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:\s there is a crnuentntion by the mill of four tons ore into one concentrates containing the <br />gold. silver and copper contents of the ore, which would therefore result in 79.o9t tons concentrates, we <br />have, to still further assure saieq-, deducted 20 per cent. of this tonnage as a possible loss in milling, feel- <br />ing that this amount will more th:m cover any loss through such operation. This kill ]e:tce 63,272 tons <br />concentmtes of a value in gold, silver and copper of $2S.G~. <br />C^._-_ tons concentrates at $25.6~ .......................$[.St2,no.oS <br />o "i' <br />Less cost of mining, milling, smelting, etc . .............. S3S,356.So <br />Profit on the milling orc ...........................5 973.753.26 <br />Or S3.o7 per tun profit. <br />Xet profit on snte;ting ore ..............................$ Sot.7G~.62 <br />' \et profit on milling ore ........ ...................... 973•i53.-'6 <br />~ . ~ ~ <br />., I~~~ lbutl net profit ui ore blocl:ed ......................$t.:175,5tf.to <br />St <br />•;rf .' <br />~`~ ~ ~, ~f• <br />, <br />C <br />, <br />:\ careful sun•cy of the estinrues will shore that precaution has been exercised in obtaining <br /> <br />.• I <br />k <br />I Iy; actual data, something tangible, devoid of specula ice ieahtres and based entirely un business lines, ht <br />' <br />~ ~ ~ t the estimate 3~S.ooo tons of ore is taken, because this amount is blocked out rc-.uly for extraction and <br /> i <br />j <br />, <br />deliven• to mill or smelter. \\'e could have taken rivice or three times this tonnage as a basis for calcu- <br /> ~ <br />~ i lation, because 811 t17C LttaSlti of ~O$. 1. 2, 3. 4, 5, G and 7 levels arc in ore. and such a tonnage could be <br /> ~ <br />~ <br />• slxedily developed by driving these let•els ahead, btu to avoid am chance of estimating something <br />'i'` tchicb, [chile certainh• there, still is not blocked ore, we have restricted the estimate to only the ore <br />' ~~J opened up to the breast of the levels. L'}• simply extending these levels a much greater tonnage in :uldi- <br />,' (I. lion can be speedily developed. <br />t if M~ 1n addition to au~nnenting the alrruly blocked ore reserves by extension of the levels, No. ro <br />~' r.. li i Ieccl is being driven lower dotcn the mountain side and the ore nxasures again intersected 30o feet be- <br />'~~ lore the present workings, again opening up this rentarl:able orer--one. <br />' <br />' <br />h ~ hc <br />1 <br />]t can be seen trom the abure that the valuation of the Henrietta is based upon solid data. <br />~~ -S: <br />r"~ question of personal equation has been entirely avoided. 'fhc assays of content tal:e» from large wn- <br />, <br />Y', K; <br />Wage shipments are above criticism. Suudl possible errors have been lost in the large aggregate, su <br />l:. ;: ~~ <br />1 ' that this cahtation stands out on a solid actual business basis. liar be}•ond the work of any expert, this <br />.fi. ~t: ~ <br />~. tonnage of both smelting and milling ore proves stronger than :ui}• other nu:ms the worth oC the Jlen- <br />1~ j~, <br />\~! Y.t- ''.'' rictta mine. <br />I pace ahcacs wurlced iaitb(ulh• and made honest stateutents to you of the properly, and b:n•c <br />put the prupertr in tbe best shape ]could fur economic wurl:ing, and I should be pleased to hate it <br />compared with any mi.^.c in the San Ju:ut cotmtry ur in the \Vest. <br />I have the honor to be, <br />1). U\1L'Iif,L, <br />Su/~t. u( aliuac, %'kr .S"un Inan .S~nt~'flin,~ i•'r Jtrliuiu~ Cu. <br />'~ <br />~~ <br />Ib <br />1 <br />~~ 1 '~--_ <br />_ 1 <br />