The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1914-08-08
ROUND MOUNTAIN
DEAL IS CLOSED
ALL DETAILS OF CONSODIDA-
TION CONSUMMATED IN
THIS CAMP

Sanction having been given by the
stockholders, the final details of the
consolidation of the Round Mountain
Mining company and the Round
Mountain Sphinx Mining company
under the name of the former were
successfully closed last evening in
this camp at conference between
j. r. Davis and j. p. Sweeney, presi-
dents of the respective companies.
The deal terminates years of litiga-
tion between the two companies in
volving eXtralateral rights in the Los
Gazabo claim in the Round Noun
/ tain district in Nye county and
presages unprecedented activity in
that camp.
Under the terms of the deal the
Round Mountain company paid the
| Sphinx company $4,000 shares of
stock and $4,000 in cash for its
forty-six and one-third acres of land
and all claims against it. To permit
of the consummation of the deal, the
capital stock of the Round Mountain
company was recently increased from
! ,OOO, 900 to 100000 shares of the
par value of 81. Including the 49,
| 900 shares paid to the Sphinx stock
holders, the total issued stock of the
Round Mountain company amounts
to 1,077,519 shares, leaving in the
treasury 422,4S1 shares. The off
cal personnel of the consolidated
company follows: President, j. r.
Davis of Round Mountain; vice
president, l.. f.. Gordon of Keeler,
Cal; secretary-treasurer, II. G. May
er of Goldfeld; directors, the above
named with w. II. Webber of Den
yer, Colo, and William Forman of
Tonopah. Mr. Forman, who repre-
sents the Sphinx stockholders. sue
ceeded Thomas Keane of Round
Mountain, who resigned as MEM
ber of the board of directors.
With the Sphinx and other prop
critics acquired by purchase, the
holdings of the Round Mountain
company have been increased from
343 to approximately 500 acres of
land, probably the largest area of
mining ground under operation by
one company in Nevada. The ground
acquired by straight purchase in
cludes the Mcmahon and Durgan,
Cordes, Sunnyside Extension and the
Smoky Valley placer groups. The
company also holds controlling in
terest in the Round Mountain Ante
lope Mining company property. All
the ground is contiguous. Speaking
of the properties of the company and
it's plans for the future, President
Davis said:
THE Sphinx property has been de-
velOped to a total depth of 200 feet
but little work has been done below
the 11O-foot level. 1t is our inten-
tiOn to at once begin the extensive
development of the Sphinx by driving
drifts on the Los Gazabo vein on our
700, 500 and 900-foot levels into the
Gold Leaf claim of the Sphinx group.
The acquisition of the Sphinx and
other properties gives the Round
Mountain company approximately
1900 feet of the Los Gazabo vein,
which in the Sphinx and Round
Mountain workings varies from three
to twenty feet in width. The
Sphinx property has produced in the
past approximately SIS, 900 and l
believe that important and profitable
orebodies will be developed in the
new territory. In addition to the
quartz showing, the Sphinx property
has large area of profitable placer
ground. Final surveys have been
made fro Jett canyon to the prop
erty for 400 miners inch water
pipeline Or use in our placer oper-
ations.
Our present operations in the
Round Mountain workings are yield
ing 5000 tons of ore monthly, which
has been about our rate of prOduc-
tiOn for the last three years. During
May, June and July, there has been
a considerable increase in the value
of the ore milled, due largely to the
production of the Keane vein, aver
aging five feet in width, on the 700
and SOO-fOot levels. During May
and June our operations yielded net
profits aggregating $21 900. The an
nual report of the company giving
full details Of all our operations and
the results obtained will be issued
in the near future"