White Pine news weekly mining review. [volume] (East Ely, Nev.) 1910-1920, 1912-01-21
r. A. NukOls and r. BOrohert
Dispose of Holdings in Coco
mongo District to Douglas
ENTIRE PURCHASE PRICE PAID
EASTERN MINING COMPANY Or
GASIZED BY NEW YORK CAP
ITALISTS To DEVELOP ESTATE
NEAR CHERRY CREK.

Involving the transfer OF So, 900,
the biggest mining deal consummat-
ed in White Pine county during tne
last eighteen months was closed ,ast
Monday, when the Eastern Mining
company, dominated by wealthy New
York capitalists purchased a group
of five promising gold claims in the
Coeomongo district from A. r. Muck
OILS and Fred Borehert of Cherry
Greek.
The final details were settled Mon
day night when " A. Douglas. ne
representative of the eastern finan-
ciers rendered the first payment Of
$1,000 10 Mr.. Nuckols, and informed
him that the balance of the purchase
price had been deposited in the Na
tional City Bank of New York 10 the
credit of the fortunate claim owners.
Under the terms of the option, which
had been signed by the parties inter
EEAtAs AAlt AiAt 80 ahs- Rt'
over an extended period. As the
company was desirous Of acquiring
Immediate title to the ground, ar
rangements were made to pay over
the total amount without further i,
lay.
The officers of the Eastern Mining
company are w. A. Douglas. presi-
dent: l.. T. Bushfield of Lexington.
Kentucky. vice president, and E. f..
Everhardt, a promenent brewer and
lumberman of New York. secretary
and treasurer All the stock in tie
corporation has been pooled for two
years. and the development of the
mineral estate will be carried on ia
a manner that will reflect credit or
the promoters. Conservatism and
strict business methods will mark the
course of the new company
The properties acquired by the
Eastern mine operators, attracted the
attention of Mr.. Douglas two months
ago, when he paid visit to the
Cherry Greek district. Believing that
the group would eventually develop
into steady dividend payer, Mr.
Douglas secured an option from
Nuckols and Borchert, and made
small payment as evidence of his
good intentions. On his return 10
New York he brought back several
samples, which assayed from $50 10
$1,100 ton. Believing that DouS-
las has obtained a gold proposition,
with most promising future before
It. his associates were anxious TO de-
monstrate its worth. and instructed
him to buy the ground.
The company expects to drive
tunnel a distance of 1000 feet 10
open up veins OF rich gold ore, which
outcrop on the surface. As this
working has already penetrated the
mountain for 100 feet, an air COM
pressor and drills will be installed
shortly to facilitate the work. 1t is
the intention of the new owners to
equip the property with all modern
appliances known to the mining ln-
dustry. Plans for the erection of a
mill will receive due consideration
from the board of directors, as soon
as conditions warrant such an under
taking.
Some of the richest gold ore from
the Cocomoongo district has been
extracted from the Nuckols- Borchert
holdings. Samples have been dis
played in this city during the last
two years, which revealed the preei-
Gus metal so that 1t could be dis
cerned by the naked eye without diff
ficulty.
Several ore shipments have been
forwarded to Salt Lake, which net
ted the owners handsome returns.
A email milling nIa nj wao araafad ou