Show Cranmer Shows Leasing Operation at t New Park Proving Profitable I New Ne Park n C. C Co Is Ls hop opt op op- t Its Mayflower property pro inthe In Inthe Inthe the Park C City district profitably under the new le lesee leee ee s W WIL H. H It Cranmer Cr p president sd lt a ad advised s reto d' d rs Thursday inthe In Inthe Inthe the firms firm's annual report aid 1 were Mr Tr nl Crl Grander tr plans under t way f t tM r continued exploration exploration atlon In the Mayflower 1 Mine wh where re cop copper r values alues are IncreasIng Increasing ing appreciably The hi of his annual AnJal report Include 1 A combines combine market price drop for lead and zinc of 22 pI per percent percent cent during 1957 as a n direct result of excessive Imports of foreign metal He urges write their congressmen con con- gressmen gre and senators to enlist their help In having President Dwight D. D Eisenhower approve the recommendations of three members of the U US S. S Tariff Commission Com Commission Commission Com Com- mission for higher duties and quotas on imports s of l I lead ad nd and zinc 2 While the Ma Mayflower l flower Mine line closed last year due dut to operating ing lo loses se caused by low metal prices it later Inter reopened on a B alease alease lease hl basis ls Consequently New Park r re reports reports re- re ports a net profit for last year of as against ag a net loss of In 1956 when the firm was operating the property as a company program Income from ore orn sales last year was which Includes treatment freight and smelter charges This compares compare with Income of Including in including In- In In such charges In 1956 The company had a loss ot of on mine operation per perse perse se P. P In 1957 as ns against a loss o oi of I t I 1 1401 n the H cs i n pro pro- I aai In tI the r. r pr pr 1 us year yar Can of If t 11 was w reported n ml c ous s sources urles last r ir t 38 8 S 2 In divin divi- divi n i 4 i pr mu mun adjustment 1 1 t 1 5 W In refund and m- m n terest TS on en n federal Income taxes tares I Dividend nl and premium adI ad ad- i came to S In I tn t II 0 I initial J Int on the West West- r n t r c structure ur durn 1 37 57 In Inand r and nr County Cun y pr M a po potential na laural urgal ural ur gas gal fil field J. J New Now Park is I largest stockholder In Oil It Tn b OT t r 0 on the pool I I 4 1 t Th The corr company cor an continued its 1 div dl diversification plan and has a aI I substantial Interest in a gold told ext ex- ex oration t rl in north cenI cen cen- Itral I Nevada 5 led Bed i type ore deposits in i f rocks continued to tobe tobe tobe be source of principal production In In the Mayflower Mine last year las Ins I as against fissure type deposits deposits in In igneous rocks in previous years years I Interest continues to grow IrI Ir IP the possibility pO of new ore bodies I in the sedimentary rock horizons horizon to the west of pf the present May- May Pov fim er er r Mine zone zone tin in Park City I district j I Plans are arr now progressing 1 I far hr an Bit exploration project t In InI inthis 1 I this area arfa Mr Air Cranmer said I During 1957 the copper discovery discovery discovery dis dis- dis- dis covery In the Mayflower Mine was developed during 1957 and produced tons of ore averaging averaging averaging aver aver- aging 9 If per cent copper This is an important development for New Park and the Park City distract district district dis dis- tract as it indicates an extended mineral zone in our mining properties properties properties pro pro- the official related Lucky Me Mc Uranium Co In which New Park is the second 1 largest shareholder next to Utah Construction Co placed its ton-a-day ton mill at Gas Gns Hills district district district dis dis- dis- dis on stream I NEW PARK as joint venture with San Luis Mining Co and Boston Doston financial interests dropped dropped dropped drop drop- ped its holdings in the Republic of Guatemala during 1957 after exploration failed to disclose I lead carbonate carI carbonate car car- bonate ores N Mr 11 Cranmer told shareholders I ho h he vas was optimistic about the de deI demand demand de- de mand for metals and nonmetallic nonmetallic non me I We Ve are indeed enter enter- enter enter- entering i Ing ling upon a new era which win WIll winI WIllI I I make New Park a most satisfactory satis- satis t J factory and profitable enterprise I f for Its stockholder he said I |