The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1916-01-13
THE BLACK BEAR CON.
SOON TO Be PRODUCING
eEx CONSOLIDATED COMPANY
ANNOUNCES CLOSING OF
DEAL AND PLANS

Following the contamination of the
bond held on Black Bear Consolidated
Mining company by the Rex Console
dated Mining company the last named
company issued the following circular
latter to it's stockholders, which gives
tho details of the deal and outlines u
some extent the plans and expecta-
lions of the company. The letter is
dated at New York December 81 and
is signed by B. F. Taylor, secretary:
To the Stockholders of the Rex Con-
solidated Mining Company;
Directors of your company on De-
cember is secured for the Rex Con-
solidated Mining Co., at Wallace, con-
troll of the capital stock of the Black
Rear Consolidated Mining Co., Ltd,
thereby completing the negotiations
entered into with Peter Bernier, its
president Under the terms of the &C
ouisition of control of the Black Bear
YOUR company now owns 100000 shares,
out of an issued capitalization of l.
900 shares Your company will
pay As cents per share for 100000
shares of Black Bear treasury stock or
s122, 500 of which $4,000 has been paid
and the balance will be pcid foI i'll in
stalInlents of $4,000 monthly for four
months, $4,000 monthly for tile sue
ceeding four mo lti.s, $18.500 Il nine
months, and the remaining 100000 in
ten months.
Under the terms of the contract en-
tered into between the two companies
cent of it's net profits during the life of
the option. AS your company will be
the largest stakeholder, it will benefit
to the greatest degree under this ar
rangement, as evidenced by conclu-
sions arrived at by Frank ]. Davey,
E. M.
Mr.. Davey stated that the Black
Bear mine will be able to produce very
large profits annually for long per-
iod, certainly not less than 20 years,
on an extraction of ESQ tons or more of
crude ore daily. These estimates were
made in Az cent lead market, Sh
cent znic market and SO cent silver
market.
Your president, M. J. Sweeny, and
E. P. Howard of New York have been
elected as representatives of the Rex
Consolidated company on the Black
Bear board. A meeting of the new d.
rectorate will be held shortly when
the definite plans for the active opera
lions of the Black Bear property will
be outlined. These plans will be com
municated to you in detail.
The management of your company
expresses itself as convinced that I'M
der the terms made the Rex Console
dated company has acquired one or
the most potentially valuable ncreages
in the Occur d'Alene district-a prop
erty that promises to contribute heav-
lily to the earnings of your company
when upon a producing basis.
The mill of your company has re-
Gently undergone material changes
which will be of great benefit when
running either Rex Consolidated ore
or Black Bear ore through the plant
which we expect will be done in the
first half of 1916.
Diamond drill work at the lowest
levels of the Rex Consolidated prop
erty has resulted in the exposure OF
parallel vein to the original Rex
vein, justifying the belief on the par'
of the management that it will shortly
be possible to estimate substantial au-
ditional ore reserves to those known
or indicated at the present time Tms
diamond drill work, because Of its ex-
tremely satisfactory nature, VIII DC
continued.