The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-11-01
MIAMI CAMP HAS
NEW ACTIVE MINE
Southwestern Miami Com
pany Begins Search for
Great Copper Deposit.
ADJOINS THE LIVE OAK
Ores Shown TO Within Short
Distance Of Lines of the
Property.
ADJOINS THE LIVE OAK


called porphyry division has maae "a a
strong bid Cor attention in the case o,
! the Southwestern Miami Deve0pni,Gnl
| company, whose property lIes au1ot,..s
al Miami, AriZ As considereple w
likely be hcarG now ABOUT ths nc"
proposition The following descriptive ma va
tcrial sent west by j. A. Parker ~ o.
Of New York will prove tlmeiy;
The Southwestern Miami Deveiopri.nS,n,'
! company was organized III Jmic, go
with a capital stock of only no.ooo snai's
50 par Twenty-Five thousand sna,,rI, snnrJ1 ,en %,
this stock was Immediately undcrWIltten
AT par by Globe, Arlz. Marquette ,t,I,an,, Micn,
| Boston, and New York parties. rhteen
thousand shares of full-paid stock Was vas
Issued TO the option holders ana tV'vVV
shares placed In the treasury o, ~
company During the month oi tN'suss
the 10000 shares OF treasury stocH Was
| undcrwrittcn by Michigan ana 'osepn '
parties at $3.50 per share, 81 per share
being left "on calf as needed by inc a.,
rcctors OF The company. and inc rGsl PalI P,i
in cash. Tho company's sworn tlnaI,t'd, n;, =,
statemcn, OF September shows that II
has Sl0o IOi,T4 OF cash assets over ia
bilirics.
On August /. 1911 tho largest churn
drill ever installed in the district was
placed on the property and drluinE con-, '5
menccd at point zoo feet from the TN Gnn
line of the Live Oak mine ~ that iilne
the Live Oak company was drilling '9rce
holes on its own property within l6o iee'
distance Of tho southwestern end ine,
carrying from TO a per cent copne'
content. being the highest grade dis
seminatcd ore in the entire district aIu
Win ono eMSGpoT Hs iind IN 'mg on MUs'' 6o SOUTH
western property should encounter inns
ore body In the very near future. inc
mining engineer Of the southwestern
Miami SAYS.
Engineers Statement,
"Thcse adj Joining Live Oak holes are
int In a
developing our property as well as , ,hSn
own. They have but five or SIN holcS
yet 10 drill between their property and
ours and each time they move they get
closer TO us. their last hole in ore being
only l6O feet away. On account OF these
holes. when VIC enter ore, we VIII be aplS
10 say that our one hole for every ten
Zee, of ore will give us developed ore OF
80 600 tons. and Of probable orc ?O.ooO
tons. Should We bc able 10 penetrate
100 feet Of ore in our hole mus osLmg sI,at
We have 600 600 tons Of developcd ore
and ! 500 000 tons or probable ore as the
result of this one hole. This sounds
large. but is fact and subject 10 any
engineers examination.
con account of the thickness OF the
orc which the Live Oak has along our
have chances of developing on four of
! our claims alone. adjoining the Live Oak.
| 10 600 900 tn 1000 200 tons, with possi-
biltics Of more: ! am also in hopes ci
any property in the Miami district. III is
tI1Io We viii have 10 go deeper, but as
| this dccpncss makes richer and thicker
ore We can certainly we'll afford TO spend
the money. In our prcsen, hole we have
every indication that We Will get the
ore as good or better than the Live
Oak
r. w. IIoar L. NJ, formerly super
intcndent Of the Old Dominion Copper
company Of Globe. AriZ.. is the general
manager OF the company; II. II. Dyer
1.f
Arizona together with Mr.. TIoar. make
UP the managing directorate OF the COM
/ pany at tho mine.
Financial Status.
The following financial statement as
OF September g. 1911. Is given:
| Receipts
Cash received from
sale Of 5000
at s1....,........ % 900 90
! Cash received from
sS,9S SHARES OF OF stock '"Gg
al $50 .,... 5000 90
81 900 90
| Disbursements
| Vouchers fo, ope
| rating and equip
| ment accounts 10
date :, ,..,,...$ ll7i5.2S
Payments on prop
crty =. ...... 1920 90 % 965 .26
1854 "a
| Resources.
Cash on hand Sept.
G. 1911 ......s 7,o54.74
Cash TO he received
| from 5000 shares
| under option ~
he sold al Sloo
| net ... 900 30
% 400 shares sub
ject to 81 calls. ll5,o0o.0O
Sl32,0S4 "A
5000 treasury un-
der option also
| subject tn 81
calls when issued $4,000 90
$l56. .024 "a
Liabilities
lGnpaid vouchers
and estimated
| operating cX
| penses TO Sept & $50 90
Payments on prop
| crty over two
| years time 80. 5i 80 00- 55. $50. 90
Assets over liabilities. sico,ioi "A
2?OO shares OF stock subject 10 81
| nd al