The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1918-04-20
TO Be R"tOUGANlzEO
CONTINUED From Page One)

lied Pioneer Mines company, which
will have the same number of
shares as the old company. Ar
rsngements have been made where
by the new company will purchase
the XXX claim, the owners having
agreed to accept 100000 shares of
stock in the new company and a
small cash payment for the pro-
perty.
1.-THE Recognized Pioneer Mines
company will arrange to assume
all the obligations of The Pioneer
Consolidated Mines company and fl
nance the treasury for future devel-
opment work, and in consideration
for the claims of the Pioneer Con-
solidated Mines company and the
present mining and milling equip
ment, will exchange its shares for
shares of the Pioneer Consolidated
Mines company or a basis of n
share of The Pioneer Consolidated
Mines company, together with n
cent pei share exchange bonus, for
one share of The Reorganized Pho
1.eer Mines company. The shares
of the new company will be issued
fully paid and assessable.
ut is expected that sufficient
funds will be raised Immediately
to permit of resuming development
work on a broad scale at once, max
ing needed improvements in the mill
and installing power with which to
operate the power drills in the
mine. 1t is the plan of the man
agement to put into effect immedi-
ately a campaign of deep mining,
starting by sinking the main work
ing shaft (Which now has a depth
of 430 feet) several hundred feet
deeper and prosecuting to the vein
on deeper levels.
''The Pioneer mine has already
made a production of 100000 and
in the neighborhood of $4,000 feet
of underground development work
las been accomplished above the
324-foot level on the claim of the
company. In addition to the mill
ing operations of recent years, about
200 carloads of shipping ore was
mined and shipped by lessess dur
ing the Pioneer boom this ore nav
ing an average assay value of ap-
proximately $40 per ton. Ore was
broken and shipped across a work
ing width of more than 80 feet in
the Bonanza stope which averaged
about 500 per ton.
LAS to the success of such a plan
as that herein described for financ-
ing mining enterprises, reference
a be made to many properties.
The Mayflower property in Pioneer
after lying idle five years, has re-
Gently been r~eorganized on the as
sessable basis. With the money re-
ceived from the initial exchange
fee, the mill has been placed in
operating condition, the mine suf-
flciently opened up to furnish the
mill with ore, while the better grade
Of ore is being shipped to the smell
ter.
ALSO reference is made to other
companies in this section of the
state which have proved successful
enterprises as a result of their re-
organization on the assessable basis.
The North Star mine at Tonopah,
for instance, became s~elf-support-
ing by a few cents per share paid
by the stockholders in the form of
assessments and in a short time the
stock of that company advanced on
the open market from a few cents
to one dollar per share. The Res
cue-Eula, also at Tonopah, was re-
organized, the shares made assess
able and later developed into a divi-
dend payer after the old company
was about to lose it's property by
reason of financial troubles.
1.-THE White Caps mine at Man
haitian was reorganized, develop
ment work on deep levels started
and after a short time a mine of
great Importance was opened which
is now producing in a big way.
There are many other good exam
pies of assessable companies in this
section of the state. Tonopah Di-
vide, one of the new sensations, has
only recently advanced from a few
cents to w dollars per share on
the strength of the developing of a
very large body of ore which was
made possible by recent assessments.
aaAG. D. Gil Af Gnldfiald hoe