The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1919-11-08
NEW CAPITAL ASSURES

has been wasted in preparing the
mine and mill for operation.
In the mine we have completed the
haulage way for the electric loco
motives to transport the ore to the
Development shaft. Practically all
of the raises through which the
ore will be drawn, totalling 40 or
so in number, have been COM
pleted.
A 200 horsepower hoist has been
erected at the Development shaft
and also a 7O-foot head-framc.
A 5OO-ton ore bin is complete. At
the Development shaft a railroad
spur is completed to the ore bin.
At the Red Top mine the Laguna
shaft will be used for hosting the
ore and this is already equipped
with a 70-foot steel head-frame
and a 200 horsepower electric
hoist. At the present time the
mine will require the further. ex-
penditure of only approximately
$4,000 to put it in shape for a
production of 1000 tons per day.
At the mill about $27.0 600 has al
ready been spent in repairing ana
reconstruction and a much larger
sum will be used to put it on an
operating basis of 1000 ions a day.
The mill originally cost the Gold
field Consolidated about $780,
600. 1t is under lease to the Gold
field Development company TO,
gether with all of the mines of the
Goldfield Consolidated Mines COM
pany.
The work so far done has been a
splendid investment, but it was
recently found that in order to in
crease the mill capacity from 1000
tons to 1000 tons daily and to
make the change in the method of
treatment to a simple c~yanidation
process, an additional outlay of
100000 would be required.
There are about 100000 shares of
stock issued at this time. The to-
tai par value of this issued stock
is only $4,000. Preliminary
OUTLAWS to date have totalled fully
500, 900. Under these circum-
stances the management has found
it necessary to r~e-finance the COM
pahy, and it will be able to report
to stockholders within a few days
that it has arranged the necessary
new financing which will permit
the carrying out of the full pro-
gram as outlined. This program
will call for the increase of tho
authorized capitalization from p
10000 shares to 100000.
"a stockholders meeting will be
called Immediately to ratify the
action of the management in in
creasing the capitalization and the
managing directors are already
assured of sufficient proxies to
carry out this arrangement.
/ have been asked to express my
opinion as to the future activities
of the Goldfield Development COM
pany after the expiration of the
lease with the Goldfield Consoli-
dated on February I, 1924. While
of course / may not make a posi-
tive assertion that the lease will
be renewed for another period of,
say five years., / am revealing no
secret when l state that at the
time the Goldfield Development
obtained the lease now
held, it was given the verbal as
surance of the Goldfield Consch-
dated management that the lease
would be renewed If the DEVELOP
ment company carried out its pro
gram in a vigorous way.
Again. the Development company
not only owns a 5-year elase on
the mill and mines of the Gold
field Consolidated, but also owns
outright 9 mining claims contisn-
Gus to the Consolidated. adjoining
the Combination mine. Three Of
these claims are patented and six
are held by location.
All of these nine claims are stu
ated on the foot wall side of the
Combination vein and it is believed
parallel ore shoots will be found
in this territory. AS soon as mill
operations commence it is planned
to develop this ground.
The Goldfield Development com
pany has purchased the Hazel
Queen claim from the Consolidated
and has obtained a bond on the
February claim.
Thus If is %exDected the life of the