Show I United Park City Mines Shows Profit Instead of Loss for 62 PARK PAnK CITY CITY- By Dy Robert W. W Bernick Trl Tribune une Business Editor 1 United Park City Mines Co I Friday reported a net profit bet beI before be be- t I fore depletion of for the year 1962 I John M. M Wallace president and andS S S. S K Droubay vice president and general manager said this compares compares com com- pares with a net loss of ot for tor 1961 i iThe The annual report to shareholders ers states that conversion of ot extensive extensive ex ex- ex I Ite te surface holding to a Park i City district recreational l venture will entail and that I Isome some come funds from treasury will be Involved The company eald raid lead and zinc prices remained depressed during 1962 although prices of ot silver gradually Increased At years year's end silver was at a Troy ounce compared to I around an ounce now This This' I 30 ounce an cent cent-an ounce increase Increase se during I I i 1962 is equal so eo far as ores are Bre concerned to about a 1 l' l I cents a pound hike bike in the price o 0 of lead I I Officers of ot the firm said that wage and supply supply costs advanced advanced I I again during the year and necessary necessary necessary sary operational cost COEt adjustments I were made through curtailment of I maintenance and development work This may be noted in the decline of tonnage produced and i In average number of ot I j For where practical block leasing leasIng leasing leas leas- ing has replaced conventional min min- ing I Two exploration projects financed ed in part by the Office of ot 1 Minera Minerals Min Min- era la Exploration of ot the Federal government have resulted in some some I discovery of ot new ore And these j projects will be continued through most lost of ot this year Low Prices Handicap X Development Despite such discoveries however how 1 ever Extremely low metal prices have handicapped our ability to too I develop new ore as rapidly as 1 desired and ore reserves reflect a moderate decline during 1962 We hope that the development work along the Ontario 2000 and 2100 foot toot levels and the southwest southwest south Southwest west exploration project will correct correct correct cor cor- this imbalance before the end of 1963 shareholders were told During 1962 the firm produced tons of dry ore from con conn conventional conventional I operations versus 71 71 such tons tons in 1961 Production I from block leasing system dropped drop drop I ped from tons to tons last year No company ore was produced produced produced pro pro- from the Keystone Keyston Keystone Joint I Venture although development work ork proceeded However block j I leasers in the Keystone produced tons tOM officials said that the administrations administration's ad administrations ministrations ministration's new Trade Expansion Expansion Expansion Ex Ex- Ex- Ex Act ha has multiplied the economic problems of the inde inde- pendent zinc lead miner of the western United States Free World Worlds Trade I Co Compounds Problem I I Although the United States Tariff Commission has reported continued injury from excessive foreign imports of ot lead and zinc on the part of the domestic miner I metal prices remain exceedingly exceed exceed- exceedIngly exceedingly low because nothing has hasI been bren ac accomplished to correct the I situation The firm said that the rising tide of ot increased free world trade I makes the task of assistance to I the zinc lead c seem mountable I It It 11 is practically impossible for forthe forthe forthe the western zinc lead producer to compete with foreign producers I Iwho who utilize low wag wages modern equipment and high grade ores ores ores- unless that western producer is isable able to maintain substantial ore reserves that are relatively rich richin in value This is the range long objective of ot United Park City I Mines Co officials said I |