Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1906-08-15
BINGHAM CENTRAL MINE.
Immense Body of Iron sulphide Found
I'm lower Tnnncl.

Bingham Central is probably the
best mining prospect being opened In
the Bingham district says a Boston
mining writer THIS company owns a
group OF claims. about 200 acres in eX-
tent. in one solid block. located be-
tween the Bingham q New Haven.
Utah Consolidated. Boston Consolidated
and United States Smelling properties.
The company Was org tnized and the
stock is largely held by the leading
mining men OF the district, including
samuel Nowhouse y. g. Jackling O..
w. whitley Il. g. Gemmell. Duncan
McYichie aud others. and the eXpl5ra-
ton and development % the property
VIII be conducted vsh n. approval Of
gll OF these masters ~ the geology OF
the Bingham camp
Two tunnels. the JEFF Davis and
Whitley. known as the lower and upper
respectively, have been driven to ex-
plore the group. A large body ~ low
grade copper iron sulphide ore has been
opened in the lower tunnel. and. in ad-
di,i0u 10 this. several narrow seams OF
high grade copper ore have been cut
and are being followed. The low grade
ore referred 10 carries heavy excess
Of iron aud after the railroad spur
has been extended TO the lower tunrel
II can be sold and shipped at small
profit Il IL the same grade OF ore
that is now being shipped from the
United states mines 10 the White Knob
smelter IN Idaho for fluxing purposese.
The upper tunnel is being extended
rapidly, but has not yet reached the
a d a. - L.. A
90 be found IL is assumed that the
distance yet to be driven is about $50
feet, but there are indications that the
tunnel is already approaching the big
assures which cross the limestone beds,
the formation being precisely the same
as In the most valuable mines In the
camp.
The portion Of the property which IL
being opened by the lower tunnel Is sit
uated directly between the large sui
phide ore mine Of the Boston Consoli-
dated and that Of the Utah Consolidat-
ed and is about 1000 feet distant from
each. That being opened by the upper
tunnel is In a position 10 contain de-
posits OF lead-Sllyer ore similar TO those
found In the Bingham 4 New Haven
and other claims in that portion Of the
district The property has been strong
ly recommended by several mining en-
gineers Of standing who have examined
Il. My recent inspection OF the openings
from the lower tunnel convinced me
that the company's prospects are most
decidedly encouraging.
The company Is ca pitallzed for s.. 000-
600. divided into 400. 900 shares Of 81 par.
Only 800 900 shares are outstanding. and
this includes $4,000 shares which have
been deposited for the purpose OF con-
verting IT'S S2j0.0o0 OF bonds into stock
at s. per share. II will be seen. there
fore. that the 300. 900 shares OF stock rep
resent its entire issued capitalization.
should the exploratory work now un-
der way open a large body OF high
grade ore, this stock would undoubted-
~ sell for several times It's present
price Immediately. II is a mining spec
ulation. however. pure and simple, and
those who buy II must be Contented 20
20 into partnership with the very able
mining talent referred 70 and with
stock Is traded In on the curb In
Boston and has recently been selling
around sl.75 10 81 per share.
Aldu 'blsolludltu u uHVuceNloHdoig
a good speculative and investment pur-
chase at present prices. The property
Is worth considerably more than Is rep
resented by the current price Of the
stock. The company will produce be-
tween 1900 900 and 20,000.O 900 pounds Of
copper this year at cost Of TO AZ
cents per pound. and viii earn between
s250O,0 900 and s2s0OOo0 net. or IS to 81
per share on It's capital stock. II is
paying s. per share now In semi-an-
nual dividends Of $3.50 each. and It
could continue TO earn and pay these
dividends with copper selling al 10 cents
per pound Boston Commercial.