Arizona republican., 1915-10-03

| where it will connect with the South ern Pacific. Work will be started inn mediately and as soon as the road is | completed mill construction will be | undertaken.
 { The New COrnelia property at Ajo, Pima county, Arizona, has had a very interesting history, being owned by the Cornelia Copper Company in 1900. Two short tunnels were driven and | two shafts sunk to a depth of 125 feet and 230 feet. A small tonnage
 was developed but the perfection of
 d process whereby the ore could be treated profitably presented 2 difficult 1 problem from metaIlursical stand point h. 1906 the company contract ed for the erection of a so-called | vacuum" smelter. The announce ment of the process to be used both
 amazed and amused chemists and metallursists and after spending l some s30.0G0 on an experimental plant
 which proved an ;nglorious failure, 1 the Cornelia Copper Company brought 1 action and the inventor of this won 1 derful process was criminally indicted 1 for obtaining money under false pre- 1 lenses.
 1 In 1907 an adjoining property was 1 taken over and capitalization increaS-
 ed from $1,000.0OO to $y00O, ,OO0 An i electrOlytic process was tried out and while it was correct in principle mill ing practice in 1907 had not reached the high state of efficiency shown to- | day and operating costs were too | high to permit profitable operation. | Two years later. in 1909, the New l Cornelia Copper Company was or ganized with a capitalization of S6,- 00O. .0OO divided into 1,20Q,000 shares of l a par value of s each. In 1910 the Lewissohn interests through the Gen 1 eral Development Company purchased 10000 shares of stock for $2O, ,000. This money was expended on the property under the direction of the Lewissohn engineer, J. Parke Chan ming. Five diamond drill holes were put down and while values were dis covered by this work the option which ] General Development had on the stock control of the company was forfeited. The property was then leased to H. C. Chamberlain, former manager of New Correlia, who shipp- ed a small tonnage of ner cent ore to the Copper queen smelter at Doug las. The Calumet & Arizona smelter
 
 reported that the engineers ot the latter company were attracted by the ore and started Investigations. The result was that Calumet & Arizona in 1911 took an option on all the treasury stock (67o 900 shares) and on approximately 65 per cent or the issued 530, 900 shares at $2.50 per share. This option was exercised and 1v.,I1 c 1914
 stated that the company owned ap- proximately - per cent of the New COrnelia stock IL is understood that Calumet & Arizona has since acquir- ed additional stock and now owns be-
 tween S5 and 90 per cent of the total. As a result of the systematic eX-
 pIoratory work carried on by Calumet
 & Arizona's engineers from 1911 to date, over i0000,00O tons of 1.51 per cent copper ore has been developed.
 The ore also carries gold and silver
 values and will he mined by steam
 shovels. AS there is no over burden
 to be removed low operating cost
 will be shown. A large area of the
 proberty remains uneXplored and the
 bottom of the ore body has not yet
 been reached, as indicated by the fact that at least p per cent of the
 churn drill holes were stopped while
 still in ore
 Experimental work in teaching car
 bonate ores, started in a one-ton
 concentrating plant under the direc-
 ton of Jho Calumet & Arizona gen.
 eraI manager, MT. John C. Greenway.
 met with such sEcccss that a l0-ton
 plant was built. After exhaustive
 experiments and tests metallurgi- cal process was worked out which
 permits recovery of over S5 per cent of ore values and results in a
 net cost of close tO Sc. a pound Els
 inmates have been prepared for the construction of a plant to treat l. GOO tons daily and as soon as the railroad can haul the necessary equip ment to the property the mill will be rushed to completion Treating 4,O00 tons 9 day, New Cornela will turn out approximately 30,0O9OcO lbs. per annum and the already proven reserves give the property a life of a least 30 years.
 In order to finance the construc- tion and equipment of the property the company recently issued S4,Oe0.- GOO first mortgage per cent con- vertibIe bonds and increased the au- thorized ca capitalization from sS,oOO- 900 to sS,O0G. 900 in order to provide for the conversion of the bonds. When the bonds are all converted into stock at S1O New Cornelia will have 100000 shares outstanding. As suming an & cent cost on 16 cent copDer New Cornelia will. be able to earn s1.5O per share on the stock which is equivalent to better than 15 per cent on the present selling price.
 The original Calumet &, Arizona DroDerty consisted of IFS acres at Bisbee. Arizona Valuable adjoining