MINEBK00205

• County: Teller
• Document: Manager
• Suffix: A

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REPORT ,COF THE PRESIDENT, - ~ ~~
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Tn ihr Sinrhbo]dr'c~ of The Arlcboria-'>.ela~ad ~~vlini~r, a~~d Mzllang'-'Co ~~~- ~ ~,
a. ttt~' iinre of the last annual meeting:. the. company. had. ltsst acgmred possesvon of the Chang
as d ~on~icuotts ,ems through the termination of the leases, and were m the madst of the somewhat ez
,e Ve rts;ru 'tort arrd development work deemed necessary for a proper and economical working of r)tt ~i s
Pi(1D [~t'.
TI ` t711n dta{; had at drat time been sunk to the depth of 300 feet, but the new machinery had ` '
m r s tten u' ~ahea and on]}' a small amount of drifting along the vein had been done. It was ih
mdciie r,_ wte berore a connection was made between the new shaft and the old workings. Soon attar
mt fire mart, level u•as pushed north, opening new bodies of ore nn the main vein, and giving otters ~~
t, fire 6laionet Cross \ ein, which has since that time, produced continuously a good grade of ore and ~'
at limes some °~ enormnu5 richness. 1
j3c the Ist of .august, the Directors deemed the production of the mine and the outlook su(f~ ~ :
cientiv cool to war; ant the payment of a monthly dividend of one cent per share. The first divideni
r , d iarz„ on the Gth day of August, 1396, payable an the 15th of the same month. A dividend of
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ine same amount has Deco riectared reguiady each month since that time, and itae presenf ouflook at
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ore none t a-rants the belief that it can be continued for a Sang time to come.
GurinK the }'ear, the main shaft was continued down to a depth of 740 feet and a very ;large amount c
:ievelcpment worl.Jdone.JUr°ntihehGene'nl rSanagP;evelepohave bch accompanieseglent rivesrv~lsverydfulllaw
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,,z aia t .tccouni of tiro work done during the year, and makes a showing that reflects greai credo on holh
iiv Nana'ter and the Superintendent.
"fhe prospeci for the ensuing year is very encouraging. vJe are entirely out of debt-we have a ~'.
,onndete pl:utt of machinzry-large quantities of ore blocked out and a fair surplus on hand. Our sur
plus would have Leer much larger, had tie,reatepmartnof thetettme, a°]argelpartVrof the1afoocea~vagem k
or ore during most of the year. During a b p
ployed <olely upon development work. ]t is not our purpose to follow this policy during the coming
yeas More attention will be Pa'' caletakThe oonl oreunsatisfactory dcond tionntthat rexists] isothee inabilajnto ~~~
it will Le on a more moderrte Y
make[ our loo--grade ores at a satisfactory rate. We had hoped that the numerous mills being built would '
Live us a sai~_factory market at better prices, but it seems that the output of low-grade ore increa<es in
fire camp faster than the milling facilities, and naturally, as long as the mills get all the ore the}' can '
tract at floe old prices, there is no reduction of treatment charges. While this condition speaks exaed
in>;iy well for the camp, it is' a serious thing for the mines.
Low treatment charges would Uenefit us in more ways than one. Wevcould mine all the ore m
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`•li•~1.4 ••••tiia~ ••••t rF 1111 1`,:'vh ,rY~Itu CPIIII tlli
the vein; both high and low grade togeN.rer, and afier a ~ s~` ~~~
rest to the mill. ha this way our mining and sorting expenses would be greatly reduced. As rt asetoai,
we arc compelled to work only the richer bodies, which are often narrow and inconvenient to g
unless taken Dui in connection with the ]ow-grade ore that usually surrounds tha ~ tl reduce the averagz
Nre cannot now take out these different grades together as it would so g Y rob
values as to make it unprofitable under the present conditions. "Che only apparent sohriio^ of this p