The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1915-06-19
LIQUIDATION OF
p. STRATT0N MINE
WILL TERMINATE INTERESTING
BRITISH INVESTMENT IN
COLORADO Properly

The liquidation of STATIONS Inde-
pendence, Ltd, which is now being
executed, following a meeting OF
the stockholders last month, will ter
inmate an interesting British invest
ment in a Colorado mine. The
output of the mine to the present
time has been about $~23,573,50O, of
which Mr.. Stratton obtained 49,
9S5,440; the old STATIONS indie
pendence company, $15,064,320, and
the present company, which was a
reconstruction of the first British
STATIONS company paid $4,74S,9S9
in dividends, which was 31.5 per
cent of the gross value of the ore
produced. In 1906 Philip Argall
was appointed to take charge of the
property, at a time when the mine
was regarded as approaching it's end
Mr.. Argall recommended the erec-
tion of a mill of 10000 tons annual
capacity for the purpose of treat
ing the ore in the dump, and by the
reconstruction of the company
about $25O,00O was raised for the
completion OF II MILL.
The subsequent record of this COM
pany, under the direction of Mr..
Argall, is one of the brilliant achieve
ments of modern mining and metal
lurgical engineering. The first unit
of the mill was put in operation n
April, 1909. The second unit, paid
for out of profits, vas put in opera
ton in March, 1911, bringing the
milling capacity up to about 10000
tom per annum. The sampling of
the dump by employees of the old
company had led to the expectation
of an average grade of $3.50 per ton.
In fact it turned out to be only
about SO per ton. Nevertheless, the
estimated profit of 81 per ton was
nearly realized, for the reason that
Mr.. Argall's estimated cost of $1.52
per ton milled = a cost for mining
and milling this dump ore which
many said would never be attained
vas bettered by IA cents, and the
promised gold extraction of 20 per
cent was gradually raised to the
neighborhood of 80 per cent. AS
things have turned out, the estimat-
ed profits, figured in 1908, have been
realized within 2 per cen of the
prediction, and that 2 per cent was
in favor of the stockholders.
To the management it was eve an
irritating feature that when the
mine was exhausted and the dump
of low-grade ore was milled, the ex-
cellent reduction plant would prob
ably become %valueless, notwithstand-
ing that this was contemplated in
the original plans. AS is so often
the case. fortune once more favored
the brave, and STATIONS Independ-
ence had an opportunity to sell it's
property, especially it's mill, to the
Portland Gold Mining company for
about 100000. This transaction
was cOnsummated in May, and STRAIT
tons Independence now finds itself
with cash of about $780,
900, the disposition of which has not
yet been determined. Having learn
ed what mining and milling are when
conducted upon a sound basis, most
of the stockholders in the company
appear to be DESTROYS of continuing
in the business. The engineers for
the company will therefore probably
be looking for a new mine to develop,
although for the moment the affairs
of the company are tied up by legal
matters attending the conclusion of
a. C-:~-I I---r z-- NJ.
neering and Mining Journal.