The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1914-06-27
ROUND MI.
WILL HOLD
A MEETING
Details of Compromise With Sphinx
Mining Company Are Made
Public
CAPITAL OF ROUND MOUNTAIN
COMPANY TO BE INCREASED
Stockholders of Sphinx Company to-
BE Represented on New Board
of Directors

OF directors
The board of directors of the
Round Mountain Mining company, at
meeting today in the company Of
fees in Goldfield, adopted a resolu-
ton calling special meeting of
the stockholders on Monday, July %.
at p. m. in this camp for the pur-
pose of considering and acting upon
the advisabilty of amending the ar
tices of incorporation of the corpo-
ration by increasing the capital stock
from 100000 shares of par value
of 81 each to 100000 shares Of
par value of 81 each. Such action
will be in line with the agreement re-
Gently entered into by the company
with the Round Mountain Sphinx
Mining company. by which the long
standing litigation between the two
corporations over the Las Gazabo
claim and extralateral rights has
been settled.
1t is expected that the stockhold-
ers will. at their special meeting,
ratify the agreement and take steps
necessary to the consolidation of the
two companies and the acquisition
of other properties in the Round
Mountain district. A call for the
meeting will Immediately be mailed
out to the stockholders. 1t will be
accompanied by letter of J. X.
Davis, president and manager. ex-
planning, in full, the details of the
compromise agreement with the
Sphinx company and the plans of the
Round Mountain Mining company.
President Davis letter. in part, fol-
lows:
"The proposed increase of capital
ization meets with the unanimous
approval of your directors, and in or
der that you may understand the i'm
Iportance and necessity of increasing
the capitalization, the following
statement is submitted:
During the year ending March
81, 1914, we acquired by purchase
and location approximately 319.74
acres of mining ground. We also
have an option to purchase the Sun
nyside Extension group of claims con-
tanning about 3715 acres; and on
June IS, 1914, we entered into an
agreement to purchase the Sphinx
Mining company's property, contain
ing 46 acres. The agreement with
the SPHINX company provides for
the sale of their property to us. and
the release and dismissal of all liti-
cation in consideration of IT'S, 900
shares of Round Mountain Mining
company stock and $4,000 cash.
When the Sphinx and Sunnyside Ex-
tension deals are closed (about Aug.
I, 1914,) our company will have a
total of approximately 797 acres of
mining ground in the Round Noun
tain district, and plans are now be-
ing formulated which will result in
greatly enlarging the scope of the
company's operations.
'"This new territory has actual
worth sufficient to justify the price.
and we believe with further prospect
ing and development it will prove to
be an asset of large value.
''The dismissal of the Sphinx
Round Mountain law suits ends all
lltlSdtlOn anu lue eApcHSc luCluChI
thereto; and we can now go on
with our development and mining
operations to better advantage than
has been possible heretofore.
"In addition to the mining property
acquired, we have also secured an
option to purchase the Jett Canyon
water, and it is our present intention
to pipe this water to Round Noun
tain for use in our placer mining
and milling operations.
when the stock is issued in pay
ment of property as now contem-
plated, together with that already is
sued for property heretofore taken
over, the total issued and outstanding
stock will be 1,0S7,519 shares, leav-
ing unissued and in the treasury
412,481 shares.
'The annual report for the year
ending March 81 was in course of
preparation when the negotiations
were entered into looking toward the
purchase of the Sphinx property and
the settlement of the litigation be-
tween the two companies. Some ad-
ditional data will now have to be
assembled, when a complete report
will be issued which will more fully
advise the shareholders of the future
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