Los Angeles herald., 1909-08-02
WARRIOR COPPER
DEAL CONFIRMED
PURCHASE PRICE SAID TO BE
S2,000,000
STRONG COMPANY ENTERS THE
GLOBE DISTRICT
New Owners, with Experience in Cop
per Mining Elsewhere, Begin
Work In Arizona for
First Time

GLOBE, Aug. 1.--According to re-
ports practically confirmed by tele-
graphic dispatches from the east, the
biggest transfer of mining property
made in Globe district or in Arizona
either, for that matter, in several years
has just been put through by the war
rior Copper company by the sale OF It's
interests to a group of eastern cap
italists including men experienced IN
copper mining.
The purchase price is said on good
authority to be $2,000000. Of this
amount 81, 100000 is to be paid in cash
and 1000, 900 in stock will be offered
in payment of the remainder.
The copper magnates forming the
new company taking over the Warrior
Copper company's interests are sald
to be men who have operated success
fully in other parts of the country
heretofore, but it is understood that
they have never before done business
in the Arizona field.
The name of the new company is
withheld for the present, but will prob
ably be made known upon the arrival
in Globe of e. M. White, who has been
in charge of operations at the Warrior
mine for some time past. Mr.. White
is now in Philadelphia, where it Is SAID
the arrangements for the transfer OF
the Warrior property have been made.
viii Continue in Charge
1t is possible that Mr.. White will
continue ir charge of the local MINI
ing work for a time, at least, until the
new company can take over the active
management to advantage.
1t is said the new company VIII begin
DEVELOPMENT work on the Warrior mine
at once, the impetus given to the min
ing industry in Globe district viii be
great and in any case this deal marks
the entrance into the local mining
area of a Gew and powerful concern.
The report of the transfer is received
in all confidence by many persons m
timately connected with mining in thlS
section.
The Warrior Copper Company's prop
erty includes eighty claims and is the
largest acreage of mining land owned
by any mining corporation in Arizona
The company was organized March 10,
1906. under the laws of Delaware, with
a capitalization of $1,5O0,OOO. The par
value of the shares vas fixed at fIV'
There was $75O,000 worth of cumulative
per cent preferred stock and SS5O,O0O
worth of common stock. The War
rior company was the successor to the
Black Warrior Copper company which
became involved in financial difficult
ties.
In Three Groups of Claims
The Warrior claims are included in
three groups known respectively as the
Montgomery, Diamond II and Gold
Gulch. The Montgomery group in
cludes what were formerly known as
the Montana and Dadeville mines, on
which considerable development work
has been done. A vein on this prop
ertv has been opened and found to
yield ore running about 6 per cent in
copper.
The Warrior Copper company's mine
is equipped with a large steam plant
TIE reduction plane included originally
a 100 ton concentration, a 3OO-ton leach
ing plant and a 50-tun mating fur
mace. Recently however much of this
plant has been dismantled fer the rea-
son that it's use under surrounding con-
ditions was considered impracticable.
At present about seventy men are
employed in development and produc-
tion work at the Warrior mine. About
eighty tons of ore are being shipped
daily. In 1907 the production Of the
mine was 1875 pounds Of fine cop
per and 325 ounces of silver. For the
past few years the development work
of the mine has been more OF less re-
tarded by lack of funds, but it is be-
lieved that under the new ownership
operations will be conducted on a much
larger scale than they have in the past,
Appreciated at Home
Locally the Warrior mine is gener-
ally regarded as among those having
the greatest possibilities in Globe dis
trict, and also as a property that has
suffered greatly from mismanagement
previous to 1906, when the ieorganiza-
ton and change Of management were
effected Since then the mine has hecn
worked with a view chiefly TO keeping
down expense and extracting high
grade ore for shipment to pay the bulk
of the working cost. hundreds of
thousands of dollars are needed to
properly push the development work
and there is little doubt that the new
owners by providing the necessary
funds, will eventually make the War
Arizona.