The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1918-05-23
Will Begin Unwat-
ering Shaft in a
Few Days
WHITE TO INSPECT MINE
Company and Owners Arrive
at Satisfactory Extension
of Bond
-HE IDAHO o-NEvADA Explora-

"HE 1DAHO-NEVADA EXplora-
ton company has secured an
extension of the bond it holds
on the Castle Rock property on
Placer creek and preparations are be-
ing made for resumption Of opera
tons The former board of directors
We're unable to secure the desired
extension, and as the time under the
original bond was not sufficient to
permit carrying out the plans of the
company, work was suspended several
months ago and the workings allowed
to flood. Much dissatisfaction was
manifested at the action of the dir
ectors in closing down the property
which eliminated in a call for
special meeting by majority of the
stockholders, at which new board
of directors was elected The new
officers at once opened negotiations
with the owners of the property and
were successful in reaching an agree
ment which extends the time two
years from the expiration of the or
iginal bond, which is May IS, 1919,
making the total time practically three
years from this date. A further ex-
tension of one year Is also granted
conditioned upon the faithful per-
formance of the terms of the agree
ment, and also providing that at the
beginning of the third year patent
proceedings be started upon all claims
and completed at the expense of the
Idaho Nevada company. 1t is agreed
that the owners shall receive 5000 out
of each assessment levied following
the current assessment. The agree
ment for the extension is published in
full below.
Unwater the Mine.
The plans of the officers of the COM
pany for the further development of
the Castle Rock will not be decided
upon till a thorough inspection of the
property has been made by Rush j.
White With this in view the work
of unwatering the shaft will be under
taken in a few days The manage
ment is not indulging in any visionary
get-rich quick notions, but on the
contrary no step that involves the ex-
penditure OF any considerable amount
of money will be taken without advice
from a capable engineer. After his
inspection Mr.. White will make re-
concentrations, having in view the
financial resources of the company,
and his plans will no doubt be adopted.
The officers and stockholders Of the
Idaho Nevada are all men of small
means. The work Is carried on by
assessments, and the aggregate paid
in represents a large sum and heavy
expenditure to the individual stock
holder. To have abandoned the prop
erty meant the loss of these
payments with no hope of re-
ccvery 1t was this situation that
impelled the new officers to take hold
of the property with the hope that
with careful and capable management,
under the general guidance of expert
engineering advice, showing of ore
may be developed that will give a
tangible value to the holdings far in
excess Of the cost.
Lower Level Looks Good. I.
OF course mistakes were made In
the development Of the property. and
much money was spent that could
have been used to a better purpose,
but that is the history of nearly every
t1,n trp 10 n
new management to profit by past
mistakes. But after allowing for all
errors, the fact remains that re-
markably good showing was exposed
during the last few months of opera
ton on the shaft level. Much lead
was encountered and the drift had the
appearance of passing through the top
of an extensive lead ore shoot. The
showing here, and as matter OF
fact, from the surface down, is one
that which in a more favored section
OF the Coeur d'Alene district would
have attracted much attention and
capital to work it. But Placer creek
has the handicap that always goes
with an improved district. There is
everything there but developed COM
mercial ore body, and the stockholders
of the Idaho Nevada propose to find
that before the extension Of their bond
expires.
Agreement in Full.
"This agreement, made and entered
into this 18th day Of May, 1918. by
and between NJ ]. Kalez and E. w
Hand, both of Spokane Washington
and A. b. Livingston, James II. Gra-
n