Show Consolidation Details I Being w Worked Out I I Consolidation of the S Silver il e r King Coalition Mines Co and Park Utah Consolidated Mines Co probably wont won't be effected until late In April or early in May Although both firms h have ve annual meetings coming up in March and April respectively the consolidation at least in the case of the Sliver Silver King group will have to be voted on at a a. special meeting of stockholders Directors of Silver King meet March 3 to go over the proposal as prepared by a attorneys Could Delay Con Consolidation If It is satisfactory It will be presented presented presented pre pre- to shareholders after a number of conditions of or the Securities and Exchange Exchange Exchange Ex Ex- Ex- Ex change Commission et al ai are met And these involvements could delay presentation presentation presentation presenta presenta- tion of the proposal to shareholders until May Annual stockholders' stockholders meeting of Silver Sliver King Coalition Mines Co Is fe March 16 No action will be taken then In the case of the Park Utah Consolidated Consolidated Consolidated Con Con- MineS Co which has Its regular regular regular regu regu- lar stockholders' stockholders meeting In April there may be sufficient time to complete necessary necessary essary i ground work so the shareholders may act at that session The consolidation proposal would link of the largest mining properties at Park City and undoubtedly would serve serveto serveto serveto to renew activity in this historic mining area Annual Report James Ivers president of Silver SUver King Coalition Mines Co told stockholders in annual report of the firm Friday that the consolidation was being acted on after a canvass of company affairs disclosed dis closed that the operations having suffered suffered suf suf- a very severe loss for the year would be unable to continue in the face of Impaired cash position and Inevitable further losses The factors facton contributing to this difficult decision Included the descendIng descending descending descend descend- ing grade and quantity of ores m moped ed edIn in addition to a falling metal market marketan an anda 1 wage structure which fluctuating ng metal prices were unable to aupp t t. t he said sald Q Mearle 0 O. O Heltzman vice president and manager of operations of-operations reported t that at mining operations operation were suspended Aug 15 IS 1952 1852 Net St Profit Loss Lose LossA LoseA A net loss loas of before de de' de e- e was experienced for the year This compares with net profits of equal to 6 cents a share before before depletion depletion tion in 1981 1951 Mr Heltzman said that exploration work performed on the Defense Minerals Minerals Minerals Miner Miner- als Administration projects project last year looked favorable for the discovery of ore when the mine closed down Drifting on the Comstock vein In the lower formation In project one proves this vein to be a strong quartz vein carrying some el zinc no and lead sulphides sulphides sul sul- and Is quite similar to the Crescent Cres Crea cent fissure which has produced substantial substantial sub sub- tonnages of ore from the fis fissures fis- fis ls- ls sure lures and from replacement deposits in favorable horizons In the formation formation for for- mation he said Bald Robert Robert W. W Bernick in irl Saturdays Saturday's Tribune l 1 |