Bisbee daily review., 1915-05-02
MINING DEALS ARE PENDING AT OATMAN
Features of the Week Were
 Discovery of Ore on 300- Foot Level of the Pittsburg and Shipment of $40,000I
CBy William P. De Moln

AAg " lliidlll T A'N " UAAI
 OATMAN, Ariz., May 1. - Invest | ments and developments in the mines | of the Tom Reed-Gold Reed District i are featured the current week by ne | gotiaions for .he purchase of two val | uable mining estates. the annual meet l ing of the Tom Reed Gold Mines Co., !, tha discovery Of ore on the 3OO-foot level in the Pittsburg mine and by the shipment of $4O.OOO worth of gold bull lion.
 At the Tom Reed annual meeting held in Kingman, Arizona. April 26 Charles Grimes. Charles Mulrush. W. C. Mason, Ed R. Braley, John Sprague N. P. Moerdyke and W. J. Lawrence, the directorate for the current fiscal year Early in May the directors will meet and elect officer for the year. 1t is stated the personnel of the latter will be the same as at present, which Is as follows:
 Charles Grimes, president; Charles Mushrush, vice-president: w. J. Law renee, secretary; x. P Moerdyke, as- sistant secretary; Charles Grimes, treasurer; John Sprague assistant treasurer; s. s. Jones, superintendent and Bert Launcefort, assistant super intendent
 Nearly the entire outstanding capi talization Of 9O9555 shares was rep resented either in person or by proxy The entire board of directors was in attendance and at tile conclusion of business, motored to this camp and made an inspection of the Tom Reed mine workings They found the phy- sical condition of the property even more satisfactory than at the close of the previous fiscal year. which in turn marked an improvement over the hs- cal year closing April 1. 1913
 1 Pending the settlement for bullion 1 marketed during the latter part of 1 April Superintendent Jones has not submitted his report for the fiscal | year just closed. Although tabulated figures are not as yet available am authorized to state that the gross pro l duction for the year was in excess of l Sl,lOO,O00 Dividends for the year to- tailed siXty-fiye cents on the outstand- ing shares. The usual high extraction was maintained al the mill and cyan idle plant. the average for the year being 97.O5 per cent.
 The company enters upon the pres ent fiscal year with more ore in sight than ever before and with more de velopment work ahead than at any time previously. The ore shoot recent ly encountered in the drift west on the 1075-foot level as development work progresses, and presents unmis- takable indications of being in the zone of permanent enrichment When first encountered in the crosscut from the footwalf this ore body was practi- cally free of moisture although on the levels above the inflow of water necessitates constant pumping Mr. Jones informs me that water is now seepine in on the lower level and that he anticipates tapping it in volume when the crosscut reached the hang ing wall of the ledge
 Mode m machinery and mans ingen- uity have won the fight with the flow of water which for thirty days threat
 ened to inundate the Pittsburg mise workings During that period it re- quired the constant use of pump and bailer to cope with the flood tapped when the vein was entered on the 30O-foot level When the miners were enabled to return to the face of the crosscut. however, they found 1t filled with ore similar 10 that showing in
 the Tom Reed mine The drive has now been extended to the footwall of the ledge as a preliminary to drifting 300 feet to the east and west on the vein.
 Where opened on the 100foot level
 the ore body in the Pittsburg is 42 feet wide. A drift west along the hang
 ing wall for distance of 60 feet dis
 closed values ranging from $l to S750 per ton; and cut of IS feet into the , hanging wall disclosed suiphides and
 nominal values in gold The drift
 east for 60 feet met with similar con , ditions and revealed the same shat I tered formation that prevails to the west of the shaft. On the 200-foot
 level lsO feet or drifting to the west
 failed to show any apprecisble change
 from the conditions on the level above A A raise into the hanging wall Was like l. wise barren of results
 (Continued on Page Two)