The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1917-04-12
STOCK IN ARIZONA NINE
FOR CALEDONIA OWNERS
ATTRACTIVE PROPOSITION SUB
M,TTED BY CALEDONIA DE-
vELoPMENT COMPANY.

An interesting and what appears to
be a most attractive proposition has
Just been submitted to stockholders OF
the Caledonia Mining company by the
Caledonia Development company, OF
which Charles McKinnis is president
and manager, the same position he
held with the Caledonia Mining COM
pany from the time 1t was a prospect
until IT became big dividend payer
and finally passed to the control OF
the Bunker Hill & Sullivan through
the settlement of litigation between
the two companies. A letter has just
been issued by Mr.. McKinnis address,
ed to Caledonia stockholders, in which
1t is stated that the recently organized
Caledonia Development company has
acquired options on all the stock of
the Jemison Mines company, near
Chloride, Mohave county, Arizona,
which is believed to be the making Of
d dividend payer that will equal the
record of the old Caledonia, which
has to its credit ST. 100000 in dividends
and a surplus of over 100000.
The Proposition.
The Caledonia Development COM
pany is capitalized for 100000 shares
OF the par value of 81. There are
100000 shares in the treasury, and
100000 of which are now offered to old
Caledonia stockholders at 20 cents per
share, payable cents cash and 5
cents per month This offer Is open
until April 80, and If the stock Is over
subscribed the right Is reserved to
Kinnis is of the opinion that the re-
ceipts from the sale of this stock will
place the Arizona mine on a self sus-
tanning basis, "or If not 1t will dew
ing treasury stock worth several times
more than this issue Is being sold for. :"
The men WHO purchased and develop
ed the Caledonia mine, it is stated,
viii have the management of the new
company and will give 1t the same
careful attention.
The Arizona Mine.
OF the Arizona property the letter
says;
"Over $4,000 worth of high grade
ore has been shipped from the old
No, stope. Some of this ore car
ried over $3.50 gold per ton. We are
driving tunnel to undercut the
downward extension of this ore body
over 200 feet deeper and expect a
rich ore body when this old shoot is
encountered at depth.
1.-THE No. ore shoot has been dew
eloped by a tunnel, and is over 900
feet long and from " to feet wide
carrying average values of gold, silver
and copper of from $500 to $4S.0C
per ton. First class ore sorted from
this ore body is worth Gold from
$4,000 to 100000 copper $1,000 to
$4,000; and silver, from $500 to $500
"0n this No 2 ore body we are in
stalling a complete machinery plant
and commencing the sinking of a
shaft. AS soon as the 200-foot level
is reached we will commence mining
ard shipping ore and we believe there
after the mine win be self sustaining
We were able to do this with the Cal
edonia and see no reason from present
ore showing why we cannot repeat the
proceedings here.
The money we receive will be used
for equipment, labor and supplies
While the shaft and 20O-fo level is
being opened, we will be able to ship
the ore extracted from this work. This
will help defray expenses and will
enable us to sell you the treasury
stock on monthly payments"
Chloride District.
Here are some facts regarding min.
ing at Chloride which accompany the
letter In May, 1916, there were s
shipping mines: now there are 40.
Mines are extracting ore 1900 and 1400
feet deep with values holding good and
ore bodies increasing. Ore carrying
5000 ounces silver produced by adj
joining property Three new mills
erected in last year and one now
under construction. Railroad trans
portation, climate and water condi-
tions good.