VINDICATOR CONSOLIDATED GOLD MINING CO.
Report for the year ending December 31. 1919.

Property: Mines in the Cripple Creek district and a controlling interest in the Ferro Alloy Company; also the La Bella mill.
Operating Officials: George A. Stahl, general manager; W. E. Ryan, general superintendent; A. R. Minner, mill superintendent.
Financial Statement: Proceeds of ore sales and royalties $681,411; miscellaneous income, $10,631; mine and mill operation cost $600,561; leaving an operating profit of $91,481; profit from Ferro Alloy operations, $7478; total operating profit, $98,959.
Deducted for depreciation and depletion, $115,824. This being an excess of $16,865 over the operating profitis.
Quick assets on December 31, 1919, $565,858.
Dividends: During 1919 amounted to $60,000, making a total to date of $3,832,500.
Development: 7622 ft. of development work was done during 1919, including 1200 ft. of diamond-drill work Prospects on the 1800 and 1900-ft. levels are good.
Ore-reserves on December 31 are estimated at 46,440 tons.
Production: During the year 1919, 143,400 tons of crude ore was hoisted on company account through both shafts, from which was produced 19,922 tons of shipping product, with a gross value of $718,137; the marketing charges on which were $129,251, and the net returns $588,885.
There were hoisted on lessees' account $55,648 crude tons; and shipments from this source totaled 20,772 tons, with a gross value of $291,065, marketing charges on which were $104,742, leaving a net value of $186,323.
The company's royallies on lessees shipments ammounted to $92,525.

For several years past Colorado metallurgists have been attempting to solve the metallurgical puzzle presented by the low-grade ores of Cripple Creek. Millions of tons of ore running from $3 to $10 per ton have lain on the great dumps for years, while other millions were exposed in hundreds of miles of underground workings. Thus, for some years previous to 1907, the issues were clearly presented, first, to eliminate roasting the ores if possible, and, second, to eliminate freight charges by building mills at the mines.
It will, of course, be understood that until a way of eliminating the roasting of the tellurium ores was discovered, it would be useless to erect mills at the Cripple Creek mines where roasting costs even more than at Colorado Springs.

In the meantime, the great Golden Cycle plant at Colorado City has been completed and successfully operated by roasting the ores and then cyaniding. During the year 1908 this plant is said to have produced roughly $6,000,000 in gold.
Owing to the fact, it is commonly believed, that the cyaniding of low-grade ores at this plant gave a chance for little or no profit, the company has lately decided to erect a plant at its Cripple Creek mine.
Ground has been broken for the erection of this plant and construction work is progressing rapidly.

Contrary to the conclusions of the Stratton Independence and Portland companies' metallurgists, those of the Golden Cycle are to the effect that concentration of the low-grade ores before shipment to the Colorado Springs mills will solve the problem.
According to Manager McGarry, the exhaustive tests carried on at the company's experimental plant at Colorado City have resulted in a saving of 65 per cent. of the gross value of these low-grade ores.
It is, therefore, planned to treat those ores which will not stand transportation charges by a system of dry concentration at a ratio of 6 tons crude ore into 1 of concentrates.
These concentrates will then be shipped to Colorado City for treatment at the company's cyanide plant. The mill in the course of construction on Bull Hill, near the Golden Cycle's main shaft, is to have the initial capacity of 80 tons of concentrates per 24 hours.

The Golden Cycle Co. will adopt a concentrating system for its new plant near the shaft of the mine, instead of a cyanide installation, such as has been recently adopted by the Portland company. The resulting concentrate will be sent down to Colorado City for final treatment.

Grading has been started near the main shaft of the Golden Cycle Mining Co. for the mill to be erected for the treatment of low-grade mine and dump ores. The mill will have a capacity of 500 tons daily and will adopt a system of dry crushing and screening before concentrating six tons into one.

Grading has been commenced for the new mill near the mine dumps of the Golden Cycle M. Co. The plant will be equipped with the most modern machinery and every preparation made for the economical and efficient treatment of the ore.

Cripple Creek, Colorado.
Another Cyanide Mill.
It is stated that the big building of La Bella Electric Light & Power Co. at Goldfield will be converted into a cyanide mill. The engines and boilers are now being removed. The solid construction of the building, as well as its situation, will admirably fit it for the above purpose.