With the progress made during the past year by the Isabella Gold Mining company, and with the new ore opened the outlook for the stockholders is very bright.
An important development was made below the tenth level. At that point a new ore body was encountered and has just been opened in the eleventh level. The ore shoot averages three feet wide and is yielding rock that ships $80.00 to the ton.
Besides that vein, another and important one has been found. The trend is north and south and already has been opened in three levels, the tenth, eleventh and twelfth. Stoping is now in progress at various points.
The vein is eight feet across, with the ore streak varying from six inches to three feet in width, containing an average value of $30.00 to the ton in gold.
The management wisely concluded to lease a portion of the property. The result was beneficial. At present there are seven lessees shipping ore and the royalty money derived from them amounts to close to $3.000.00 per month, which helps to bear operating expenses.
During the year the company went to considerable expense in development and has accomplished fully one mile of lateral work. While the cost was considerable, the results have more than justified the expense.
The company sold the Snow Bird fractions, containing about 1.3 acres and realized the sum of $7,000.00 net. The fractions were segregated from the main body of ground and were worthless as acreage except to the adjoining property.
The thirteenth level has been drained of the water and vigorous prospecting started and good results may be looked for at that depth.
The company is now on a paying basis; in fact, the treasury is being built up and General Manager De la Vergne is more than sanguine that the future of the property has not been brighter at any time during the last year.
A profit was made both in the months of November and December of the year just closed. Another shift has been added to the working force at the mine, which is the best evidence of the improved conditions.
When the present board of directors took office they found that the treasury was reduced to about $40,000.00, with no ore in sight. They realized the necessity of an economical management.
The expense of the office in Colorado Springs was immediately cut to $150.00 a month. Salaries of all kinds were abolished, except in the positions of the treasurer and general manager.
The services of the general manager are of such a character that so much of his time is required that he could not reasonably be supposed to work for nothing. However, the salaries are small and the stockholders are to be congratulated that such a man as E. M. De la Vergne was secured.
With him in charge of the active mining operations they may rest assured that the expense will be cut to the smallest amount where good work can be accomplished.
The officers of the company are as follows:
William Lennox, president
J. K. Babbett, vice president
W. T. Doubt, treasurer
J. F. Sanger, secretary
E. M. De la Vergne, general manager
The officers, together with Edward Giddings and John G. Shields, form the board of directors that manages the affairs of the company.
While the board of directors have had to meet frequently and do a vast amount of work, none of them receive one penny for salary, their time being given free.