The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1907-05-04
GOT BIC CONCESSIONS
XIV Mines Company Assured OF Posses
sion OF Whitley Mine.

Kimberly stockholders in Marquette
were greatly elated Monday by the
news brought back TO them concerning
the company's prospect by Mr. Russell.
its president, who returned from trip
TO Colorado.
While In Denver, Mr. Russell met
Mr. Whitley, owner OF the Wiley pro-
perty, by appointment, and negotiated
an arrangement with him by the terms
Of which the Wilfey property will be
turned over 20 the Kimberly Wiley
Mines company not later than the first
of July, soon after the company's new
mill is expected TO 90 into operation.
This will put the company in full pos
session Of both the properties at Ko-
komo that 1t is to operate. as well as
Of all the valuable water rights on Elk
Mountain acquired by Mr. Wiley, and
also the right 10 use without payment
OF royalty all his inventions and pro-
cesoes for the treatment Of its ores.
Mr.. Russell expresses himself greatly
pleased with the way he was met and
treated by Mr. Wiley. The later
showed himself willing to make every
possible concession TO :he company, ap-
pearing 10 be desirous to assist In get
ting IL started at q producer. He free
ly granted concessions that are of very
great value TO the company at this
time. when every effort Of the manage
ment is being put forth to get it's new
mill completed and in operation.
Without going into details here. it
may be stated tnat Mr.. Wiley has
agreed TO turn over mis- property TO the
company on the payment TO him Of
800, 600 in cash. in addition to the
payments already made. instead OF in
sisting on the 800, 600 in monthly pay
ments of s25. 600 called for by his ori-
ginal contract for the sale of mis- mine
and milling plant Uefore the transfer
should be made. OF the $50, 900 TO be
paid before the property Is turned over,
one-hslf, OF S25, 900. has already been
sent to Mr.. Wilfey at Denver, and
there is now in the company's treasury
cash enough TO meet the additional
payment of $o5, 900 required under the
arrangement made by him with Mr..
Russell 20 entitle the XIV Co. to
take possession Of the Whitley mines
and mill Money is coming in for
stock sells 80 rapidly now that the
management sees its way clear TO carry
ont It's plans without delay for want Of
means. There are still in the treasury
so, 900 shares OF the capital stock, and
only part of this need be sold at the
present price, s. per sharel. TO provide
the funds needed to complete the mill
and make the $25, 600 payment TO- Mr..
Whitley mentioned above.
Mr.. Russell said yesterday. The
company has turned the last sharp
corner ON the road TO success. FL
nancially, IL is now on easy street,
while the deal by which it will be
placed in control Of the Whitley proper
~ Immediately after its new mill goes
into operation ensures that it will be-
able TO keep the mill supplied with ore
without having TO expend dollar TO
increase the present openings into the
ore bodies. | am not ia favor Of selling
share Of treasury stock at s. beyond
what is required 10 complete our mill
land but little will be needed TO do
that and give us possession OF the
Whitley property. Everything else can
loo taken care Of from the earnings
and am opposed to selling stock for
81 a share that IL cheap at twice that
price. except to tide over the hard
places
Asked about the new mill, Mr. Rus.
sell stated that the finishing work ON
placing the machinery Is All that re-
mains 20 be- done The battery of
boilers only needs water connections 10
be ready TO furnish team. the engine Is
In position. also the air compressor.
and the crusher was being hoisted into
place at the head Of the ore bins last
week. this being the last Of the heavy
installation work. Work on the roaster
is under way Mr. Wiley. inventor
Of the roasting process to he used in
treating the ores. assisted in drawing
the plans for this and il is being built
under supervision Of the company's
superintendent Of contraction. Mr.
Buckingham, employed 10 install the
plant on Mr.. Whitley recommendation.
so that there is no doubt that IL will
be a success in operation from the
very start. II Is believed now that the
mill will be ready for work by the first
- T... h,t 10 mas. tat. .g.... Hstt.