The Hyder Weekly Herald
Established 1924
Published Saturday at the Herald
Building, Second Ave., Hyder, Alaska.
Chas. F. Sandfol-d
Sole Owner and Publisher
Entered as second-class matter at the
postoffice at Hyder, Alaska, under the 1
act of March 3, 187!».
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ANNUAL REPORT
PREMIER G. M. CO.
Continued from Page 1
tons, averaging .29 ounces
gold and 6.8 ounces silver.
With gold at $30 an ounce and
silver at 40 cents this repre
sents a gross value of $11.42
per ton.
Assured and probable un
broken ore down to the 6th
level of the present mine work
ings amounts to 30,710 tons,
averaging .49 ounces of gold
and 7.0 silver. With gold at
$30 and silver at 40 cents, this
represents a gross value of
$l /.5U per ton.
The total of the above estim
ates of broken and unbroken
ore reserves down to the 6th
level is placed at 87,131 tons,
averaging .36 ounces gold and
6.87 ounces silver. With gold
at $30 and silver at 40 c^»ds,
this represents a gross value of
$13.55 per ton. This is 98,
289 tons of ore less than was
mined during 1933.
For comparative purposes
the report points out that the
ore reserves as given in the an
nual report for 1932 were 155,
467 tons, averaging .31 ounces
geld and 6.9 ounces silver.
A summarization of opera
tions and production discloses
that diamond drilling during
1933 totaled 6,045 feet, com
pared with 8,905 feet in 1932.
During the fourteen years of
operation 120,044 feet of dia
mond drilling was done.
Development work during he
year, including drifts, cross
cuts and raises, totaled 4,168
feet, compared to 7,455 feet
during the preceding year and
brought the total of under
ground work to the close of
1933 to 92,023 feet; over 171,4
miles.
Ore shipments to Tacoma ag
gregated 3,194 dry toms as
against 36.621 tons in 1932.
Ore shipped to Granby to
taled 6.453 dry tons, compared
to 32,499 tons in the preceding
>eur.
Concentrates shipped amount
ed to 16,238 uiy ton*. 103 tons
more than in. 1932.'
The gold produced totaled
51,863 ounces as against 78,
715 ounces it. 193.; and 82.894
ounces in 193i.
Silver production for the year
was 1,145,04? oiinces, com
pared with 1,713,037 ounces in
1932 and 1.713,376 ounces in
ri he average price received
tor gold was SStoOS per ounce.
The average price received for
silver was 34.60 cents per
ounce, compared with 27.39 in
1932 and 28.70 cents in 1931.
The repoi-t again reiterates
the declaration of the past few
years that the life of the mine
“is nearing its end.”
Mr. Guess notes the contin
ued shut-down of the Prosper
ity and Porter-Idaho proper
ties resulting from the low
price of silver in 1931, and
adds that “it would be inadvis
able to incur the considerable
expense of reopening these
properties for production un
less silver reaches a consider
ably higher price than now
current.”
Ore production and milling
in the cyaniding plant of the
Toburn Gold Mines, Ltd., in the
Kirkland Lake district of On
tario, was^ begun in August,
1932, the report states. The
mill is of approximately 100
tons daily capacity. Under
ground development work dur
ing 1933 totaled 4,772 feet,
and combined with an aggre
gate of 2,214 feet of similar
work in 1932. Ore milled dur
ing the year totaled 36,913
tons, compared to 14,689 tons
in 1932. Gold production
averaged ,6o9 ounces per ton
last year and 23,020 ounces
were produced; 13,180 ounces
more than in 1932. Net earn
ings after deducting taxes but
before deductions for deprec
iation and depletion, were
$308,134.44 and a dividend of
2 cents per share was declared
January 23, 1934.
The property was purchased
for $141,743.50 in 1932, and
Premier owns 1,490,000 shares
out of 1,850,000 issued, the re
mainder going to the original
owners.
With reference to the Tark
wa gold property in Africa,
owned jointly with the Ameri
can Smelting and Refining
Company, the report indicates
that it was acquired in May of
last year at a cost of £200,000
and Premier’s interest is 49 per
cent. The holding company is
Tarkwa Gold Areas, Ltd., and
the property is located along
the main Banket Reef in the
Gold Coast Colony. The prop
erty two old mines, the Abb'on
tiakoon and Taquah, whose
aggregate gold production in
times past has exceeded 1,300,
000 ounces. The Taquah is
still under water but prepar
ations for its rehabilitation are
under way. The Abbontiakoon
was taken over as a going oper
ation, mining and treating by
amalgamation and cyaipiding
slightly over 6,000 tons month
ly. Profits since acquisition in
May to the end of December
were £41,313. No dividends
have been paid.
During 1932, the Premier
company in association with
the American Smelting and Re
fining Company acquired
rights under a long-term lease
to the Big Bell and Little Bel’,
gtold properties in Western
Australia.
A total of 5,055 feet of dia
mond drilling was done last
year on the Big Bell. Tests to
determine the best methods of
ore treatment are contnuhig
but mo final decision had yet
been reached regarding fux*
ther development and equip
t ing the properties.
Interests slightly over 80 per
cent in the Dwyer-McPl.ee and
Collins groups in the Goudreau
district lof Ontario were ac
quired in the summer of 1933
and considerable surface strip
ping and test pitting has been
done, chiefly upon two veins.
Results obtained have not been
conclusive and prospecting was
to be continued.
Toward the end of 1933 a
partnership arrangement was
effected with the Alexandria
Mining Company, Ltd., where
ed with. Premier will take over
by if the enterprise is procced
and develop, equip and opei'
ate the Alexandria propei'ty on
Phillip’s Arm, B. C. The
group contains a vein of rather
low average gold value, upon
which the owners an times past
have driven several adit tun
nels and sunk a 250 foot shaft.
Premier is to supply as an ad-;
vance all money required and j
will be reimbursed out of the
first profits, with interest at
6 per cent. Profits and owner
ship will thereafter be divided
in the proportion of 60 percent
to Premier and 40 per cent to
Alexandria Mining Company.
The report states that num
erous groups of mining claims
were optioned in the Cariboo J
district in 1933. A moderate
amount of surface prospecting
was done but nothing was
found of sufficient value to
justify exercising the options.
Numerous other gold proper
ties were examined by the
company engineers in Ontario,
British Columbia, Alaska and
Queensland, Australia, but
none were proceeded wi:h.
The report states that some
further conversations wre had
with the president of the B. C.
Silver Mines, in which Premier
owns a share interest of ap
proximately 38 per cent, and
continues as follows:
“This has been in a.i endeav
or to arrange, if poss'ble, some
basis upon which your Com
i pany, having all the plant, per
sonnel, and underground con
nections therefor, could oper
ate the B. C. Silver Mines, Ltd.
property very economically,
producing revenue for mutual
benefit. So far, however, al
though the plan dricussed last
summer with the President of
B. C. Silver Mines, Ltd had his
approval, no basis acceptable
to the Se'.ukwe Gold Mining
and Finance Oo., Ltd , the ma
jority owner of E. C. Silver
Mines, Ltd., has been found
that would at the same time be ;
beneficial to Premier.”
FRANK A, ME I CALF i
CIVIL & MINING ENGINEER
U. S. MINERAL SURVEYOR
JUNEAU ALASKA
* Hyder
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* Hyder Methodist Episcopal Church •
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* Everyone Is cordially invited to •
* the services. •
CiUliiL LOt/ui
1218
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