Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1881-07-06
A NEW
The Lord Byron and Valentine
Series Of Mines Sold 10 n New

The Lord BYRON and Valentine
Series of Mines Sold 20 n New
Company.
1t appears that the Ruby Dunderberg
Company has disposed OF the Lord Byron
and Valentine series to q new London
Company. The transaction was to have
been confirmed by the Ruby-Dunderberg
shareholders at a meeting called for the
purpose June 30. The Mining Journal Of
June IS has the following reference to the
matter
The new undertaking the Lord Byron
and Valentine Mining Company-wilI, as
Stunning the confirmation to be carried, be
we'll entitled to the support Of the Ruby
and Dunderberg shareholders, and, from
thoroughly equitable terms upon which
| the transfer is made, OF the outside pub
lie also. The terms Of sale fixed by the
Directors for the Lord Byron and Valen-
tine mines are ESQ, 900, payable half in
cash and half in fully paid-up deferred
shares OF the new company. The f25 900
cash will be used for the liquidation Of the
debenture debt Of this company (Which
amounts in all to eco, 875) and the general
purposes Of the company. The f25, 900
shares will be held as the property of this
company, an asset of the company. or for
distribution among the shareholders, as
may hereafter be determined; but the
directors strongly advise that these shares
be held for realization only when a
handsome premium can be secured. The
Directors have further stipulated, in
arranging the sale Of the mines in ques-
ton. that each shareholder of the Ruby
Company shall, on payment for two shares
Il, 4ha n G,lfa{aJ oatnpanu /xvhich ha 10 on
titled to receive for each share held in
the Ruby Company one fully paid FL
share of the new company as a bonus share.
The capital Of the Lord Byron and Val
entine Mining Company has been fixed at
100, 00t, in shares OF fl each, one-half OF
which will represent the purchase money
and the remainder will be offered for sub
scription on terms which will yield the
company f25 900 net working capital. The
purchase comprises Lord Byron, 300 feet
on the lode; Lord Byron No 2, 400 feet
on the lode; also the mine known as Lord
Byron No. 3, 400 feet on the lode; and the
Valentine mines, which comprise the Val
entine Day, 800 feet on the lode; the Fir
grove Ledge d Company. GOO feet on the
lode; the Idah Silver Mining Company,
COL feet on the lode; the Dudley Silver
Mining Company, 600 feet on the ledge;
also the Letter b Ledge Company, 800 feet
on the ledge. These mines are situated on
Prospect Mountain, in close proximity to
the Dunderberg mines, now being worked
by the vendor company, and are on the
same mineral bearing formation as the Eu-
reka Consolidated and Richmond CONSOLE
dated mines, both of which are paying
large dividends to their shareholders. The
amount available for working capital
(f25 ,000) is considered amply sufi-
cient to fully develop and work
the mines, as it is not intended at
present to erect reduction works, but
to enter into arrangements with the Ruby
and Dunderberg Consolidated Mining
Company (Limited), either for smelling
the ores raised by this company at their
furnace, or for selling them outright.
Should, however. the output increase to
the extent anticipated, it may ultimately
be found expedient for this company to
erect furnaces OF its own. The properties
are all held under United States patents,
which upon completion OF the purchase
will be transferred to this company.
The new undertaking will commence
operations under very favorable auspices,
and as the whole capital paid up by the
subscribers is to be applied as working
capital, it is obvious that the subscribers
will ensure the maximum advantage for
tho outlay made. The purchase-money
being represented entirely by shares will
permit the commencement Of operations
being made without delay, SO that speedy
and rcmunerative results may be conf
IDENTIFY anticipated.