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From the above concise statement I think you will appreciate
the fact that the results we are now obtaining are more than
satisfactory, and considering the inaccessibility of the property,
and compared wdth properties doing similar work. I think we can
claim "honorable mention" along with them.

The property is now in excellent condition, well equipped, and
the future is most encouraging, and if I may be allowed to make
a recommendation to the Board at this time, I would suggest that
we devote all our energy to cutting down the cost of operations,
increasing the percentage of extractions, and make a determined
and vigorous developnient for new ore bodies, rather than try to
increase the present output and milling capacity, and I believe
there will be greater returns to the Company by adhering to such
a policy.

Respectfully submitted,

F, H. MINARD,
Consulting Engineer,