Bisbee daily review., 1909-03-24
SALE IF THE
 GIBSON MINE
 |SANNOUNCED
Eastern Capitalists Buy Prop erty After Overcoming 0b- stacIeS Which Stopped the Earlier Negotiations.

GLOBE. March 23.-FolloWing close upon the announcement of an impor- tant strike of high grade ore in the Gibson mine, came a telegram from s. L. Gibson, dated at Boston, stating that he had closed the deal for the sale of the Gibson property to a syn dicate of capitalists with whom nego- tiations were had several months ago.
 l. was in November last that a par ty of Boston capital sts and mining men visited Globe, and spent several days at the Gibson camp. making 8 careful examination of the property of the Gibson Copper company. Ap- parenuy the inspection was satisfac- tory. and the deal was about to be closed when a hitch occurred over the terms of the sale: negotiations were abruptly broken oH and the BOs ton men departed for the east.
 About a month ago. s. L. Gibson, who with W lliam CTip) Henderson, owns over go per cent of the stock of the Gibson Copper company, went east with the view of either financing or disposing of the property, and ar irving in Boston re-opened negotia tioBs W th the parties who visited the property four months ago. The price agreed upon at that time was s65e.- 000, of which $125.Oo0 was to have been paid when the papers were signed and it was over the date of the second payment that the disagree ment occurred. While the terms Of the deal closed yesterday in Boston are not definitely known here, the value placed on the property is be- lieved to be not materially different from that agreed upon in the previous deal. However. 1t 8 probable that in me negotiations concluded yeste' day, it is provided that Messrs. Gih son and Henderson shall retain an in terest in the property.
 The Gibson mine gained the repu tation locally of producing the rich est sulphide ore mined n the dis trict and is also remarkable in that it was a profitable producer of cop Ter prac icaliy from the grass roots to a depth of 400 feet, and up 10 Q year and a half ago had netted the fortunate owners several hundred thousand dollars.
 At about that time the rich ore shOots above the 400 foot level show. ed signs of exhaustion and since then the owners have been engaged in opening the mine to greater depth. While there was an abundance of low grade ore. going to per cent cop per in the mine and on the dump the search for high grade ore in the deep CT workings was not successful until a few days ago when ore equally as rich as that mined above was struck in 9 winze below the 100 foot level This ore is chalcopyrite assaying from about 25 to 35 per cent copper Yesterday the winze had penetrated the ore body about fifteen feet and which was apparently about five feet wide. The strike was made in new terr tory. about 800 feet from the working shaft. The full extent Of the ore body can not be determined un til opened on the 800 foot level. and the drift on that level will have to be driven over POO feet farther to reach the point where connection can be made with the winZe in which the strike of rich ore has been made
 The news Of the ore strike and sale of the Gibson mine, coming almost s simultaneously, has aroused great in. terest locally, and there s rejoicing among the friends of the fortunate l owners of the property. It will also attract attention anew 10 that imme- diate section Of the Globe mining dis. ! trict comprising the Mineral creek l and Pinto creek div de and the terri. | tory adjacent thereto. and a marked i revival of prospecting and develop 1 ment work may be confidently expect cd there