The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-02-18
THE SANTA RITA SALE.
The London Exploration Company
Buys Arizona Copper.

The Importance of the appearance of
the London Exploration company,
backed by an enormous aggregation of
wealth and by such men as the Roths-
childS and other great money kings of
Europe, in the American mining mar
ket. can hardly be underestimate
Aside from the large amounts of money
paid 20 American mine-owners, the
greater portion OF which will be at
once used in the DEVELOPMENT of other
properties. the fact that a company of
this character has turned its back on
the gold fields of South Africa, of west
Australia and OF New Zealand, and
has entered this field prepared to
spend millions IN the acquisition of de-
sirable properties, cannot but have a
stimulating effect upon the mining in
dustrY of the country.
The Exploration company is
thoroughly equipped in every respect.
1t employs the best experts in the
world for its examinations, and its
policy is announced to be the most
thorough development and operation of
the properties secured, and the in
crease of the output to the utmost
limit consistent with business method
The result of this policy will be to
very largely increase the number of
men employed, and. consequently, the
amount of supplies purchased.
ONLY A STARTER.
Further than this. says the Denver
Republican, it has caused the forma-
ton Of at least four other syndicates
of British capital which propose TO
enter the American field. The dis
covery of new mines, which will natur-
ally follow such large purchases of
mining property. will result in the de-
velopment of the country to an extent
that cannot be estimated. and in that
way the mining industry will be raised
to the highest pitch of prosperity. The
company has already a
large holding in the Anaconda mine at
Butte. Mont: has a controlling inter
est in the Tom Boy, to which it has
added the Mountain Chief: has pur-
chased two large properties in Cali |
fornia; is negotiating for several other |
great mines one, at least, of which !
is in Colorado. and word was received |
here yesterday that the famous Santa |
City, n. NJ, had been sold to it for |
81, 500, 600.
THE SANTA RITA SALE.
1t has been no secret in mining cir
lies for several weeks that the Santa
Rita sale was being negotiated, and
when the owner of the property. ].
IL.
,ity a few weeks ago, on his way to
visit the mines. the preliminary pa
Ders were drawn up, and soon after
ward experts were on the way TO the
nine to make an examination of this
great property, which it is predicted
Will. under thorough development and !
intelligent management. prove to be
me of the great copper producers of
he country.
The knowledge that this vast deposit
II copper and iron was in existence has
,een general for n long time though
[ is only recently that the attention of
capitalists has been directed thereto.
I consists of IS full claims, all patent
d and all in the same body OF ore.
which is copper of high grade and
cry large deposits of iron. The iron
5 extremely fine quality, and has been
old in large quantities to the Colo
ado Fuel q Iron company, which,
uring the past few months, has been
aidng five cars of iron per day from
he mine.
The history of the mine is quite in
sresting. 1t was extensively worked
uring the Spanish occupation of the
ountry, and the legends of the To-
ality are to the effect that it was the
eposit from which the ancient in
abitants used to secure the copper
Or their weapons. After the conquest
he primitive workings of the Aztecs ]
ere closed up and every trace possible 1
as obliterated 10 keep the Spaniards !
-om the knowledge of the mine. {
UNDER SPANISH MASTERS.
During the expedition of Coronado it t
as rediscovered and consequently t
orked by the natives under the super s
ision OF the Spanish soldiery 1t was l
orked through narrow openings, the :
Elm matter being taken out without 7
gard to systematic development, and G
the vicinity of these openings, {
,vered up with dumps from which
-eat trees were growing. old Spanish
eapons and tools We're found. with
ga sinnallv the homes of an 1lnfnrtrn