Show Nice Increase in Income Noted by United Park at Meeting United Park City Mines Co is pushing ahead despite probabilities probabilities probabilities that lead and zinc prices will continue to drop James Ivers Jr company president told the annual meeting Tues Tues- day Positive fa factors c tors include Bootstrap modernization of the mine that will contin continue e to en enhance enhance enhance en- en hance operational efficiency Ore are bodies opening up well beyond immediate production requirements and geological connotations suggest this trend will continue to be the case for some time Government control of silver will end sooner sooner rather than later and we may see the price of silver starting to climb in inthe inthe inthe the immediate future Mr Ivers pointed out however however however how how- ever that because of the present present present pres pres- ent to silver-to-lead ratio of ore currently mined silver would have to rise 30 cents an to make up for a drop of a penny a pound in the price of lead As for the resort division state out-of-state skiers responded significantly to the mines mine's ad advertising advertising advertising ad- ad and promotion efforts last winter During the s summer u m m e r the resort division will make a strong bid for picnic and holiday groups along the Wasatch Front and as much convention trade as can be accommodated As for better silver ratios Mr Ivers noted that certain areas of the property have historically historically historically hist hist- yielded much higher silver values than present ores Within the limitations of its present capital position the i II company is re-examining re ac ac- ac zones and plans to do follow up with short-range short ex ex- But here I must express a. a word of caution Exploration isby isby is isby by its nature a studied risk and we may perhaps improve the odds by the ap application application application ap- ap of modern geological techniques the final result re remains remains remains re- re mains uncertain Mr Ivers reviewed the ra rationale rationale rationale ra- ra of a major renovation renovation- of hoisting and haulage facilities funded by a b borrowing 0 r l' l 0 win g of United Park City had income of during 1966 compared compared compared com com- pared to the year be- be fore Net loss was compared compared compared com com- pared to the year be be- be fore Mr Ivers noted that the per performance performance performance of the mine during thelast thelast the thelast last quarter of 1966 and the first quarter of 1967 dramatically showed the effects of the modernized modernized modernized mod mod- ore extraction ques During the first quarter of 1967 mine income before de- de pl cia t ion totaled compared to in the year-ago year quarter i During the fourth quarter of 1966 mine income before depreciation de depreciation de- de tot totaled ale d compared to for the fourth fourth four four- th quarter of 1965 Mr ivers noted that the significant significant significant signi signi- gains were realized in spite of the fact that the earlier quarters reflected lead prices at levels of two cents a pound higher Salt Salt Lake Tribune |