Show Annual Meeting Called Called- Mines Among Leaders I The Tho stockholders of the Silver SUver King Coalition Mines company were notified I this week by S. S B B. B Lamkin secretary that the annual meeting of the company would be held In Salt Lake City on March 16 15 15 1948 1048 at 2 p pm p.m. m. m The purpose of the meeting will be to elect a board of directors and to receive receive re receive re- re the annual report of the officers Mr James Jame Ivers Ivors vice president and general manager will submit the following follow tollow- following I ing A A resume of the results of operations I for 1947 as contained la in the reports attached attached at attached at- at I hereto discloses that production of tons of ore yielded revenue of which with premiums paid pai by Government for production of 41 i and received iron froli j Metals Reserve Company covering ex ext ex projects and miscellaneous Income of accounts for lor total total 1 revenue of E Ex Expenses x p pen e n s e s amounted to leaving a net lost loss for tor the year before depreciation of adding plant depreciation of accounts for a book loss of to this add taxes paid under protest in prior years now charged off as making a total loss Of The above figures broken down into quarterly periods show A first quarter book loss of or 47 cents per share e a second quarter profit of or 84 cents per share bhare a third quarter loss of ot or 68 cents per share and a fourth quarter profit of ot or 11 cents per share For the first quarter of the year the mine suffered from severe labor shortage and low metal content of ores mined 1 together with a reduced tonnage dally v ered erect to to the mill Return to a six day week the abandonment of low grade stoper the addition of a night shift in ina in a higher grade section of the property accounted for Improvement In the second second quarter Premium payments ceased after June and the loss sustained for the j Y third quarter was In the approximate I amount of the premiums no longer available Figures for the last three I months of the year reflect nearly adequate adequate ade ade- quate manpower and the commencement f of mining heretofore unavailable high grade ores in the west end section of the property 1 The relative values of metals paid for foro Inclusive of ot premiums received are as follows Lead Silver Saver 1888 Zinc 1757 Gold and Copper 99 Manager of Operations Mearle Q O. Heitzman's Heltzman's report will state I Mining and milling operations at your Park City property were carried on I I regularly without Interruption during during the tho year 1947 The mine worked one shift per day until March when a night shift was started in a portion of the mine and by the first of December nearly all of the mine was on a two- two shift basis A five day work week was fn tu effect until April when the work week was changed to six days L The m mine worked 2885 days during the year with an average of shifts worked per day The supply of labor improved during I the last two months of the year and at atthe atthe atthe the present time few more employees are aro needed except for replacements until I development work gets beyond production production production tion and more faces of ore are opened up and made available for sloping A total of tons of ore are was mined Of this total tonnage the concentrator treated tons of ore while tops of crude ore and tons of siliceous siliceous silice silice- I ous crude ore were shipped direct to the I smelter Mining costs including haulage and hoisting costs were I Development advance for the year totaled feet of development work and 2155 feet of diamond drilling The total cost of development work including I I ing haulage and hoisting costs was i Exploration work in the section of the mine has disclosed a I typical Silver Sliver i King feeder vein which has produced I j. j a small tonnage of ore to date This vein I extends for a 1 considerable length I. I t through virgin ground and may prove valuable with further development work In the West End section of the mine development work below the 1960 has been ten slow due to the heavy flow of water but at the present time the water is under control and good progress progress progress pro pro- gress is being made If this scope continues conI continues con con- with its present size and grade I a considerable tonnage of high grade ore should be rapidly blocked out and then the extraction of ore could be materially Increased The Statistical Summary of Operations j I of this report shows the extent of development development development de- de deI I footage tons of ore mined i and milled tons of concentrates produced produced pro t pro pro- and sold the average assay and I II i total metallic content of all shipments I i iI iI I LOCAL LOC MINING lINING CO COMPANIES II I AMONG IU U U I Soaring on a per cent increase in copper output and lal per cent Increase I lin in gold metal mining in Utah In 1947 1047 rebounded with great vigor from the lows of 1946 and gave the state one of the I best peacetime years In its minin mining his his- tory Silver lead and zinc also made i good records silver sliver gaining 80 per cent in quantity lead 57 67 and zinc 49 per cent rent i I Utah's production in 1947 with values I In parentheses was Gold oun s I i silver ounces copper pounds pounds' I II lead pounds pounds' zinc pounds I a a total value of compared with in 1946 1948 I Gold 1010 Gold production In Utah in 1947 was highest in the history of ot the state The Utah Copper mine was the outstanding producer of gold In the state followed follow d in order by United States Lark group group at Bingham New Park property in Park City region Bullion mine Chief Consolidated property and Eureka Lily Lilly mine all in district National Tunnel te Mines Nines Co In iii W West gat st Mountain ln Bingham district mine inRush In InRush I Rush Valley Vailey district and and Ea Eagle l end and n Bl BlueBell Blue e eI I Bell mine in distri These tr t. These 9 properties produced over 98 98 percent per r cent of M the state te gold in 1947 1941 B Base metal Base l metal etal ores continue to s supply ff pj tats gold gold- gold cropper ore 88 M perc pe b Ht H leadore lead ore are 8 a per cent and other metal base-metal ores 3 J per cent leaving only 3 pet pcr cent contributed con con- by gold and silver ores in Utah t o Silver Sl production ver production In 1947 was highest since 1944 The Important silver en era In Utah in 1947 In order were Utah Copper mine United States Lark group Chief Consolidated Mining Co Park ark Utah Consolidated Mines Co New Park Park Mining Co Silver King Coalition Mines Co calumet mine Pacific Bridge Co Standard Mining Co and Butterfield property of at American Smelting Smelting Smelt Smelt- ing Refining Co These 10 properties contributed 91 per pr cent of the states state's silver sliver In lu 1947 Copper I Yield of copper in Utah in 1947 1917 virtually vir vir- vir equalled that In 1041 1941 the first year Influenced by World War II and has Inot I Inot not been matched in any previous peacetime peace- peace time tine year in the states state's history Only in the Ithe years 44 1942 has it been surpassed The total would have been even greater had the labor strike not occurred on tho the I BIngham and Garfield Railroad which I from October 22 to November 5 nn cad and l Is estimated to have caused a loss of some pounds of copper from the Utah Copper mine As the largest largest largest larg larg- est copper mine in the United States the Utah copper mine produced all but a relatively small part of Utah's copper in 1947 and contributed more than 30 per cent of the nations nation's mine output of the metal Other mines that yielded over overa a million pounds of recoverable copper in 1947 were United States Lark group National Tunnel Mines property which closed in August and the Columbia Columbia Columbia Colum Colum- bia group of Ohio Copper Co all In Bingham district Lead oad Lead tead mining In Utah in 1947 made a acry avery very cry favorable showing and had the best year since 1944 1044 Production of lead at United States Lark group was more than double dO that In 1946 1948 The 10 30 leading producers of ot lead In order were United States Lark group Chief Consolidated Mining Co Silver King Coalition Mines Co Cc New Park Mining Co Park Utah Consolidated Mines Co Calumet mine Butterfield group Pacific Bridge Co In International International International In- In smelter slag dump and Horn Silver mine These properties contributed ed 91 per cent of the state lead total Zinc Zinc Zino output in Utah in 1947 rose to the highest figure since 1943 Leading producers of zinc In order were United States Lark group New Park Mining Co Tooele slag fuming plant Chief Consolidated Mining Co Pacific Bridge Co Park Utah Consolidated Mines Co Calumet mine and Silver King Coalition Mining Co These 8 producers supplied 88 per cent of the zinc in the state in 1947 Mining l Mining and Industrial News STOCK SALES BALES THURSDAY East Utah Utah 2000 New Park Park 1500 1500 New York Exchange Park ark Utah Utah Silver King Coalition Coalition FRIDAY East Utah Utah 1800 1800 y New Park Park a. Park City Consolidated 2500 2500 Silver King Western Western Western-loo New York Exchange Park Utah Utah 1300 1300 t Silver King Coalition Coalition SATURDAY East Utah Utah New Park Park j. New York Exchange Park Utah Utah 2121 Silver King Coalition Coalition Q a TUESDAY Bullion Bullion 1000 4 c 1000 2000 at 4 4 c. c Chief Con Cardiff Cardiff c Q Con Eureka Eurek Eureka 1000 1000 a East Utah Utah a I Horn Silver Silver 1000 1000 Leonora Leonora 7 c 7 jC c 1000 6 New Majestic Majestic 2000 2000 9 9 c c 2000 9 c. 9 New Park Park North Standard Standard Oc Park City Consolidated Consolidated 1000 Rico Argentine Argentine I Royston Coalition 2000 Coalition 2000 ft a Sc Silver Shield Silver Standard Standard 3 Standard Standard Bingham Metals Metals 2 c. Central Standard Standard 1000 a ill Crescent Eagle Eagle 1500 1500 j Indian Queen Queen 1000 2 c i Eureka Mines Mines I Silver King Western Western j I WEDNESDAY E a I New Park Park j. i New York Exchange Park Utah Utah SHIPMENTS New Park Park Utah I Keetley Park Utah Consolidated 1 Silver King Coalition cons Total |