The Alaska daily empire., 1915-01-23

and development wos outlined tnae contemplated completion to 2 point where tho production might De stort ed on Jan } 1915 That schedule ha been mainW.ned by amrting the ooHre eruahm plant December 1915
 The concentrator will be ln oper atioh aa soon aa the preliminary testa Of machinery are completed during the curfcnl month.
 During ihQ process oi Che opening of Che mine preparatory to tho oper, ation. development of new ore bodies has demonstrated on increase in the averase grade of tue ore above sl.50 per ton the figure used ln the origin al computation, and has also added onormously to the known tonnage of the property win intimately yield.
 'nietauurglcal reaulta obtained .n experimentation processes similar to those so familiar in connection with the copper industry but more or less new Go the gold industry has like wise demonstrated the economic sue cess of the milling plant now nearing completion
 "'Tho directors are therefore con vinced Of the do5irabiity Of extending milling operations to 10000 tons per day by srodpol increases to be made os rapidly as possible
 ln the interests Of economy, both of money and time, the management hove carried out their pfesent plans of construction and equipment with a view ,o such future Increased daily production
 The coarse-crushng plant has been constructed Of the daily capacity of 10000 tons The general mill itself now under construction, win undoutb. edly treat 5000 tons per day though originally it was only planned for G. 900 tons
 The facilities Of the Sheep Creek main haulage tunnel and system have been arranged for 8 greater concen- rating capacity and likewise work lngs and development throughou, the mine have been proportionately ey. tended
 For the purpose Of meeting these additional expenditures and modelling the present financing on bisis which will not be prejudicai to the future fi- nancing for Che balance of the 20,00O- ton plant the directors have decided to ask authorization for present is- sue of $1500,O00 10.year 6 per cent dobcntures. convertible into stock ot 3000 per share.
 Debentures will be dated March i 1915 convertible at any time prior tosmaturity and redeemablo on or af- ter three years from their date at ll0.
 Debontues will be issued in de- nominations of SI00 5000 and Sl000 respectively
 Stockholders will also be asked to authorize the issuance or an addition al 250000 shares Of stock of which VII be for the conversion of the de. bentures
 The remainder will be held eilh- er to provide for conversion of the fu. ture dcbenture issues. or to be sold which may bo deemed more advantage- ous The said debentnres or this stock. f. and when issued, will be offered 10 its shareholders pro rata.
 If the issue of debentures and inc crease of stock be authorized by the stockholders bonds win be offered for subscription pro rata at par to the stockholders of record on Jan 25th, 1915.
 Shareholders will have the right to subscribe to g of debentures for each share of stock owned. Subscrip. tions will be payable 90 per cent Feb. ruay 10, 1915, and 90 per cent. on March 10, 1915
 Subscription warrants will be mailed as soon as practicable after the close Of business on Janauary 25. %