The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-08-22
MANCAS ADDS
TO HOLDINGS.
EXPECTS TO RESUME DRILLING
OPERATIONS SOON GETS
EXTENSIONS ON
ITS OPTIONS.


stockholders of the Mangas Develop
ment Co. has been issued for the di-
rectors by President Norman w.
Hare. of Houghton:
In answer to "a number of inquiries
from stockholders and that you may
be fully informed In relation to the
affairs OF your company at the pres
ent time, we beg leave to issue the
following statement. viz:
You are already aware that we or
ganized about ten months ago as
development company for the pur-
pose Of exploring for copper ore and
mining the same in the Burro Noun
tain Mining District. Grant County,
New Mexico. You have from time to
time been Informed. through the press
and by direct reports, as To the pro-
gress made in these explorations We
were organized as development
company with the intention, as you
are aware, of changing the same int
a mining company as soon as devel-
Opments on the property and mar
ket conditions would warrant us In
SO doing. You all have had kaowl-
edge of the deplorable condition of
the copper market for the past year.
This condition has thus far rendered
fl practically impossible. up 10 this
time, for us to successfully re-or-
ganize as "a mining company as at
first contemplated. As some of the
payments on our several properties
would have become due in the near
future we were obliged 10 act quickly.
After due consideration of the rights
of all parties concerned and rather
than risk a reorganization under |
present conditions. we concluded to
temporarily close down our drilling
operations and, II possible, secure
from the original owners extensions
OF time for payments on the several
In this we have been de.
cidedly successful. All important con-
tracts, in substantially the original |
terms. have been extended Cor one |
year from October and November
next except one, and i'm this case we
have the promise of the managers
that they will interpose no serious
obstacle to a reasonable extension, as
soon as the different interests con
be brought together. So much for
the original properties by the Man
gas
In June we secured an option en-
q large and valuable property, con-
tanning approximately 1900 acres,
lying to the southeast Of the Burro |
Mountains known as the Tulloch !
Group. on this group there has al
ready been exposed. on and near the |
surface. some very high grade aZur-
tie. malachite. cuprite and glance. Cur |
engineers and experts think that we |
have here a large deposit OF copper |
ore which can be easily developed !
with churn drills and mined at a pro |
Mt Another important feature of |
THESE claims is a milI-site where ct |
comparatively small expense water |
can be developed sufficient to run a /
mill Of very large capacity. The sit |
uation is such that the ore developed |
can be mined and milled very cheap |
". The ore can be run from the |
mine by gravity directly 20 tho mill, |
thus saving the expense If railway |
transportation. We have thus far |
spent no money on this property ex- |
cept for a thorough geological and |
Typographical survey. The former sur !
vey has been completed ami the lat
ter is now in progress. Tho terms
under which we have taken over
this large group of claims arc ex-
ceedingly favorable The purchase
price is 10 be $3.50, 900. payments to
extend over three and onc-half years
the first payment Of $87 900 to be
made on November "a, 1911: balance
I'm equal payments on November "a.
1912. and on November "a, 1913. Every
thing considered, the acquisition of
the Tulloch Group with It's mill-site,
has added an immense value 90 the
mineral holdings OF the Mlngls De-
velopment Company. We have now
approximately $500 acres of mineral
lands and the mill-site under option,
with plenty Of time for developments
and payment.
Already there are signs OF return
ing prosperity In the copper b1isi-
ness. As soon as we are reasonably
sure that these signs point to pcrma-
nent conditions, we expect to resume
churn drilling on both the original
and recently acquired properties. In
the meantime our engineers arc maxi
ing accurate re-surveys and maps
Each and all of the board Of di-
rectors have great faith I'm the flu
ture development OF, at least. two
copper mines on the properties now
under control OF the company. For
the Directors, Norman w. Haire.
President.