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<br />The development on the "Jones"' shaft and "New Vein" amount to 640 feet, with little stoping.
<br />1 should recommend in the future working of this new vein, to; make the stations and levels be
<br />run every too feet, as we have already considerable ground available for stoping several months ahead
<br />with a full force of tnen, more than enough to keep up our shipments while the shaft is being sunk 200
<br />feet and the' cross-cut driven to intersect the vein.
<br />The ventilation of the mine at present is good, but the deeper workings ahd a large number of
<br />miners, increased ventilation will be necessary, and 1 am preparing my work to meet the emergency both
<br />by natural and artificial means.
<br />It will be my policy to do al] the work in such a thorough mining manner as has been done during
<br />the past year; fo equip the shaft cage with good ladderway, speaking tubes and electric bells at every
<br />station.
<br />Tpe policy of teasing small blocks of ground in this camp has often proven of great value to the
<br />company. We therefore leased the north end of the Pharmacist claim, 300 feet by 300 feet, for twelve
<br />months, at 25 per cent. royalties. The lessees have sunk a shaft 130 feet attd have run across-cut sixty
<br />feet from the bottom of the shaft, in the attempt to strike the "New Vein."
<br />The company worked the old shzft until last December, but recently leased it at 20 per cent royal-
<br />ties. Prior to leasing it, 1 went through the workings, and through the shaft and had them thoroughly re-
<br />paired. The Lessees, by the term of the agreement, have to sink the shaft 100 feet during the year, mak-
<br />ing the total depth 756 feet. Tltis lease is 300x300 feet on the south end, reserving to the company 900
<br />feet of the central part of the claim.
<br />Until the new shaft was completed, January 25, my work on the new vein was very expensive, costing
<br />fully 75 per cent. more to handle the waste and mineral than it does at present, as the ore and dirt
<br />had to be hoisted by windlass, trammed to the old shaft and elevated to the surface; whereas it is
<br />hoisted direct through the new shaft. The sorting now only costs 51.1o per ton, against 53.25 per ton
<br />at the old shaft, effecting a saving of 52.45 per tort. The expenses and improvements of the property
<br />have been paid out of the new vein since last August. The indebtedness of the company incurred
<br />through former management amotlttting to 540,000 is our total indebtedness, and unpaid.
<br />The amount of ore shipped during the past yea[. was as follows:-
<br />Smelting Ore, 1,079 tons .......................... ........Set returns, 53,920 00
<br />\lilling Ore, G41 tons ....................................Gross returns, 51,340 70
<br />Royalties from Leases .................................................. 005 80 555,878 50
<br />Sate of Ore Car .............................. .................... ...... 38 OO £38 00
<br />Total, according to estimate made from Treasurer's books.......... 555,910 50
<br />In conclusion, !wish to congratulate the stockholders upon the enhanced valt[e of their property,
<br />and upon the very favorable prospect for the future which was never so bright.
<br />Respectfully submitted,
<br />A. D. JONES,
<br />President and Marueger.
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