The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1916-01-13
.AURORA-SAMPSON AND H. {. 8 N. AGREE
TO CONSOLIDATE THE TWO PROPERTIES
REPRESENTATIVES OF THE TWO COMPANIES CONFER THIS
CTY-AuRoRA.sAMPsoN HAS OPENED
SHIPPING oRE-TERMs AGREEMENT.

An agreement was entered into this
morning and papers formally signed
by representatives of the two compan-
les which will result in the consolida-
ton Of the Aurora Sampson Mining
company and the H. e. & NJ Mining
company, The property of the two
companies are adjoining and are now
being developed through the same
tunnel on Revenue gulch, about a mile
and a half from this city. Under an
agreement entered into several months
ago the Aurora Sampson secured the
right to use the main tunnel of the
II. E. & M, through which to develop
its property the two being on the
same vein. At the same time the Au-
rora Sampson gave the H. e. & M an
option on 100000 shares of it's stock.
The result Of extending the drift into
Aurora Sampson ground is the open
ing of a fine body of ore. During the
summer the II. E. & M. company con-
structed a mill a short distance below
this city, which proved to be built in
advance of the requirements of the
mine. The situation thus presented
was favorable to a consolidation, the
first having ore but dependent upon
the II. e. & M. for an outlet to mine
it, while the latter had a MILL but tho
mine was not inscondition to keep 1t
running. A meeting was called, after
considerable negotiation, for the pur-
pose of considering consolidation, and
the result is announced in the begin
ming of this story.
Some of the Conditions.
Each of the contracting parties is
capitalized for 100000 shares and 1t
is now agreed to organize a new COM
pany having 100000 shares. or this
100000 shares will be placed in the
treasury of the new company and the
balance of the new stock will be ex-
changed for the old on basis of two
shares of the old for one of the new
1t is provided that the stock of the new
company shall be non -assessable until
the treasury stock is sold when it shall
become assessable; that all property
and assets of the old companies shall
be transferred to the new, but in the
meantime each company shall remain
in possession of it's own property; that
the stock Of the Aurora Sampson
held under option by the H. e. & M.
shall remain in the bank where it now
is and upon the completion Of the
consolidation it shall return to the
owners and the option terminated and
that all debts contracted by either of
the parties after this agree
ment for mining operations shall be
paid by the new company; and that
steps shall Immediately be taken to
incorporate the new company in ac-
cordance with the terms of this agree
ment For that purpose the Aurora
Sampson designated Russell F. Col
Inns and the H. e. & M. named D. H.
Anderson, who will work out the de-
tails of the new company at an early
date.
Begin Operations at Once.
| The agreement virtually consolidat-
ed the two properties and development
will go forward at once. The drift to
the west in the H. f. & M. will go for
ward, where it is said the showing Is
very encouraging. On the Aurora
Sampson side the showing is more
than encouraging Within the last
| few days the ore showing has shown
remarkable improvement and today
there is reported to be two feet of
shipping ore. A sample was exhibit
ed here yesterday 1t Is like a chunk
Of pure lead, steel galena, and is no
doubt rs per cent lead. The showing
in the Aurora Sampson looks like an
other district coming to the front that
has long been turned down by the wise
ones.
The officers and directors of the two
companies who participated in the ne
gotiations were: Aurora -Sampsol-
Eric Hagman, William Holm, William
Bjorklund, Russell F. Collins and o.
B. Solum; H. E. & NH. d. Win
chester, of North Yakima Elmer Bur-
bank, of Cheney; ID. II. Anderson and
| Ben Collins, of Spokane