The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1917-11-01
Get Holdings in Rex
Consolidated Min
ing Company
PROPOSAL LOOKS GOOD
Consolidated Company Has
Extensive and Valuable
Holdings

q ToCKHoLDERs OF the Rex
Mining company of whom there
x are many in this city and dis
trict have just had proposition
submitted to them by the directors of
the company which looks exceedingly
attractive and which will unquestion-
ably be accepted. The property of the
company, the Rex mine and mill, Is
now under option to the Rex Consoli-
dated Mining company. This option
was given on July /, 1915, to run for
five years, the Rex Consolidated to pay
100000 for the property. However, a
clause in the option gave the COM
pany the privilege of paying the full
amount on or before July 1, 1916, and
in that event the price was placed at
$l50,000. Having failed to exercise
that privilege, the figure now stands
at 100000, payable on or before July
l, 1920. Since taking over the prop
erty the Rex Consolidated company
has worked diligently in spite of num-
accomplished have not been as salts
factory as anticipated But the COM
pany Is not discouraged and desires to
continue extensive development conf
dent that the property will yet prove
to be a dividend payer. 1t is stated
that the company is preparedaato eX-
pend at least $4,000 in further ex-
ploration work, which will include
before undertaking this large outlay
the company feels that it should have
title to the property and be relieved of
the cash payment under the option. A
proposition has therefore been sub
mitted to the directors of the Rex
Mining company and received their
approval, and by them has been sub
mitted to the stockholders in the fol-
lowing circular letter, which gives the
details of the proposition:
To the Old Rex Stockholders.
THE mining properties belonging to
the company situate in the state of
idaho have been under lease and op-
tion to the Rex Consolidated Mining
company. The latter company has
done a very considerable amount of
exploratory work, but to date the dis
covery Of ores of pay value on the low
er levels has been disappointing.
"The lessee company also owns GER
tain mining claims in the state of Ida
no contiguous to this company's pro-
perty, and holds certain options for
leases on mining properties situate in
the Miami district in oklahoma. 1t Is
deemed desirable by all parties in in
terest to do further development work
on the Rex property In Idaho, but un-
der the present lease and option 1t is
rot possible to do so.
"The board of directors of the Rex
Mining company have passed upon
plan of selling its property to the con-
solidated company and receive in pay
ment therefore one million shares of
its capital stock; the consolidated
company to have a capital Of five mil
lion shares of the par value of 25 cents
each, of which two million shares will
be treasury stock and sold at Is cents
per share to provide the necessary
funds to do further sinking and devel-
opment work on the Rex property in
Idaho, and for development work and
equipment of the property in Miami.
"The Miami district is about 80 miles
from Joplin, Mo-, and has been prac-
tically developed during the past two
years. It is reported that there are 81
producing mines in this new field run
ming their own mills, and that so more
mills are actually being built. The Rex
Consolidated Mining company can ac-
quire (if this plan is approved) leases
on 240 acres in said district on reas-
enable terms. The plan appeals to the
board Of directors as one which will
enable the stockholders of the Rex
Mining company to realize at least
some action on their holdings which
have been practically dormant for so
many years. Our stock Is non -assess-
able and it is impossible for the COM
pany to operate Independently because
it is without funds to do so. The stock
has no market value and the invest
ment is dead as ii now stands. BY
adopting the plan suggested we will
get stock in an active company which
will have sufficient funds to carry on
work in Idaho, as well as In the Mi
ami district. Dormant mining COM
panies-non- dividend payers-usually
receive little attention from the indi-
vidual stockholder.
"The directors have worked out this
plan and there is a chance to realize