Bisbee daily review., 1909-01-21
TEN MILLION
 TONS OF ORE
 BLOCKED OUT
That Is Estimate Of Officials Of Miami Mine in the Globe District - Greene Cananea Stock.

Walkers letter for this week says that Miami copper officials estimate from development work already done that the company certainly has 5000 900 to 10000. 900 tons of ore blocked out. and probable, which carries an average of 2.65 per cnt copper; and also that at least 70 per cent of the values will be recovered in concentra- ton. If the sampling can be depend ed upon, Miami ore should yield g pounds of copper to the ton, and the cost per ton of ore handled should not exceed $2.50 to s2.75. which means that its copper should be produced at a cost of seven cents per pound. On this basis the ore will yield a net profit of approximately S2.00 per ton. or a total of s2,000,00e from the ton mage which is now practically assured.
 At $l6 per share. Miamfs 600,000- share capital Is selling in the market for s9.o0o.000. The company has a large treasury surplus, more than suf. ficient to take care of current develop ment work and build and complete the first 1,000-ton unit of its concen- trator. It should begin producing cop per about one year hence, and with l .9oa tons daily capacity should pro duce between 11.90D000 and 12,0o0. .3eo, pounds of copper annually. This would give the company earnings of about Si.50 per share on 15-cent cop per market.
 The Miami is as near demonstrate cd investment enterprise as any mine possible can be which has not reached the producing stage. Ultimately its stock will be worth $30 per share or more It will probably be three yeais s before the company is producing sui ticient copper to make a good invest ment return on 3 valuation of $50 per share. but of course the stock market can be depended upon to discount such results in advance.
 lt has been suggested by some of those interested that it would be as well for Miami to discontinue the work of developing its ore body, except in so far as relates to the work of sink ing the working shaft which has re- gently been started, making oonnec- tions and preparing the mine to start on its productive career. This sug- gestion has caused some selling of the stock, as it has been felt that nothing
 
 mage will cause the stock to 20 or advancing while Ilill construction is under way. I believe that Miami stock should be bought on reactions by those who prefer to put their money into reasonably sure things and wait for natural growth In val ues. Undoubtedly the Miami mine is one of the most remarkable develop ments of the past few years. It will not be very long before the stock passes the speculative stage. Re actionary markets present opportuni- ties n stocks like Miami which should not be allowed to pass unheeded.
 Greene Cananea stock is being ac. cumuiated gradually by insiders and others who are most familiar with what the company owns and what the mine and smelter are able to do. The increase in production and earnings VIII be more rapid in the case of the Greene Cananea than in any other Cole-Ryan property for some /ne to come. It is being demonstrated that While ore yielding an average of 2Is per cent, or 50 pounds of conner to the ton. is being treated, the conner can be produced. refined. sold and de hVered at cost of about 10 cents De- pound.
 The company is now producing at the rate of 45,O00. .000 pounds annually. aud 1t will soon be putting out 60.OO0.. VVo pounds Of copper. It is probable tnat the cost will be maintaiued at aDout ID cents. for as further econo- niles are affected, larger tonnage of 10" pTade ores will be mined and treatec. 1 think it quite probable that Greene Cananea stock will ssu ha.