Show United Park City Mines List Profit United Park City Mines Mine Co Thursday net profits of for 1055 1956 reported compared with a net low foes of 1995 18 for 19 1054 1954 4 M. M Wallace Salt Bait Lake banker John said saki Inthe In Inthe president of the company and ml annual report the figures were after the tee depreciation but before deduction deductions deductions de de- taxes and for depletion The firm formed in 1953 through of Sliver Silver King Coalition Mines merger Park Fark Utah Consolidated Mines m and Co zinc lead mines In Inthe Inthe Inthe Co cc operates Park City district the Mr Mt Wallace reported that sale of ore last year amounted to 1 compared compared compared com com- with In 1954 1864 pared The mines were operated during only last four months of 1954 having the been closed because of depressed prices of lead and zinc During last year United Park City employed an average of people drove feet of development Miners and sank feet of diamond work drill and feet of percussion drill exploratory hole Some Bose dry tons of ore was waa produced produced pro pro- I which Included 2900 2000 ounces of gold ounces of silver sliver pounds of lead pounds of zinc and end pounds of copper Metal prices Improved during 1955 1956 moving from 15 cents per pound for lead and 11 a 11 cents per pound for zinc to 16 cents and 13 cents respectively These Increases In price resulted from the United States governments government's long- long range stockpiling program more than from any other reason Mr Wallace stated Foreign Imports of lead and zinc ores orea and metals were greater In 1955 1956 than in la 1954 and represent nearly an all tUne high Even though domestic use and demand for the two metals Increased to toa tos toa I production was waa a s new record domestic considerably below avera average e for the past 10 years This Thle reflects benefits to the low-cost low foreign producer Mr Wallace Bald The mining firm executive added that ore reserve figures figures' at United Park Parle I Increased slightly during the 1 City were This Indicates that more than one year tear ton of new ore was waa found and developed II for rot each ton that was waa mined built back to the treasury was waa Also Alao 1 I appears appears' the substantial position that appears wise for an enterprise of this scope It Itla Ite by the directors that In la la 18 e recognized order to make a 0 profit and pay ay a 0 divi divi- dividend dividend I I It Is necessary to Increase production tion well above the figure for 1955 Mr Wallace said sald I I Therefore emphasis during the year has gas been on development work We trust that hat by spending so eo much money on development development de de- work new ore will be discovered discovered dis dis- covered at an accelerated rate and that It t will be possible to expand production substantially Robert Robert W. W Bernick Tribune Tribune Trib Trib- une me Business Editor |