El Paso herald. (El Paso, Tex.) 1901-1931, 1913-01-08
MINING NEWS
SAVANNA WILL
MINE AT ONCE
over 1,OOO. 600 Tons of Two Percent Ore
estimated $50 Per Ton.

Over 900. 600 Tons OF Two percent Ofc
Developed by Drills and Profit
estimated $3.50 Per Ton.
savanna copper mining property IA
the Burro mountain district of New
Mexico near Silver City will be opened
for shipping ore as soon as funds tot
the purpose can be raised through sale
Of treasury stock. Considerable Sd
wanna stock is held in FL PaSO, Silver
City and Arizona, and the news thdc
work is soon to begin viii be received
with pleasure BY many holders Wno
have long been wondering why noth-
ing was being done with property
known TO be extremely valuable anu
to have large copper bodies
Savanna property lies between tne
Burro Mountain and ChemunS prope-
lies of the Phelps-DOdge company, ana
has as much area Of promising appear
ance as either of those great properties
With the building of the new brancn
railway from the Santa Re into thS
Burro copper district, the Savanna
ground viii receive direct ran cohlilu-
nicatiOn 10 smelters-
The report OF the directors OF the
Savanna company TO the stocknoldecs
indicates that the stock remaining IN
the treasury will be sold TO present
stockholders prorata, at 81 per snare
and issued as fun paid. says the re-
port in part
AT the last meeting of the board u
was decided to raise funds to De uScl
for the purpose of lnauguratlnS WOfh
for the development and mining OF the
ore body shown about drill mole No
80. Holes placed about NO. 81 ulSciOsSi
ore and a total of seven nOleS were
drilled in this ore without showing the
0utlinIs Of the ore body Work OIL TINS
character was discontinued as 1t was
decided that sufficient ore hao Deen
shown 20 justify mining operatlCh
and that further Development coTid De
s1a.rscr
The seven drill holes mentioned indi-
cate a tonnage estipated by superln-
tendent L J. Stauber at $4,000 tons OF
296 percent copper, or 1,O9S,4OO tons Of
PIG percent copper.
Justify US making the expenditures ior
shaft sinking, equipment and mill
building as the net profits on the aDCFe
grades Of ore are estimated to be from
SI7O TO over IS per ton on IA lie
copper market. On a. II IL cent mar
ket the profit is estimated at from
$3.50 to over 81 per ton. There Is good
reason to expect that the above ton
mage will be materially increased by
underground development work when
viii be carried on in connection with
'Since the issuance of the last re-
port all part paid stock Of the com
pany has been acquired by the COM
pany and only full paid stock IS now
outstanding. The present stock issue
] is I21416 shares; treasury stock, 49,
5S4; total, 200, 600 shares.
The option held by Price Mckinney
upon the Pinos Altos properties and
railroad was not exercised and the
property reverted to the company one
placer- claim has been sold and also
I the buildings in the tOwnsite of Pinos
Altos. I.easers have been working part
of the Pinos Altos properties and a
small amount Of ore has been shipped
] from their workings, the company re-
aIizing a royalty therefrom. The smell
! ter is in charge of one Waterman No
other men have been employed while
| the property was idle except the super
intendent and a Mexican Waterman N
the BurrOs."