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<br />OF THE PRESIDENT
<br />REPORT
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<br />In gold ti '
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<br />Some i
<br />vminlty ~ ~
<br />Tn iGt S~rlclid~~ild~~:~ of TGe A~acGoria=~claoad'~Vlvtaa~rag a~ed~Milling~~:Go :.~ .... a,rti
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<br />thirty feF
<br />s°tPlijaes :::.. _ ..
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<br />at the lime ei the last annual meeting the company, had7ust~~acquired possession of~the ~
<br />Cha
<br />are loom
<br />osiaizea„ nel
<br />au.i toniiguous veins Through the termination of the leases, and were in the midst of the somewhat ez•
<br />an the o~ lvt corstruciim; and development work deemed necessary for a proper and economical workin
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<br />f
<br />
<br />soft ore en;
<br />g o
<br />fhe
<br />(develoPi :?; OPert}'.
<br />drop mu' Ti;e main shwa had at that time been sunk to the depth of 300 feet, but the new machinery had
<br />side of ~
<br />insaata and only a small amount of drifting along the vein had been done
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<br />Sarnnnt:..__ „
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<br />as th,
<br />nriaa; ntr.~ 1+~mtt a connection was made between the new shaft and the old workings. Soon after
<br /> ti;a: tic: mun it~~ei «a~ pushed north, opening new bodies of ore nn the main vein, and giving access
<br /> to ;he plalontr Cross Vein, which has since that time, produced continuously a good grade of ore, and
<br /> at lima sonm of enormous richness.
<br />v
<br />By ih: tst of August, the Directors deemed the production of the mine and the outlook sufir
<br /> :itnti~~ goon to wan~am the payment of a monthly dividend of one cent per share. The first divitleuJ
<br /> ~~:as dslarcd mt the 6th day of August, 1896, payable on the 15th of the same month. A dividend of
<br /> the s:mta amount h2 been declared regularly each moltth since that time, and the present outlook a;
<br />l the mint v:arrants the belief that it can be continued for a long time to come.
<br />,
<br />uuring the year, the main shaft was continued down to a depth of 740 feet and a very ;large amount of
<br />i+ aevtlcun t ; worl ion From the main shaft, levels have been run at frequent intervals and a large
<br />~~ _: crs l :o.' ai ,ut. The General P.lanager's report, which accompanies this, gives a very full anh
<br />+k'- ~3ttaiitd account ci tilt work done during the year, and makes a showing that reflects greaf credit on 6oih
<br />,i ~ tint M1t mager aed iht Superintendent.
<br /> me urosput for the ensuing year is very encouraging. We are entirely out of debt-we have ,
<br />I~ zomlttrt plant of machinery-large quantities of ore blocked out and a fair surplus on hand. Our sur
<br />° rlus could have I'eta much larger, had we not paid more attention to development than to taking out
<br />k
<br />p„k_; r ore during most of file year. During a l,~reater part of the time, a large part of the force was em
<br /> ploytd solely noon development work. It is not our purpose to follow this policy during the coming
<br />;•'
<br />i vtar. Mort anention hill be paid to taking out ore, and while development work will not be abandonai,
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<br />k ~ it will Le on .t mort moderate scale. The only unsatisfactory condition that exists is the inability io
<br />~
<br />~ market our low-grtde ores a*. a satisfactory rate. We had hoped that the numerous mills being Uuilt «oul}
<br />!" `
<br />i
<br />~ give us a saiisr
<br />acion market at better prices, but it stems that the output of low-grade ore increases in
<br /> the camp rtseer thsn the milling facilities, and natura;ly, as long as the mills get all the ore they can
<br />~' `; i treat at the ctld prices, there is no reduction of 'treatment charges. While this condition speaks exceeh~
<br />t~" ! in;ly well for fiat camp, it is a serious thing for the mines.
<br />j'; Lo.r treatment charges would benefit us in more ways than one. We could mine all the ore in
<br />`~~ [he VCIn. 110th hitch m,A 1na, ra A~ 4nn<F6or .,rl ~ftor v1:n64 ~..~i:.,,. ..~,~ „F 41,n h:nh-urad~ crnA !ht
<br /> --~-- ._ . .. w. ..... ..~ .... ... .. .___, __._. ...
<br /> res, io the mill. In this way our mining and sorting expenses would be greatly reduced. As it is nom,
<br /> we art compelled to wort: only the richer bodies, which are often narrow .and inconvenient to get at,
<br />. `
<br />k unless taken out in ronnection with the ]ow-grade ore that usually surrotands them.
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<br />,<< We cannot now take out these different grades together as it would so greatly reduce the average
<br /> values as to n;:tke ii unprofi[able under the present conditions. The only apparent solution of this prob~
<br />
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<br />B! 't£
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