The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-06-19

London capitalists operating as the
Standard Exploration Company have Sc
cured an option on the controlling interest
In the old Pande Basin mine, nine miles
hack Of Sitka. Alaska's ancient capital.
Having ted up the properties. the pro-
moters dispatched celebrated mining man
in the person Of W. J. Collins TO do a little
exporting. Collins was in Seattle last
week and took the Cottage City at this
place for Sitka-
That the WHY English financier is not to
be outdone and always tries TO make sure
of big profit Is instanced in the methods
adopted by the promoters in handling the
Pansie Basin mine. II Collins report Is
favorable one. the syndicate will buy
control Of the property outright for the
stipulated price. Already the company has
sold 500 30 shares at the par value Of Il
eAch-$e. 69o.aoo This money is to be re-
turned in case the deal falls through
mine does not appear from the prospectus
recently issued In London. However. the
company has no hesitancy in making
known the d.rectorship personnel for i
social financial and political realm. They
are such al inspire the business public
with confidence in any venture they I'M
The Right Hon Lord Onward Pelham
Clinton. X. C. B.; the Right Hon. the Earl
Of Donoughmore. Whitaker Wright. esq.,;
Lieut.. Ieu- the non. somerset y. Tough
Caishorpe: Sinclair Macleay. esq: the Hon
Howard Spensley.
After the announcement that an option
on the controlling interest has been Sc
to be an undertaking Of the greatest mag
nitude." the prospectus says:
This property IL situated on Baranoff
island. In the Pacific ocean, to the north
west Of British Columbia. about nine niles
from the port OF Sitka. and the following
Is an extract from the particulars furnish
ed 70 the directors by the representative
:. The climate OF Siska is much ike that
Of the English Midlands; that Of the mines,
being at an altitude Of loo feet higher, Is
somewhat colder In winter.
"'Pande Basin IL at the foot OF a group
OF gold-bearing glacial mountains, and was
formed. centuries ago. by an avalanche
crossing the gorge at right angles. The
basin contains q n1oraine and a lake, and
Is completely covered with a deep and ex-
tremely rich gold-bearing deposit. THIS
deposit consists OF silt, gravel. fragments
dent 70 glacial moraine The whole OF
the meraine and the shores and bottom OF
the lake consist of the said deposit, the
produce OF endless ages, worn down by the
tain streams
a The property. having been thorough
y examined by the Hon. BENJAMIN. r.
Iector Of customs for the district OF Alas
kal and having been found to be exceed
ingly rich. was brought to the attention Of
Mr.. Maurice L Muhieman. who holds the
subtreasury in New York.
A syndicate was formed under the pres
!dency of Mr. Muhleman- The reports Of
MIR. Moore appeared so astounding that a
second and most searching examination OF
the property became necessary.
In order that this examination might be
xS.s Nor henry n " ,hs n, 2.
States. was commissioned to make a sur
vey and report. Mr.. Wiley was formerly
SURVEYOR general to the state Of California:
the state geological survey In California.
ana was also chief engineer OF the state
engineers department He has had more
Than thirty years experience in great min.
outcome OF his examination. conducted only
under his own eyes. and in many cases
with his own hands. has been given uncer
The borings taken at random In vari-
Gus parts NJ the property gave the result
30 amazing az 10 be at first sight almost
n a. sny Of ss
property show an average Of slls. or f8 to
the ton.
:. Mr.. Wiley has further stated tina.
not, In Ave years continuous working, ex-
haust this goid-heartng deposit by so much
as 10 per cent. The gross amount of the
100 70 $50. 600 tons. Therefore. taking The
amount of tho deposit at Its lowest and
most conservative estimate 80 100000 tons.
and thereafter allowing SO much A. q 20
per cent. decrease I'm the average assay,
there Is sttIl LET, a gold-besrsng derosis on
the property To the value at least 500 co.,
90. or $50 90, zoe This simply means that
he Pande Basin Is perforce the most waltz
able single goiG property yet discovered
In the same manner the British
American Corporation (as announced In It's
had an option on the cele-
bratea lie Rol mine the directors OF this
have secured an option on the
interest in the Fande Basin
property. but they do not at all guarantee
that the property will be acquired That
entirely depends on the reports OF the ex-
psrts sent out 20 verify Ter oshsrw.sel the
reports submitted by the venEors. While
The directors csnnos take the optiussss!c
view OF the vendors experts We. they are
disposed TO think that the property Il a
great one. and OF exceptional merit Should
the undertaking prove to be anything as
extensive as represented. the resources OF
this company alone wifi not be suffclea,
10 deal with II. and In that event the d.
rectors 81 the London and Globe ana Brit
corporations have agreed TO
cooperate with this company
Should the property not bear the critical
TO which Il viii be subjected
~ this conpany's agents the controlling
interest referred 70 will not be ACQUIRED