Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1910-02-08
MINING, BUSINESS AND STOCKS.
DRAWING PLANS FOR
SHELTER AT WAbUSKA
Mason Valley Company Finances Deal
To Erect Plant at Once and Change
Present Capitalization.

Confirmation OF the report that the
Mason Valley Mines company of the
Mason Valley district, Nevada. VIII
begin at once the erection of a snelter.
Was made this morning by General
Manager George L. Gum, who has
just returned, after several months
spent in the cast in the interests of
the company He declares that the
company has been safely financed and
that Mt the most the smclter will be
operating within n year. The plant
viii be for custom as we'll as the ores
from the Mason Valley.
The smelter Will be built on the
ground owned by the Mason Valley
company at Wabussa, where the Ne
vada Copper Belt railroad branches
off from the Southern Pacific for Yer
lnEton and the Mason Valley district.
A little over a year ago the company
purchased the site as we'll as several
large springs which will furnish an
ample water supply for the plant
For considerable time it has been
known that the ores OF the Mason Val
ley were n direct smelling product 1t
was to verify this that the Canadian
smelter expert Jules LaBarthe was
called in to examine tho situation. AL
though nothing deflnite has been givcn
out on his report, 1t is understood that
he was unqualiiedly of the opinion that
the ores were a direct smelling prod
uct. The other mines of the district
are declared to be of a similar class OF
ore. The Nevada Douglas Will still
be several months before II finishes the
railroad to the mines and with the de-
velopment work that Will be done in
that time, IL is certain that the smelter
can start up at full capacity with all
assurance of much ore for years TO
come.
The Blue Stone mine, owned by Col
Dclamar, has an immense tonnage OF
ore blocked out. The Nevada Douglas
has much ore in sight and abe Mason
Valley Is developing into enc of the
richest mines In the district. At the
Mason Valley many thousands of tons
OF ore, averaging as high as per cent
copper. have been blocked cut Recent
developments show that THO ore can
be worked by the caving system and
mined as cheaply as a porphyry steam
shovel proposition.
GETTING UP PLANS.
Plans for the smelter thrt are now
being drawn, are nearing completion.
Tho only drawback VIII be the secur-
llS OF steer. InlH " Is SAID VIII be
the only cause of delay.
According to Mr.. Gum the plans
for the adjustment of the finances OF
tho company have been agreed upon.
At present there Is an authorized Issue
of 1,o00. 900 shares OF stock at a par
value OF 81 each. This STOCK hns been
selling in the market around 81 per
share. The plan OF the company Is
to raise the par value OF the stock
from 81 to s.. which Will give the
company an authorized stock Issue of
20O.WO shares, instead of LOCO, 000 In
addition, the company will Issue s., ,OeO,-
600 in bonds, convertible into stock at
par, and which Will be offered the
stockholders at par, 100. 001 shares OF
stock being placed In tho treasury to
provide for the conversion OF bonds.
Just as soon as the plans for the plant
are finished the contracts will be
awarded and the work started The
smelter will have a capacity OF from
500 TO 500 tons daily and OF the latest
methods of construction. The grading
for the plant has practically been
completed. The plant will cost In the
neighbt-hood of $500. 600 which viii
leave $4,000 in the treasury for de-
velopment purposes The plant will
handle custom ores as well as the
ores from the Mason Valley. 1t is
probable that ir the tonnage exceeds
this amount the plant will be enlarged.
The engineers OF the company declare
that at present there is better than
100000 tons of ore reserves in the mine
and that this is being added to each
day