The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1918-10-26
RED HILL COMPANY ISSUES STATEMENT
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CONTINUED From Page Oneo.
time of the organization of this company it a felt that the best inter-
ets of the company required the acquisition by us of the extralateral
rights of the o. K. and Rustler Fractions, they being parcels of ground
owned by the Goldied Consolidated Mines Company and lying contgu-
ously to the property of this company o n the est and northeast There
fore, those We fractions we're leased by US from the Golddeld Console
dated Mines Company and a purchase made of their extralateral rights.
At the time of the discovery If the ore above mentioned it az our
belief that it could be shown that the ore occurred in a vein having its
apex in the o. K. Fraction and dipping into the ground of the Florence
GodheLd Mining Company. The management of the latter company APP
peared to be disposed to question u ownership of the ore extracted from
their ground, and it became necessary for III to develop the weir to its
apex, for which purpose we're obliged to engage the services of a COM
petent geologist, namely, Mr.. H. n. Witt. A considerable amount of
work was thereupon performed, to the exclusion Of all other work, calcu-
this work showed beyond a reasonable doubt that the vein did not apex
in the O. K. Fraction, but passed through it and apexed back of it in the
Combination No. 8 claim of the Goldfield Consolidated dine Company.
Meanwhile W had secured a lease o tn Combination N 3 n a por-
ton of the Combination No 2 claims, but wereu unable to obtain from the
Consolidated Company a REIMBURSEMENT of its extralateral rights to ores
found in veins apexing therein.
A contemporaneous negotiation a thereupon started with botht TIT
Goldfield Consolidated Mines Company and the Florence Goldfeld Mining
Company, and with the Receiver of the latter company, designed to es-
tabnsh a status whereby the Red Hill Florence Mining Company could
continue its operations and obtain the benefit of ores already developed
and ores subsequently to be developed. Without going into necessa
detail, stockholders ire advised that this company finally secured a ease
from thu Goldfield Consolidated Mines Company or a period OF i've years
on the O. K. and Rustler Fractions and the Combination No. 8 n a pr,
tin of the Combination No. 2 claims, together with their Htraia0"a
rights and a the sam time secured from the Receiver Of the Florence
Goldield Mining Company, and from the Company ITSELF, a nve-yeal
lease on a large block of ground belonging to TIT latter n ciuoin .o
.rea containmg the ore and the vein system under dispute. Botn Tn
Consolidated and the Florence companies tablsned tner royalties a.
1a 90 that the aggregate Of the two would lot be nnecessar ouruen-
som to this company. The alternative of this agreement "ouio nav
wholly beyond the financial resources of the Red I'LL Florence nm
Company. The officials of all the companies concerneo ga Inv
oomnrcated questions involved in a spirit OF the utmost good ape N
fairness ant it is believed that the best possible solution OF tn lhcu'
.. hon fornd and one which affords our company a very large n
nromsing area % its mining operations n IN Oh ume VIII
in which to exhaust the possibilities If the ground now nae Ns c0neroE