Show United Park City Mines Mmes Report Loss of over for 1958 United d Park Cit City Nines Mines Co Wednesday reported net I loss lose III of before depletion for 1953 1968 The J Park uk City l District DI trl t. t lead lead- sliver sine producer noted to Tn its Uti annual statement to shareholders shareholders- that ore sales Bales were Those These figures compare compare with anet a anet anet I net loss of ot for the year ar 1957 when ore ore sales totaled 2 12 current assets declined de der dined from to nm- nm during the nil past year Difficult Year Yc-ur I John M M. M Wallace president and S Seth ih K Droubay vice president and general m manager nager reported that rw was s a difficult year fear for flie fhe e domestic zinc lead lead er World oversupply supply from 10 low low- cost coat ost foreign sources kept zinc tine prices depressed at 10 cents centa a aw pound and lowered lead prices price price From 13 cents to 10 cents cent ft- ft pound by the end of the third quarter they said The pres present nt administration re re- recognized cognized that foreign imports Import porta were damaging the domestic lead- lead zinc mIning joining Industry and when Congress failed to enact the min mia mineral eral stabilization plan establish I pd d a quota system to restrict Im Im- Imports Imports ports to 80 per sent cent ent of the 1952 1957 level Quotas went Into effect durIng dur during durIng dur- dur ing the fo rth quarter and prices price I rose to to- 13 cents and 11 Vi centa cents I per pound respectively for lead and zinc said the executives executive On T Tuesday le load lead d wa wa 11 1134 4 r cents cento and zinc 11 Il cents canta a pound United Park City maintained i ore reserves at properties in the district by finding a ton t ton n of new new- ore are for each ton mined the re report re port related This wa war accons acco accomplished plashed through short range de- de development de de- work near present ore oro bodies bodies Long ran range gO work Into areas of strong potential potential poten poten- for the development of additional ad additional ad- ad lead lead zinc ore bodles could not be carried on beca because because- l. l of limited Income it was v stated Mining Statistics Statistic I These areas however continue con- con throe to be attractive e especially In lI light ht or of detailed geological 51 studies that are revealing re new evidence from time Um to time said its Ontario section of the tle mine conUi continued to supply most of the over all production The firm produced produced 2681 2681 ounces ounce of ot gold last year against 2677 2671 ounces In 1957 ounces of sliver silver versus ounces the previous pre pre- year pounds pound of lead against pounds pound a v year earlier 1731 1827 p pound pounds of zinc as compared to pounds In in 1957 and and pounds of copper against pounds pounds' in lu 1957 The officials said the Emergency Emer ge gency cy Lead Zinc Lead Zinc Co Committee r rOo re- the Mm domestic In 1 Industry continues to work in Ia with government agencies trying to find a solution to the challenge of ot low Jow cost coat fo foreign for tor eign Imports r The pressing need for such anch a solution I la Is recognized by br these hoa hes agencies and we trust the result will will- soon lIoon afford t measures that I I will restore our ind Industry stry to it Its Ita rightful place in the economy Mr Wallace and Mr r Dron Dron- bay Po |