The copper era., 1909-08-12
Gold Belt Property ! Leased 7

At the special stockholders meeting last Monday of the Gold Belt develop ment v and reduction company, at which more than 3OO,0 shares of stock, were represented the board of directors were empowered, to lease the entire property of the company to J. .Backstein, of this place, ,r who will in the immediate future erect and put into operation on ,ithe, prop erty a gold mill of considerable capacity. Outside of being, a great boost to the particular section in which the Gold Belt property is located this mill will in all probability be the greatest thing that has ever happened for the company, as it will place that concern In a position, to realize money from the gold property at time when the company was un7 able to raise the money necessary to erect the mill.
 The lease has been closed and signed up for period of thnee years, during which time MT. Backstein will have the authority to develop and operate the company's property, keep up all assessment work and work the ore through the mill. Of the net profits the company will receive 40 per cent the first year, 60 per cent the second year and 40 per cent the third year. MT. Backstein has announced that he proposes to erect plant sufficient in size to handle 20 tons of ore daily now and as soon as the mill is in suc- cessful operation he will double, its capacity. The agreement calls tor the completion of the mill by Novem- bar 1st, hence no time will be lost in erecting the plant. - f-. sr.
 During the past month an expert has been engaged on the property taking samples and making general examination of all claims, in order that MT. Backstein might have an idea of the amount and value of the ore. It is safe prediction that if the new lessee meets with anticipated success the stock of the company within the life of the lease will. be worth almost par, and with this ob- ject in view those stockholders who were present at the meeting Monday voted as unit to support MT. Back stein's proposition. Preliminary ar engagements for the style and class of mill have already been made and all plans are drawn for the new plant, hence it will be possible to complete it by the specified time. Arrange ments have already been made with the Moreuci water company for the furnishing of ample water to sup: ply the mill and the pipe for the new line has also been arranged for. The pipe line will be of sufficient size to accommodate plant three times as large as the one which will be first in-i stalled.
 The wagon road will also be put into condition by the new manage ment and it will be made first-class in every particular, connecting with the regular Eagle road from Morenc;. Under the terms of the lease Mtr. Backstein is taking all the chances and he cannot make a success fnan- cially without also making a good thing for the company. The the mill is bound to be success as there is practically an unlimited amount of gold ore that will average better than S7 per ton, while much of it will run quite high. The estimate of the lessee is based upon low grade ore, hence he will more than likely do even better than he anticipates. The property is among the best in the dis trict and everybody in the Clifton Morenci district is glad to see it put into operation again.