Bisbee daily review., 1904-04-22
(Signed) B. MacKINNON, Treas General Reoort of Directors.


 Considerable development has been lone upon three of the large proper ties called the Penasco. Cobre and Fortuna, and, while all show good in dications. we have not reached the Sul- phides, which are necessary to an economic reduction of the immense bodies of surface ores. Shallow work ing were thought sufficient. but deep CT work and heavier machinery than anticipated will be necessary to place these tremendous properties on a pay ing basis. The large ore body of the Cobre or Nina Grande has been locat- ed, the walls of which are about 100 feet apart. In view of the fact that [ the development and machinery com mensurate with the vast extent of the copper and silver properties would be extensive and require a large outlay of money to properly operate them, Inc company had been considering the purchase of another property which would enable them to create a sinking fund for the continued development of mines above mentioned. We decid. ed, upon mature deliberaticn after a personal visit to the property in view, that it would serve the best interests of the company to purchase the mines called the Juarez group, gold and sil- yer mines, located forty miles east of the gulf Of California in the gold belt | Of the western coast of Mexico. The reasons for purchasing this group of mines are that they are developed and free milling, and with the erection of a mil nI IL | can be begun at once at very small outlay Of money. This would enable us to continue our work on copper properties, which mines are consider ed to be the comming copper and sil- yer mines of the southewest. We pre- sent yon with extracts from our en- gineer's reports for your considera- !! ton and can heartily commend their extreme conservatism. We found all indications pointing to a great future for these mines just purchased as a valuable addition to our possessions, and substantial and immediate step ping stone to the more extended de velopment of the mines in general. To enable us to carry on this work it was decided to offer to stockholders 10000 shares of stock, which, if absorbed at the rate of six shares to the hundred shares held, would furnish ample funds to put these gold mines on a paying basis. As socn as this is ac- | complished success is assured. We have every reason to look for a hearty cooperation by the shareholders as We have already received personal as- surances to that effect We would ap- preciate reply from you after a care ful consideration of the proposition which is before the company. A hearty wish is entertained for a free expression, as we are desiricus of ap- proval and cooperation. This appeal ed to us as an easy solution to the financing of the entire mining propo- sition. We congratulate ourselves as directors and stockholders, and the stockholders in general with the con ditions as are now in possession of the company. No debts and balance in the treasury; the addition to our treasury of 100000 shares and the acquisition of property which places within our reach the means of inde- pendence and certain success. Respectfully submitted,
 J. H. SMITH.
 E. J. SNYDER,
 CON O'KEEFE,
 B. MacKINNON.