The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1916-12-07
AMBERGR|S MINING CO,
SHOWS SIGNS OF LIFE
DRIVING TO ORE BoDY-sooN TO
ISSUE STOCK IN THE NEW
COMPANY.

After many years of delay and un-
certainty, minority stockholders in
the Ambergris Mines company are
much gratified to learn that actual
work has been started looking to the
development and operation of the pro-
Iperty. Many months ago the reorgan-
ization of the company was undertake
en-, the chief purpose to be accom-
plished, it was announced, being to
reduce the capital stock from 3000,-
900 shares to 100000, the large cap
Litalization having been brought about
through a settlement of the litigation
| in which the property was involved
many years ago, and through which
the control of the company passed in
to the hands of the Hercules Mining
company. The control was given
| through doubling the capital stock. In
order to accomplish the reorganiza-
tion, which involved the incorporation
of new company called the Amber
girls Mines company stockholders
were requested to turn in their stock
which would be reissued to them on
the basis of one share in the new
company for three in the old. Prac-
tically all the stock was turned in
and for many months stockholders
have been awaiting the distribution
of certificates in the new company
and hoping to hear the announcement
of definite plans for the development
of the property. While no explana
ton of the delay has been obtainable,
it is now learned that the new stock
is to be issued within the next few
days and mailed to stockholders
Extending Crosscut to Ambergris.
1t is also learned from reliable
sources that a crosscut is being eX-
tended from No. tunnel of the Her.
cules to cut the Ambergris ore body.
In fact, it is said that this work has
been going on in a leisurely sort of
way for several months, and that re-
Gently 1T has been speeded up by the
addition of a second and possibly a
third shift. The distance to be run is
not known, but it is probably 700 or
500 feet, and will cut the Ambergris
vein at depth of 1000 or 1900 feet. In
the settlement of the litigation the
crosscut to the Ambergris vein from
No. tunnel of the Hercules, and also
gave a permanent right to oper-
ate through the Hercules tunenls and
to use the aerial tramway to trans
port the ore to the railroad Instead
of extending the crosscut from No. 8
on a level to the vein, the last several
hundred feet were run on an incline
which terminated practically at the
bottom of the Ambergris shaft and
accomplished nothing so far as de-
veloping the property is concerned.
The present crosscut from No. is
said to be about 600 feet below No. 3
land will make large amount of ore
available, assuming that the shoot
,goes down.
High Grade Ore.
The original owners of the Amber
girls sunk a shaft zoo feet deep, from
which the ledge was crosscut in about
100 feet, showing two or three feet of
clean galena running very high in
IsiIver. A drift was run on this ore 35
or 40 feet, when work was suspended
through litigation. 1t is said that
about a carload of this ore was taken
out and is now on the dump. The
shaft was sunk near the north line OF
the Hercules and that company
brought an action to establish its
right to the property.
Settled Out of Court.
The principal owners of the Amber
girls at that time were Senator W. B
Hepburn, John P. Gray, w. Clayton
Miller, Herman J. Ross, z. M. Gilpin
: J. r. Mcdonald and A. C. Cogswell
; The case was tried in the district
court and resulted in decision In
, favor of the Hercules company
, The Ambergris appealed to the SUI
preme court which reversed the lower
court and sent the case back for an
other trial. However, before the case
came on for trial again the interested
parties agreed on a settlement out Of
court, by the terms of which tht
Hercules secured half interest II
the Ambergrs, and agreeing to dC
certain development and concedint
t the Ambergris working rights named
t above. 1t was in effecting this set
tlement that the capital stock was in
$ creased to 100000 shares. The at
titude Of the Hercules company a