The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1917-09-01

dition, the General Washington De-
velopment company has purchased
the Hazelette claim adjoining. for
marty owned by the Hazel Goldfield
Mining company.
Funds with which to develop the
new company's mining property will
be secured through the medium of
exchanging shares of the new COM
pany in equal mount for shares of
the old General Washington Mining
company and Hazel Goldfield Min
ing company upon the receipt of the
old shares, accompanied by an ex-
change fee of one cent per share.
From information at hand it is
estimated that the remaining capital
of 1900, 900 shares can be exchang-
ed in this manner, which will place
$4,000 in the treasury for mining
purposes.
The new company will commence
operations with no Indebtedness 9TH
err than the small amount necessary
to reimburse the Reorganized Crack
err Jack Mining company for the ex-
pense of organization.
The company's property lies con-
tiguous to that of the R~eorganized
Cracker Jack Mining company and
has the same vein system that is
being developed in the latter. There
exists on the surface a large, we'll
defined vein with a northerly and
southerly course and an easterly dip.
which %traverses the entire length OF
the company's property. The vein
in many places exceeds 20 feet in
thickness, is we'll mineralized and at
irregular intervals fair assays in gold
are obtained. During the early days
of the Golifield rush a considerable
about of shallow surface %trenchins
was done. but no deep work accomp-
lished and no idea of the ~property's
prospective value could at the time
be determined.
During the last few months, how
ever, the Reorganized Cracker Jack
Mining company has extended an
east cross-cut in the direction of the
General Washington property for a
distance of 900 feet. This cross-cut
has developed a large vein contain
ing copper, zinc, gold and silver,
and while insufficient work has
been accomplished to determine the
value of the ore discovery, the pres
ent indications are very satisfactory
and it would appear that similar ore
deposits should be found in the
General Washington ground.
Development of the General Wash
ington property will be carried on
through the shaft and workings of
the R~eorganiZed Cracker Jack Mining
company, the latter company having
now installed at it's main shaft a
most complete plant, in detail in
Guiding an electrically driven hoist,
air compressor, pumps, etc, together
with all necessary buildings, shops
and other equipment. By operating
in this manner the cost will be re-
duced to a minimum, as not alone
will the new company be relieved OF
the purchase of expensive surface
equipment and shaft sinking, but will
pay only it's proportion of the joint
operating cost.
The Reorganized Cracker Jack
Mining company will be benefited
by this arrangement, owing to re-
duced operating cost and by the de-
velopment of a new active company,
in which it is interested. working
in the same mineralized zone, with
out in any n suffering from
the loss of the properly, owing to
the fact that the Reorganized Crack
sr Jack Mining company is il POS
session of all the mining territory it
will be able to properly develop fCr
many years to come.
The writer desires to emphasize to
gained by participating in and lend
ing their support to reorganized COM
panies of this character. Through
the medium of a~sSessable shares
many old properties in this and othel
camps have been rehabilitated, great
ly to the benefit of the share
holders. Work in the mine goes
forward steadily and the expense is
lightly distributed among a great
many shareholders, although in the
aggregate large sums are realized fol
development purposes.
In view of the desirability of quick
ly placing the company on a devel-
opment basis, all shareholders are
requested to Immediately send in
their old certificates, together with
the exchange fee of one cent per
share, for which they will receive an
equal number of shares in the new
company. The period allowed by the
directors for the exchange of old