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T. W. COLBURN, Secretary. SAN FRANCISCO, August 17, 1871,

The Raymond and Ely mine has greatly increased its operations since it has been incorporated in a company, as will appear from the following reports of the president, superintendent, and secretary :

FIRST ANNUAL REPORT OF THE RAYMOND AND ELY MINING COMPANY FOR THE YEAR

ENDING DECEMBER 31, 1871.

President's Report.

To the Slockholders of the Raymond and Ely Mining Company :

It is with satisfaction that I submit my annual report in connection with the reports of the other officers, embracing all the business transactions of the company for the first fiscal year ending December 31, 1871.

At the time the company was organized a year ago, the facilities for the reduction of the ores were limited to a 10-stamp mill; but, on further explorations of the mine, ores in abundance were discovered, sufficient to supply double this number of stamps. Therefore, your trustees increased the capacity of the will to twenty stamps. These stamps have been regularly employed since their completion, producing, during the four months ending December 31, 1871, the unprecedented amount of $906,219.25 in bollion. I consider this large production of silver from only twenty stamps unparalleled, for the same time, by any mining enterprise on this coast, if not in any part of the world.

Continued and systematic prospecting of the mining grounds of the company has developed still larger and richer deposits of mineral, warranting a further increase of mill capacity. Hence, on the 10th of October last, a contract was entered into for the construction of a 30-stamp mill, which is now almost completed. With this additional facility for working the ores, the production of bullion must be largely increased, even should the ores decrease in value; and I see no reason why dividends of not less than $5 per sbare, or even of a larger amount, cannot be paid for many months to come.

Notwithstanding the great success which has attended the operations of the company during the first year, with most excellent prospects for its continuance in the futare, yet to attain this promise it is necessary that the mines should be well explored far in advance of the immediate daily consumption of ore.

To do this expenditures must be incurred, the benefits from which will be derived in the future.

The extraordinary receipts of bullion from the mines have excited the cupidity of covetously disposed persons, who have endeavored to embarrass the operations of the company and to depress the value of the stock; and even with a lingering hope to possess the exceedingly valnable properties of the company. In every instance disappointment bas followed their efforts.

So far as title to the mines of the company is in question, it is my opinion that if tho company is not secure in the possession of its mining ground, then I know of no property in the district in which they are located that has a good and reliable title. Every precaution to protect the property from destruction by fire has been taken, by

H. Ex. 211-16

having good fire-apparatus and water in and around the buildings; besides, the mills and works are covered by insurances to the amount of $115,000.

For a complete and comprehensive summary of all operations for the past year at the mines, their future prospects, the quantities of ores extracted, and from what mines they were taken, the cost of mining and milling, the average yield of metal per ton, as also all kinds and sorts of material consumed at mine and mill, as well as a careful estimate of the quantities of ores now developed as a reserve for future extraction, I refer you to the full and able report of your superintendent, Mr. C. W. Lightner, and ask a close examination of it.

All items of receipts and disbursements during the year just closed are to be found in the report of the secretary, as also the assets and liabilities of the company. From this report it is readily determined for what purpose the resources of the company have been employed. The report possesses sufficient merit for your careful attention.

ALPHEUS BULL. SAN FRANCISCO, January 16, 1872.

Superintendent's report.

PIOCHE, NEVADA, January 9, 1872. Alpheus Bull, esq., President Raymond and Ely Mining Company, San Francisco, California :

MY DEAR SIR: The amount of ores extracted from the different mines belonging to the company, during the past year, is as follows:

1635

2,761,20

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From the “Vermillion mine,” tons.
From the “Burk mine," tons.
From the “Creole mine,” tons
From the “Panaca mine,” tons

6,708, too Making a total of tons ......

12, 2391011 Of which we sent to the company's 20-stamp mill, at Bullionville, (distant ten and a half miles,) 10,574,7760 tons, leaving on hand at the different dumps in Pioche 1,707 tons, distributed, as per table sent.

In addition to the ores remaining at the mines, we have about 125 tons of second-class “Burk,” “Creole,” and “ Vermillion,” of low grade, and about 200 tons of“ base metal" at the “Burk,” which, by the present mode of reduction at hand, would not bear working, but which may hereafter be of some value to the company. These I have not included in the statement of property on hand.

We have worked at the company's 20-stamp mill 10,3724843 tons of ore, a portion of which I found on hand there on the 8th of January, 1871, but which has been replaced by that sent during the year. The tables show a gain of ore at the mill of 16550 tons.

The product of all the ores worked has been in gross, (assayed value bere,) $1,361,628.78, showing a yield, per ton, in bullion, of $131.27.

The large amount of base metals contained in the ores, together with imperfection in the machinery, which has at all times been overtaxed, will account for our percentage of working not being over 74.27 of the assayed value of the pulp. The failings, however, have all been saved, and lie convenient for working, and may in future be a fund for the company to work upon.

In the “Vermillion” inine we cleaned out the shaft, (sunk 90 feet,) and drifted west from the bottom 40 feet. We also ran the old 40-foot level 10 feet farther, and stoped out a few feet in the bottom. The vein shows ore, but not in suflicient quantity or of a quality profitable to work at present.

In the “Burk” we bave sunk the main shaft to the depth of 386 feet, (on the incline:) but little ore has been found below the 170-foot level, the body found in the upper portion of the mine gradually working itself westward in its descent until it gave out in the broken ground lying between the west incline and the eastern workings of the “Creole.” The ground has been thoroughly explored to the east on the 72-foot level, and fair quantities of ore are to be found, but of a low grade. The fissure has never been lost sight of in sinking, and the nature of the ground, changing at the lowest depth, gives promise of ore existing in it.

In the “Creole” mine we stopped extracting after finding the large body of ore in the “Panaca," and have persevered in sinking and working for its development. The main shaft is down 383 feet, and, at this depth, we have cut a body of ore 3 feet in width, of excellent quality. There is still left in the upper levels of this and the “Burk” mine a large quantity of ore of medium grade. The new body cut at the bottom looks well, and will make the “Creole ” as fair a produciug mine as it was during the early part of the year.

The "Western Extension " (acquired during the year by purchase) has a good body

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of ore developed in the 200 and 300-foot levels. As we have but 87 feet to drive to connect the main working level of the “Panaca” with the 200-foot level of this mine, we may expect a good supply from this source.

At the "Panaca,” the work of sinking the main shaft and drifting on the 223-foot level is progressing as rapidly as possible. At the 100-foot level we have connected with the old “Panaca” shaft on the west, and have run eastward 100 feet from the shaft, where we have a winze 74 feet deep, showing ore for 40 feet. On the 223-foot level we have run 134 feet west and 197 feet east from the shaft, making 331 feet in all, driven upon this level, the whole showing ore ranging from 2 to 6 feet in width, of fine quality. The face of the drift weet is in a cross-heave, which cuts off the ore temporarily. The face of the drift east, going toward the “Western Extension,” is still in good ore.

I shall refrain from making an estimate in tons and value of the ores developed in any of these mines, owing to the varying nature of the veins in this district, but will express my own confidence in baving at the least three months' supply for fifty stamps in this mine alone above the 323-foot level. Before that time expires the shaft will be down to the 323-foot level, and indications are favorable that this, when reached, will exceed in extent and production the present lowest working level.

The whim-houses and whims over the “Burk” and “ Creole” are in perfect condition, and the new steam hoisting-works, over the “Panaca," are very complete and effective.

The old 20-stamp mill is in poor condition, and requires a thorough repairing—the boilers threatening, and the pans and shafting worn and out of line. A week's repair, at least, with a full force, will be needed, to enable it to work with safety and economy. The new 30-stamp mill will be, when completed, one of the very best in the State. Delays have occurred in the transportation of the most important part of the machiDery; but I bave every assurance that the stamps will drop during the present month.

Hereafter, our bullion will be assayed at our own office, as we have now all the means for doing it in the proper manner.

Herewith I hand you tables, inventories, and memoranda, which will enable you more clearly to uuderstand our past operations.

With our improved facilities for extraction and reduction, and the healthy appearance of our mines, we may hope for a very prosperous year's work. Very respectfully,

C. W. LIGHTNER,

Superintendent.

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Statement of receipts and disbursements of the Raymond and Ely Mining Company for the year

ending December 31, 1871.

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For purchase of property and claims :
Purchase of lands, claims, and titles
Purchase of water-works..on
Law expenses.
For mining:
Wages paid to miners
Supplies for the mines..
Freight on supplies...
Contingent mine expenses
Salaries of the superintendent and clerk

$108, 798 75

2,000 00 13, 349 32

$124, 148 07

178, 476 49 33, 640 29 2,791 19 5,781 57 8, 240 00

228, 929 54

$35, 689 32

For improvements at the mine....

For milling:
Wages paid to employés..
Supplies for the mill......
Freight on supplies..
Salaries of the superintendent and clerk of the mill
Contingent mill expenses...
Ore-hauling from the mine to the mill.

For improvements at the mill :
Including the increasing of the 10-stamp mill into twenty

stamps, &c...
For the new 30-stamp mill:
H. J. Booth & Co., for the machinery ..
Freight on the machinery to Bullionville...
Labor and materials for the erection....

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For taxes :
On real estate and personal property.
On bullion yield of the mines...

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For dividends ....
For discount on bullion yield..

For miscellaneous expenditures :
General expenses
Office expenses.
Office furniture..
Office salaries
Fees of trustees for attending meetings of the board
Interest and discount..

1,741 38
1,489 04

676 85
2,792 50

830 00
127 97

Balance of cash on hand.

7, 657 74 64, 680 63

Total disbursements..

1, 395, 970 57

ANDREW J. MOULDER,

Secretary.

SAN FRANCISCO, January 16, 1872.

ASSETS AND LIABILITIES.

Property and stores on hand December 31, 1871.
Improvements:
At “Panaca" mine

$20, 286 37 At “Burk” mine

6, 000 00 At “Creole " mine

2, 400 00 At “ Western Extension” mine.

800 09 Thirty-stamp mill

89, 482 60 Twenty-stamp inill.

56, 500 00 Water-ditch

2,000 00 Pump-house

500 00 Blacksmiths' house.

500 00 San Francisco office furniture

676 85

$179, 145 82

Stores:
At “Panaca" mine
At “ Burk” mine
At “ Creole” mine
At “ Western Extension" mine..
At 20-stamp mill...
At warehouse and magazine...

$6, 248 45
5,427 79

562 96

134 30 47,059 17 5,776 98

65, 209 64

Ores on hand : 1,7071803 tons, as follows: 1,330 tons from the “Panaca,” estimated as of milling

2000

value at $150 per ton 351,853 tons of different qualities, chiefly from the “Burk,"

“Creole,” and “ Vermillion" mines, returned as of milling value at $60 per ton....

199, 500 00

"

21, 108 39

20 tons from the “Western Extension " mine, at $125 per

ton...

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Toll-roads : Work done on roads from the “Panaca" ground over the mountain, and improving old roads around the

“Burk” and “Creole" mines.. Cash on hand

1,583 09 64, 680 68

534, 477, 62

LIABILITIES.

Superintendent's drafts, advised but not yet presented.

$30,521 45

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