White Pine news weekly mining review. [volume] (East Ely, Nev.) 1910-1920, 1913-11-02
NEW Ely CENTRAL To MERGE.
WITH CON. COPPERM|NES CO..
Latest Move in Consolidation Plan Points to
Development on Extensive Scale and Is Taken
As Positive Assurance that Construction of
Ely Reduction Plant Is Beyond Doubt

bonds will be accepted on the basis
of par payable 25 per cent in con-
yertible Z per cent bonds of the Con-
solidated Coppermines company and
IS per cent on stock of the Consoli-
dated Coppermines company at par.
Our stock Will be accepted at the
ratio of twenty shares for one share
of Consolidated Coppermines COM
pany.
The terms of the above proposition
of sale are practically the same as
were accepted by the other COM
panies
The Consolidated Coppermines
company controls all the water of
Steptoe Creek, which is ample to
carry on extensive concentrating and
smelling operations, and on a very
small proportion of its 5000 acres
of mineral ground developed approx
mately 100000 tons of commercial
ore, which, with the development
now being carried on, may be ex-
pected to be added to materially dur
ing the next year.
The New Ely Central Copper com
pany has no ore reserves. The
prospecting work done indicates ore,
but none has been blocked out, and
even If it had large body of ore in
sight it has no water with which to
treat its ores. unless it consolidates
II is a condition precedent to
securing the above arrangement
that a majority of the New
Ely Central Copper company's
stock and bondholders shall immedi-
ately signify their acceptance of this
proposition. that We may make this
offer of sale to Consolidated Copper
mines company without delay.
VIII you please sign the enclosed
authorization and mail it to us at
once? We will gladly answer any
questions. bearing upon the subject.
Very truly yours,
| NEW ELY CENTRAL it)rffh W,
BY II. Z. LODGE, Treasurer.
In reference to the proposition re-
garding the sale of New Ely Central
Copper Company to the Consolidated
Coppermines Company, it may be of
interest to the stockholders to ex-
plain that the figures and values of
all of the various properties that
form the Consolidated Coppermines
company must not be taken as indi
eating the actual or intrinsic value OF
the properties. but are used merely
as relative basis of consolidation
and We believe such a consolidation
will be of decided mutual advantage.
says the circular issuel to the stock
holders.
| The Consolidated Coppermines
Company is amply capitalized to
| finance its enterprise.
The Consolidated Coppermines
company will own quite as much
mineral land and as much If not
more water than the Nevada Con-
solldated and is capitalized for sS,-
0G0, ,000 rs against 100000 of the
Nevada Consolidated. Provided d.
veiopmeIt now being carried on ex-
poses the amount of additional ore
| indicated by surface showings, 1t
may eventually have as large If not
| larger ore reserves than the Nevada
Consolidated now has. The Nevada
Consolidated stock is selling now for
sic per share on the par value of s.
and has sold for s25 a share on the
stock exchanges.
| The stockholders of the New Ely
Central Copper company by convert
ing their stock into Consolidated
Coppermines company In the ratio of
20 to may consider New Ely Cen
tra Copper company stock as being
worth 25 cents rer share with Con-
solidated Coppermines company
stock at par
37h cents per share at $3.50 psr
share. and
so cents per snare at $1,000 per
share
and higher proportional value
whenever its stock increases in
value.
1t is believed there will be no hes
itancy nor objection on the part of
New Ely Central stockholders to
delivering their proxies or voting