The Idaho Springs siftings-news., 1905-11-25
x-RAY C.&S.M.Co.
NEW COMPANY TAKE OVER
AND OPERATE MAGNET MINES.
LOCAL MEN GET AMolD PRODUCER
GROUP NEAR GEORGETOWN WILL NOW
FORGE TO rHEFRoNr.

Incorporation papers will be filed with
the secretary of state on Monday for the
organ zation of the X-Ray Gold and Sill
yer Mining company, with capitalize
tion Of 81 .ooo, 900, the shares being of
the par value Of 81 each. The officers of
the company for the first year are as fol-
lows: President. A. A. Gustafson, of
Denver; vice president. W. A. Lamb,
Idaho Springs; secretary, J. H. Hutchin
son. Idaho Springs; treasurer, E. NJ.
Sabiu. Idaho Springs; manager. John
Larson. Idaho Springs; directors, T. L.
Rodda. Idaho Springs, and Chas. Larson.
Joliet, Illinois. The principal Office of
the ee0pauy will be at Idaho springs.
The company is formed for the purpose
of acquiring the Magnet group of four
teen claims on Griffith mountain at
Georgetown. The Magnet mine has a
production record of t7so,ooo, and for
some wears past it has been operated ex-
tensivelv by leasers. The new comrany
proposes to open up the mire by operat-
of men has already been put at work in
cleaning out the tunnel and making
preparations for driving the laterals both
east aud west on the Magnet vein from
the Doric tunnel level. The Magnet vein
was cut by the Doric tunnel at point 6so
feet in from the portsl, and the laterals
will give additional depth as they are
extended. The Magnet is the same vein
a. the famous old Griffith, and the aver
age width of the vein is 3H feet. The
output 10 nearly all smelling product,
and there are occasional punches of h gh
grade silver ore running as high as 10000
ounces per ton in silver. The average
shipments of sme'tipg ore in the pas
have yielded little over $Ioo per ton.
The Ore is very desirable at the snelters
for duxing purposes and carries about 80
per cent. lead.
The new company proposes to open up
their other properties in the group by
driving . tunnel part way up the mount.
ain side. upon which considerable work
has been done bv the former owners. 1t
is said that ample capital has been sub.
scrit'ed to place the property on sub
stantial basis for operation through the
in the meanwhile will be developed for
ore reserves in accordance with good
mining methods. All of the gentlemen
interested in the new company are exper-
ieucrd in mining matters, and the cor
poration will have benefit of their exper-
fence. Manager John Larson has been
one of the most successful miners in the
county, and prior to his coming here sew
eral years ago made splendid record in
the Cripple Creek district. Mr.. w. A.
Lamo was formerly a representative of
the leading machinery manufacturers in
in the county, and has had . wide exper.
fence which makes his connection with
the company invaluable. Treasurer E.
NJ. Sabiu is known as the leading legal
mining authority in the state, while Mr..
Hutchinson has for several years been
directly interested with mining compan-
les. MIR. Rodda. who was one of the pro-
motors of the present company, has large
interests in the vicinity of the property,
where he has done more or less mining
for many years. The formation of the
new company by Idaho Springs brains
aud capital will result in an increased
tonnage for the Georgetown section, and
this end of the county will also benefit
BY the operations.