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~' ~ <br />i <br />A <br />ii , <br />( ,. <br />r <br />Ilr <br />i/ <br />I' <br />~' <br />.,'`~It <br />i. <br />~~I <br />l g <br />~~ , <br />1 I! <br /> <br />~ 'r <br />l <br />~ ~ l <br />~r Sa <br />I <br />I <br />I <br />~ ~ <br />i, <br />i <br />eI <br />~~i <br />,i <br />;~ <br />I' <br />~i <br />t <br />i <br />~~ i <br />J I i ~_.; <br />1i <br />I; <br />li UI ~ c ~1 <br /> <br />i1 <br />i~, <br />I~ <br />r <br />I'i <br />i <br />~~ <br />r. <br />I~ ~ <br />i <br />• I~~ <br /> <br />10 <br />to the highest possible grade of etticiency. 'Phere have been few delays on account of accidents <br />to machinery, and the results obtained Lava been highly satisfactory. <br />THE ARGENTINE, RED CLOUD, CHAMPION and CHIEFTAIN <br />MINING CLAIMS. <br />The Company has obtained a bond on four claims controlling the apex of what in knuwu <br />as tho 1';lephnnt-Cincinnati-Argentine Vein. This is the strongeet vein in the district, nt least <br />us fur as aurfaco indications are concerned. Very little wort; has been done on it, and nII <br />values beretoforo found Lace consisted in small hat very rich pockets of gold-bearing quartz. <br />Cn the Red Cloud claim, the vein shows a good grade of smelting ore, and we expect to find <br />u milling grade of anlphide are in drifting to the east from the Argentine workings. Thu (cork <br />that we !lave clone to date, nlthongh not showing a milling grade of ore, ie•encournging. <br />I attach hereto a statement shooing the receipts and expenditures frmn September lsl, <br />1H99, to June 90th, 1;100, from which a•u obtain the following summary of <br />REVENUE AND EXPENSES. <br />! 16>illi dry tuns ore milled, yielding bulliuu and concelltrutes, worth S ISi;S19A!i <br />i•3 tone crude, reulizud ..• ... ... ... ... ... ... 1,589.U'S <br />Bents, sales of material, &c., &c. ... ... ... ... ... •1,:191.99 <br />'1'otnlltevenuu ... ... ... ... ... ... $d69,G89.11 <br />1llllmg n „ 1•~l >, 87r~50.•18 <br />• \IiningLxpeuses,nt $9.ii pcr tau ... ... ... $lili,dGd.01 <br />1 ~, ... ... ... <br />.,T--~ •i Genarnl >, O,ul ,. .. ... ... 29,1iG8.09 <br />~ j 'i' 1'~: Improvement Acwunt ... ... ... ... ~ : ~.~ <br />~, ... lu,G 1.. Jl <br />~f5 <br />7~, <br />y 4~~ <br />r <br />~~ is <br />~ it <br />i +! !. <br />Surplus ... ... ... ... ... ... $11i0,609.U1 <br />Yours faithfully, <br />J. liLR1t0\, <br />:llunuyrr. <br />