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<br />'30th, showing assets of $2,145,032.24, we did not figure one dollar of
<br />valuation in any of these other veins,.or.anything that is yet undevel-~
<br />cped in the Henrietta vein.
<br />Since the last printed report was made, the company has con-
<br />tracted with the Oliver Reduction Company for a concentrating mill to be
<br />built at the Poot of the mountain, by the railroad, on Cement Creek,
<br />with machinery of Sour hundred tone daily capacity, to be started with a
<br />'capacity of two hundred tons per day and .increased as needed to its full
<br />capacity, which will probably be during the summer. This mill will be
<br />connected with fio. 7 tunnel by the above mentioned tramway.
<br />In the Henrietta and Lizzie mines there are now about two hun-
<br />dred thousand tons of ore opened; a large proportion of it is milling
<br />ore, and the other smelting ore. The ore can be mined, taken out, and
<br />delivered to the concentrating mill or cars, when the tramway is complet-
<br />ed, at less expense than is the mere expense now of hauling it by wagon.
<br />.hie alone-will save hundreds of dollars per day. The four hundred tons
<br />er day handled by the mill will make from 80 to 100 tons a day of clean
<br />oncentrated material ready for the shelter. The taking out of this
<br />filling ore will furnish a large amount of smelting ore in addition. At
<br />he present time, in taking out the smelting ore we, have to take out
<br />everal tons of milling ore to each ton of smelting ore, ani as we have
<br />s yet no mill to handle it we have to put it over the dump, which you
<br />an see in the picture above mentioned, and only ship the smelting ore.
<br />n doing this we have to put in heavy timbers to hold up the massive
<br />uantities of milling ore which is more or less loose. When we get to
<br />eking out all the milling ore aril treating it, we will not have to tim-
<br />er this way, and the mining will be much less expensive; in fact, we
<br />an mine the ore and deliver it into the mill under contract, I think,
<br />or sixty cents a ton, after the levels are run, and that will include
<br />he ore now developed.
<br />We have arranged for a company to take hold of some adjoining
<br />ropertiea, and drive a tunnel on the vein, which will develop the
<br />enrietta vein to about twenty-four hundred feet below the mountain top,
<br />d about seventeen hundred feet below the ro. 7 tunnel, which should
<br />ve enou_eh ore bodies to last for generations to come, to treat at the
<br />to of from five hundred to one thousand tons a day. These workings
<br />11 start some time this winter, and we expect them to be pushed contin-
<br />usly and vigorously by power machinery.
<br />We are also enlarging the smelter, which has made good profits
<br />er since it first started, end putting in many thousands of dollars
<br />rth of improvements in a way that we can handle a greater variety oS
<br />- ee, and s larger quantity. We are erecting a large, strong ad'dition-
<br />building. ~ ~ r
<br />The Kendrick Promotion Company has advanced the Smelter Company
<br />e money to take up deeds to balance of its mines, for which we are
<br />lling t,ne one hundred thousand shares of stock, and have cleared the
<br />operty from all of this indebtedness with the exception 'of what little
<br />- - coming to The Kendrick Promotion Company, but this will soon be paid
<br />by.those who have subscribed for stock and are paying in installments,
<br />Eros the stock sales that are coming in daily.
<br />There is no bonded, mortgaged or trust deed indebtedness.what-
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