The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1921-04-28
REX CONSOLIDATED
RESUME OPERATIONS
Definite Announce
ment Made by
Directors
CONFIRMED BY GUYER
Complete Financial Arrange
ments--Belief That Mine
VIII Make Good

"HE REX Consolidated Mining
company after a long period of
inacton is preparing to begin
operations at an early date.
This information is contained in
circular letter to stockholders issued
from the New York Office of the COM
pany under date of April 20, and the
plans are outlined in considerable de-
tail together with a financial state
ment showing the condition of the
company. Raymond Guyer of Spo-
kane, vice president and manager of
the Rex company was in the city
Monday evening to attend the an
nual meeting of stockholders of the
Black Bear Mines company and while
here confirmed the announcement
made in the letter. He was unable at
that time to say just when start
would he made in carrying out these
development plans, but gave assur-
ance that il would not be very long.
This is a decidedly cheering piece of
news coming at a time when so
many of the producing mines have
suspended operations. In spite of the
many failures that have marked the
record of the Rex which was original
ly known as the Sixteen to- one, con-
ndence has not been lacking among
those who are familiar with the pro-
pcrty that it would eventually prove
an important producer In fact in the
aggregate its production has been
large and it is confidently believed
by the management that the plans of
development now to be carried out
will place it on a productive basis
again. The letter to the stockholders
follows:
Company Reoroanized.
"No statements have peen issued
to the stockholders of your company
since March II, 1918. as operations at
the mine and mill were suspended in
August, 1917
"Since the last report to the stock
holders. although nothing has been
accomplished as regards the develop
ment of the property or operations of
the mill. other matters Of great inn
portance to the enterprise have been
achieved We refer to the reorgani-
zation of the company. which was eff
fected in November. 1917, and as a
result of which all the mining prop
erty mill. tramway. equipment etc
which had been previously operated
by the company under a lease and
bond was acquired by the reorganized
free and clear of all en-
1.-THE company although not operat-
ing since that time, has received a
small income sufficient 10 take care
Of the overhead charges, expenses,
etc. from the sale of some surplus
and from the royalties re-
'eived from leasing operations.
Cash Resources.
"The company has recently made
arrangements whereby the treasury
will be financed on the basis that is
expected to yield during the ensuing
year upwards of $685. 900 which with
he cash resources Of about $4,000
low available. making a total Of APP
s15O.OOO, will give it am
be capital to Immediately resume OPP
'rations. and in due time to again OPP
rate the mill.
1T is the opinion Of the directors
md engineers that there are excel
mt possibilities of opening up sub
tantial ore bodies on the property
which should yield a sufficient sup
by of ore to run the mill at its full
.apacity
Three Development Plans.
"The immediate development plans
consist Of: First-The development Of
he Okanogan vein which gives every
Indication of proving as productive as
he Rex vein was down to the 500
cot level. The entire production of
he company to date has been from
he Rex vein and it is expected that
his vein will again become produc-
i've at a lower level.
"Second-The development of the
Delaware vein, which parallels the
,ther two veins and which, at the
surface, is larger and richer than
ither of the others.
"Third-The sinking Of the shaft to
100 feet below its present depth,
which will enable us to develop all
hree veins at a depth of 500 feet be-
ow any developments that have yet
,een made on the ore bodies. (The