Mohave County miner. [volume] (Mineral Park, A.T. [Ariz.]) 1882-1918, 1910-06-04

pany directorate was held early last
week and brought out the fact that the
management of the company is now
seriously considering the problem of
mill construction. J. Park Charming,
consulting engineer, who recently
made an exhaustive examination of
the Ray Central property, was present,
and reported that the property is in
an entirely satisfactory condition. He
stated regarding concentrator con-
struction, that the main problem to be
mill at the river and transport the ore,
or 10 erect it at the mine and bring
the water to it.
Mr.. Charming did not make public
/ the report he is understood to have
prepared on the property and which
has been said to show 100000 tons
of commercial ore actually developed
and ready for extraction. He did,
however, make the statement that the
Madeline and Globe shafts have been
connected at the 300 foot level, and
that between the 300 and 400 foot lev
els, a winze shows the best ore which
has been developed in the mine.
Oscar A. Turner, one of the largest
stockholders, and a vice president of
the company, who has just returned to
New York from an inspection of the
property, was present, and expressed
it as his opinion that there is now de-
yeloped in the property not less than
100000 tons of ore, declaring that
at one point in the mine there is an
ore body go feet in width, averaging
u per cent copper, grade which is
of direct smelling quality.
1t is calculated that the concentrator
will cost approximately 6OO,OOOS, and
that with the expenditure of this sum
the mine will be provided with a plant
which will enable it to earn Is net per
share per year, and still leave the
company with 1000, ,OOOS in cash from
the proceeds of the bond issue. The
company now has in its treasury l20,-
COOS in cash and is free from debt.
A peculiar condition exists with re-
spect to the report on Ray Central
which is understood to have been pre-
pared by Mr.. Charming. The original
contract between the Ray Central
Copper company, and the General De-
velopment company, the latter the
Lewissohn operating organization,
gave to the General Development COM
pany entire charge of the development
of Ray Central ground. While this
development is under the control of
the General Development Company,
the funds are furnished by the Ray
/ Central Copper Company, and up to
this time there has been provided a
total. including the cash now on hand,
of 1873, ,OOOS, the last S0,OOOS furnished
representing the proceeds of the first
100000 of bonds issued.
The bond underwriting agreement
has been continued until September
lst of this year, and the General De-
velopment cOmpany's entire control
of the operation and development of
the property runs concurrently with
the bond option. 1t follows, therefore,
that the Charming report, if one has
been made, is the property of the Gen
eral Development company, and not of
the Ray Central Copper company, and
that this report cannot be made pub
lie until the General Development
company elects to give it out.
1t is however, regarded as significant
that Mr.. Claiming, at the directors
meeting, did not controvert the state
ment made by Oscar A. Turner, that
the mine now shows 100000 tons of
ore annually developed and ready for
extraction. In his January report,
Mr.. Charming reported 100000 tons
of ore developed, and declared this ore
has a net value of q per ton. Since
that time the Madeline and Globe
shafts have been connected at the 300
foot level. and sunk to a depth of 400
feet, so that the estimate of 24,OOO,OOOS
net in ore already blocked out in the
mine, is probably conservative, even
though it is not officially vouched for
by the consulting engineer in charge
of the property.
Successful Trial Run BY SmeIter.