The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1916-12-02
RED HILL FLORENCE
fContinued From Page One).

IeOTe TIC uAACSNOAS VI Nhh0
company have secured an option on
approximately 80 per cent of the
capital stock of the Florence Ameri-
can Mining company, formerly the
Florence Extension Mining company.
with a view to combining the acre
age of the two. The properties OF
the two companies are contiguous
and naturally form a homogeneous
unit.
On the Red Hill property is a
shaft 400 feet in depth from which
some lateral work was performed
in the early days on the vein. On
the Florence American property is
a shaft 500 feet in depth from which
rather extensive lateral work has
been conducted on several levels,
but the work thus far performed
has been merely sufficiently explor-
atory to indicate the presence and
dip of the vein, having been conduct
ed by lessees with meager esources.
It is believed that a more sys-
tematic and thorough development
of the vein is highly desirable in
view of the close proximity of the
Florence American workings to the
richly mineralized area of the Flor
ence Goldfeld Mining company. In
the opinion of our engineers the
development of the entire ground
can be most advantageously con-
cluded through the Florence Amer
can shaft, especially in view of the
fact that the vein (believed to be
the main Florence vein) has been
opened in the Florence American
ground and is known to extend prac-
tically it's entire length and into the
ground of the Red Hill.
The board of directors of the Red
Hill Mining company met on Mon-
day, Nov. 20, 1916, and, after con-
sidering the matter, appointed a
committee to accomplish the reor-
ganization and consolidation of this
company and the Florence American
Mining company. The committee on
reorganization have caused to be in
corporated, under the laws of the
state of Nevada, a company to be
kDOWn DIS the Tttu I'LL CHSC
Mining company, with an authorized
capital of $500, 900 shares of a
par value of 10c each, of which l.
500, 900 shares will be issued to the
Red Hill Mining company for its
property, for the benefit of it's stock
holders, and 1000, 900 shares will
be issued to the Florence American
Mining company for its property,
for the benefit of it's stockholders.
The properties of both companies
will be conveyed as soon as posi-
BILE to the new company, and funds
for the operation of the entire pro
perty will be raised by assessments
upon the stock. The large number
o. shares into which the stock OF
the new company is divided is made
necessary, first by the number OF
shares of the old companies stock
to be exchanged, and second by
the necessity Of realizing largely
upon assessments in order to secure
necessary funds for the prosecution
of what is recognized as a develop
ment project of considerable magni-
tude.
Inasmuch as the outstanding
stock of the Florence American Min
ing company amounts to less than
100000 shares, it has been decided
that an invitation shall be extend
ed to the stockholders of the Flor
ence Extension Mining company,
predecessors in ownership of the
Florence American ground, to ex-
change shares of that company for
shares of the Red Hill Florence
Mining company. 1t should be nm
derstood, however, that the amount
of stock available for the exchange
of Florence Extension shares will
be limited to that stock merely
which is not necessary for the ex-
change of shares of the Florence
American stockholders, and exchan-
ges Of Florence Extension stock will
be made only so long as such fund
of stock shall last.
It shall be further stated that
the plan of reorganization contem-
plates no promotion interest what
ever; the directors of this company
are acting wholly for the benefit Of
all the stockholders; and all of the
proceeds of assessments will be EN-
ployed in the development of the
ground.
Arrangements have already beer
made by the management to secure
a 50-h. p, electric hoist and a COM
nraccnr and II 10 tho intpntiOn tn
Immediately repair the shaft. No
effort will be spared to equip the
property for an efficient and aggre-
sive campaign of development work.
The Red Hill Florence Mining com
pany has levied upon its capital
stock, which includes the stock re-
ceived by the Red Hill Mining com
H.