The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1920-07-15
BLACK BEAR DIRECTORS
GLAD OPTION EXPIRED
LEVY ASSESSMENT OF 1 CENT
AND OUTLINE PLANS TO
STOcKHOLDERS

The directors of the Black Bear
Mines company have issued a letter
advising stockholders of the forfeiture
of the option held by the Occur d'Alene
Syndicate and outlining plans for the
further development of the property
with the view to placing it on a pro-
ductive basis at an early date To
meet immediate requirements an as
sessment of 1 cent per share has been
levied and in the meantime efforts
will be made to dispose of treasury
stock to provide operating funds until
the mine is self sustaining. The letter
is signed by all the directors, namely,
Peter Bernier, Otto Grice, Chris Hagen,
r.. E. Weniger and Dennis Goggin. The
letter follows:
Pleased That Option Expired.
ION July 1. 1920 payment of S714O
was due from the Syndicate Mining
company on its option on the Black
Bear Mines company. The payment
was not made and the option expired
The directors held a meeting on July
l. and at said meeting it was unani-
mously agreed that the best interests
of the stockholders would be served if
the property We're worked. therefore an
assessment of one cent Der share was
levied. The money received from the
assessment will be used to open the
Black Bear ore showings and the more
pressing debts viii be met
"The board of directors was pleased /
TO have the opportunity TO cancel the f.
contract as all future work viii be done /
on the property will be performed /
where the ore has been exposed boy +
previous development and not in bar
rem ground as is shown by the work
performed by the Syndicate Mining
company We are sure il the worl,
had been done on the ore inteiligenuy
they would have been glad to make the
payment
Mine Lead Silver Ore.
I'VE have started to work on the
property with small crew and as
soon as the assessments are paid
larger crew viii be placed at work
upon the best showings of lead-sllver
ores on the property, ass the ore we
have now opened up contains more
AitN AAeNA lAtl'if anu hAiiN ANilllRA If
worked to profit at the present pre-
vailing prices. /
Further we are pleased to announce G
to you, that our ore shoot has extend q
ed nearly to the end line, with the ex-
cepton of about 100 feet. which was 3
run on fault II is possible that the d
foot wall of the vein was left along d
side this fault which may carry ore O
This Will be investigated i'm our future
work The ore found on the main tun-
mel level is not very wide but this is
accounted for by reason that the
ground on the entire level is in pinch. a
but it is very encouraging to know
that our ore shoot is at least 275 feet
longer and that the vein thus opened d
up, contains mostly lead and silver q
)re. =
Offer Treasury Stock q
'The directors have authorized the 81
iale of a block of our treasury stock "
or sale at fifteen cents per share and y
he stockholders have the privilege of ~
purchasing said stock on the install al
nent plan. three months being grant
d stockholders to pay for stock so c'
purchased the first payment TO be fe
made not later than August s. 1920. GO
hould any of the stockholders wish 81
o increase their holdings. we feel 4"
hat this is the best mining invest ~
lent in this part of the country. 1t
3 the desire of the directors to place W
nough stock to keep the property i'm On
peration and TO make II self support or
lg within a short period of time. It bee
hoped that by this assessment and ne
he sale of a block of the treasury w'
ocn. that no more assessments will
ave to be levied Should large CO
oclI Of sstock be sold or should an lr'
her deal be made, the assessment pr
gently levied viii be refunded to the Of
We realize that stock m'
,lders are not overly anxious 10 be
lrdened with assessments if other
cans can be found to provide money
owever with the present ore showing vi,
e property should not remain idle.
"a statement win be issued from
ne to time to the stockholders. i'm of
rming them of the progress made. SIN
e cost OF the work and all other i'm On,
rmation concerning the affairs of fro
e company" mes