Show Encouraging Report i Of United P. P C. C Mines s sI sI I I In his Up and Down The Street j I column in l s T. T Thursdays Thursday's Tribune I II I I Robert W. W Bernick gave the following United Park City Mines Co has cut Its Us los losses an and Is la developing new reserves resen-es I II at a rate gre greater ter than production John M. M Wallace firm president said Tuesday I in annual report of the concern The company formed through merger merger of Silver King Co Coalition Mines Co and r II Park Utah Consolidated Mines Co In 1953 was closed down all bu but four Zor months of ot last year due to depressed metals metals' quotations U I Mr Wallace said net loss during 1954 amounted to compared with I losses of from irom May May- 8 to Dec 31 1953 During the first eight months of ot the year your tr treasury was being depleted by approximately a month in order to pay taxes and maintain the mine in a minimum state of ot repairs Mr Wallace Wallac said Therefore when metal prices moved upward It was decided to start operations operations operations opera opera- in order to stabilize the company's financial position Production started on Sept 20 1954 and was built up to dry tons a day on onD D Dec c 31 1 1954 he be heI beI I I reported Development work was built up to a aI I substantial program by end of the year estimate development t work Geol Geologists I during the period discovered slightly I Imore I more than one ton of ore Ote reserve for I each ton mined Mr Wallace Wallac said as a 0 result of even th these se limited mining operations the I I dr drain ln a month for tor or taxes and maintenance was eliminated and approximately approximately approximately was restored to the treasury of the Park nr City District producer pro pro- ducer The Tho firm produced dry tons of ot ore containing ounces of gold ounces of silver 3 pounds lof of lead lend pounds of ot zinc and pounds of ot copper Some 2025 feet of development work I feet teet of ot diamond and 2879 feet teet of percussion drill holes were finished in exploration efforts last year Total Income was compared I with In the previous seven months 1953 period Current assets on Dec 31 1954 were I including more than in cash and negotiable government se securities se- se curl ties while current liabilities were Current assets on Dec 31 1953 were and current liabilities |