mouth of the Han Hanauer a tier Tunnel were purchased and Added to together with the erection of tunnel house carpenter shop smith smith- ing tug shop compressor house etc j During the the period of development develop ment It was decided to suspend all all' shipments of ore due to the low I price of lead at the time A very very considerable tonnage of high grade ore having been opened up and a large tonnage of mill grade ore having having hav hay ing lug been developed your directors concluded to stop all operations until until until un un- til such time as metal market conditions conditions conditions con con- would warrant the construction construction construction tion of a mill and active production and operations of your property It being apparent that the high grade or first class ore could not be mined without th production of a large tonnage of milling grade it being uneconomical to store the same I I In August 1922 with the indicated t- t ed improvement in tho the lead market I j It was decided to commence the construction construction con- con of a mill Having ample funds at hand an efficient new up- up date to-date tons concentrating plant was constructed at the mouth of the Hanauer Tunnel and was completed toward the end of December 1922 A compressor plant was Installed adjacent adjacent adjacent ad ad- jacent to the mill and an assay office office office of of- fice was fully equipped Additions were made to the bunk house boarding boarding boarding board board- ing house and many other necessary improvements were effected Your company therefore found Itself on the first of January 1923 In possession possession possession pos pos- session of a completely equipped d operating operating operating op op- I property and plant with ample ore reserves a satisfactory metal market and a large amount of I money as a working capital in Its treasury During the first quarter of this year there was shipped a total of 1725 1726 tons of first class ore oro oro for which there was received a total of after payment of all I smelter and freight charges or a net of per ton There was milled a total of tons from which there was produced ed a total of oJ tons of concentrates yielding a net smelter return after payment of all treatment and freight charges of 61 or an average average average aver aver- age of per ton There was also produced l g a high iron low silver lead-silver middling product product product pro pro- duct to the time amount of 1155 1156 tons yielding a net smelter return of ot Total net smelter returns for product product pro pro- duct shipped for the quarter quarter- were Miscellaneous 1 receipts were Due Due to to n a shortage of labor and to the usual difficulties the starting up of n a new plant full rapacity capacity of the mill mm and mine was not reached during the time months of January and February and fully one half of the product above noted Is the result of March operation The n net t result for the first three I I blon months of operations showing a aI a I profit t of 4 46 46 In this connection It Is only fair to state that net smelter smelt r returns returns returns' from front our most recent shipments from both mine and mill are approximately approximately approximately ap ap- ap- ap I proximately 50 per ton on Instead of ot th the averages submitted as above for forthe fors I Ithe the quarter this being caused partly partly partly part part- ly by reason of th the increased price for lead but mostly because of a higher grade lead product It is I further important to to note at this time that the shipments for the quarter of both crude ore and concentrates concentrates con con- I averaging as they do approximately approximately approximately ap ap- ap- ap proximately 33 per cent lend lead and 15 ounces silver per ton havethe havethe have havethe the major portion of their net value in their lead content and that thenet thenet the thenet net smelter returns received will be on only comparatively slightly affected by the Impending completion completion completion comple comple- tion of ot purchase of silver sliver under the time Pittman Act and the tho probable resultant resultant resul rosul- tant drop In the value vallie thereof In other words the Keystone l Mine lne Is essentially a lead mine with silver as a by product We are pleased to report that developments developments developments de de- de- de at the mine have been extremely gratifying The tonnage 61 or r first class and mill ore cannot be estimated accurately but In view of the excellent showing at the mine today Indications are that not less lees than then twenty per percent cent of our reserves consist of first class ore of approximately approximately a grade heretofore obtained and that development of additional addition addition- al ore Is more than keeping pace with extraction i a i The mill has only been gradually brought up to capacity The recovery ery obtained therein has been excellent excellent excellent ex ex- but Improvements in order to obtain better results as to both tonnage and quality are being and will b be made conditions as warrant We Ve have every evry reason to believe that the earnings of the first quarter qt this year being as they are the tho results re re- aults of a new plant operating under under under un un- der the most difficult seasonal conditions conditions conditions con con- will be he exceeded during the time succeeding quarters and and indicate a most successful and prosperous caree career career car car- ee eer for your company y After Uter having opened up the r perty fully equipping it and after building a complete concentrating plant with all paid for yc y assets and liabilities as of Apt 1st are are with no liabilities Wonderful Park ClI City J Properties All past productions records records were broken during the month mouth of March by the Park City Mining Smelting company according to George W. W LapI bourne president t of both corporations corporations cor cor- in the time Tribune of last Wednesday From the ores marketed and sold by both companies during March were produced 1037 ounces of gold goM ounces of silver pounds of lend lead pounds of copper pounds of recoverable recoverable recover recover- able zinc and pounds of spelter spelter spelter ter the largest output ever made by these companies During tile the single month of March the two companies Increased their cash reserves In addition t to paying dividends In other words including dividends dividends these companies compan compan- ies lee added to their surplus accounts The Park Utah surpassed all previous previous pre pre- previous shipping records during the month of March Including the last few Pew days of ei February the east side bonanza produced a total of tons of ot ore During the best week 2392 tons of ore were shipped The Park City Mining Smelting company marketed during March tons of ore and concentrates Although the weekly output of the company was heavy during March that of the last two weeks of April has been better than for any week in the I preceding month The third week eek of April during which 1736 tons of ore and concentrates were shipped was the best week the company company company com com- pany has ever had The great prent ore body opened up liP above the level In the West Daly and the Judge mines of the company company company com com- pany Is yielding to development In a most gratifying For n a dl tance fance ance approximating between 2500 and feet continuous ore has been d up the Itra grade le of which I II i excellent A Athis Net et smelter returns from this bed heel averaged averl from 45 to 50 50 I i net per ton tonI concentrates about attending Remarkable results are work In the time Back nack vein As this or ore I the Ih l is 11 i curries considerable zinc tine ore 1111 nil all nut through h the mill Tho The silver silver- lead l ad sro to o Salt I Lake smelters and an anthe the testes hipped to smelters outside the state stale Crosscut t I nd t f T 1 T. T T P ll worth of the time Judee smelter ret ned the first I of nt t tl the A week from a n vl visit H to the tho meI mElI me- me I I I Of J. J V t stoner of the Park ParI its Ih iHne and 81 loft left dev for tor o hll on bustion bust bust- ion ies 1 11 petters The i Ulan gentleman expects to 10 be le absent about t two weeks A P R I Hollowell an en explore of ofHie time the Park Pirk company who thought though he hl v Irl be d with mine work ct st H u. ilov Idaho sho end tried it for a 11 araw raw fv weeks returned to tf Park Puk It v ho the arat of ot th till the week end 11 Is Iii agala on thy th H pay roll roil of at th the biz hi e sid put sId t q producer Mr Hollowell now freely I I admits there is no better company to work for than th the P. P U. U and no DO Just Justas as good mining camp as Park City in lime the he whole world Forrest Mathez consulting mining engineer former lormer superintendent ot of the Silver King Coalition company was in Park lark City last Saturday on mining matters and greeting a few 1 of his many Park lark City friends The fhe i gentleman now has ilas offices in the building Newhouse-building Salt Lake General Manager M l J J. J Daily Dally of the tho King Coalition returned to Salt Lake yesterday esterday afternoon after a aw w weeks week's eks stay at that big producer Just producing as heavy as ever ore reserves in various parts of the mine increasing in magnitude and value mine development and mill output never better was the purport purport purport pur pur- port of ot the gentleman's findings while looking over things at that wonder property Manager lanager 1 F. F. F J. J J 1 Mackintosh of ot the I Three Kings returned to Salt Lake yesterday afternoon after a tour ot of I I inspection of his property Work is progressing satisfactory considering considering consider consider- ing the small force at world Superintendent Newton Dunyon of the Ontario and J. J D. D l Fisher motored motor motor- ed to Salt Lake Tuesday afternoon Ion on mining business Mr Punyon Dunyon i and associates have secured an option option option op op- tion on a group of ot claims In the south part of this lids district upon which it is confidently expected work will be commenced about the first of June General Manager Solon Spine Consulting Engineer Harry Lee of ot the time King Consolidated company acI ac ac- accompanied I companied by Geologist John Mason Boutwell came up Salt Lake by auto last lust evening I putting In to day Inspecting the workings and to plan future fu fu- ture lure operations which are Intimated will be on a large scale Good news ahead for the King Con At the Keystone all spare pare space is tilled filled with whim ore awaiting good roads for marketing Another week or bo so the roads will be open orum At the I New Quincy work Is b heing pushed ahead almead and good news promised from i the be property In iu the near r future r I Superintendent Andy Anay Hurley of the Keystone and New Quincy was operated upon at n a Salt Lake hos Imos- hospital hospital pital last Saturday s for hernia The gentleman U is reported to fo be he doing I splendidly I Ithe Over pounds of ot ore for forthe the time King Coalition this week Isn't It U glorious i Shipment King Kine Coalition j Park Utah P. P C C. C M. M S S S- Co v. v Ontario Total |