Bisbee daily review., 1905-01-15
WOLVERINES PLANS OF
 ACTION
HOW THE MANAGEMENT WILL CONDUCT REORGANIZATION
 OF THE COMPANY.
REPORT ON CONDITION
 OF THE PROPERTY
Development has revealed Formation
 Giving Confidence That Large Ore Bodies Will Be Secured-Additiona
 Time Secured on Payment-Finan- cIal Statement of Company a

Time Secured on Payment-Finan-
 cial Statement of Company -
 The object of the plan which your management herein sumbits is to pro. vide an adequate and equitable moth. cd of raising more funds for develop ment purposes The work which has already been done has revealed for. nation identical with the proven prop. critics of the Bisbee district and leads Us 10 the inevitable conclusion that we have a valuable property.
 The properties consist of eight min. -ng claims located in the Warren Min ing district, at Bisbee, Arizona, and adJoins the property of the Pittsbu-g < Duluth Mining company. The re. cent developments at the property are Of the most gratifying character.
 We commenced operations early in April, 1903, by sinking q three com partment shalt on the Broken Promise claim, each compartment being 4l-2 by feet in size. The shaft has now attained depth of 665 feet. During the last 12 months We have confined our work to the extension of the drift, which has now reached a point $50 feet from the shalt While our devel. oment work has revealed no ore bodies, We have reason to believe that they exist in our property judging from the character of the formation passed through. We encounte cred two distinct faults in our drift-drifting on one a distance of 232 feet and on tho other 41O feet. These faults, which are breaks in the formation, show a great deal of ledge matter carrying ia places traces of copper and indicate that they hava heen channels for un- derg.ound mineral bearing solutions. It has been the experience of the dis trict that these faults, with indications such as these two have. usually lead 10 ore bodies. which We feel reasonab. ly assured of finding when our devel. opment work is prosecuted more ef. Actively. Our latest report from the mine states that the drift has encount- cred formation carrying ledge matte. oAAN assay u dCCS OL copper.
 The owners have given us two years additional time to further develop the property. The major portion of thu last payment has been extended to January 31st, 1907. The total cost of our properties is $23O,000. We have paid on the same the sum of S80, 0,5OO. According to the terms Of the original agreement the sum of 149500 would become due January 31st. 1905, but this agreement has been amended to provide for the payment of only S14,. 90O January 3lst, 1905, and the balance January 31st. 1907 It is also provided in such extension agreement that de- velCpment work must continue and that the company must employ not less tha ten men. We have also received a propositios from one of the owners of one-eight interest in the Chicago group of claims. whereby such owner agrees to deed his interest to the com Dany for stock consideration, to be ssued at it's par value. This Is cer- -alnly conclusive evidence of the own CTS faith in the future value of the property.
 We have organized a mining compa- ly whose stock shall be subject only o such assessments as will be neces- 'ary to vigorously prosecute explora- ory work. The plan is to change he present non-assessable stock of his company, into assessable stock in ! new company. This plan or organ zation is recommended to you because We believe it is the fairest and surest method of securing the best results for ach and every dollar that has been in- 'ested in the enterprise.
 PLAN OF ORGANIZATION.
 fa) The name of the corporation hall be ,,The Wolverine & Arizona dining company"
 (b) Capital sS,OOO,OOO, in two hun Ired thousand shares of par value of 15 per share, and assessable.
 The development company shall transfer all it's property, both real and 'ersonal, to the mining company, as ollows:
 l. The mining company's stock, constituting the consideration for the transfer of the development compa- y's interests, shall be divided among he stockholders of the development
 Continued on Page 10)