Show SELLING A MINE some people have peculiar ideas regarding the selling of a big mining proposition and seem to think that no more time should be required in the consummation of the tha transaction than would be necessary in the sale of a farm or the disposal of a piece of real estate once a prospective purchaser is secured all of this is a mistake and because of this lack of knowledge of the requirements necessary to put through a mining deal of any magnitude many properties poss possessed essed of undoubted merit remain in the hands of their original owners it to be a number of years ago that a mining proposition could be put through a change of ownership in a comparatively ively short time but this was before investors were as well acquainted with the mining industry as they are now there is plenty of capital for investment but buyers will not be rushed and they propose co see what they are buying and intend to be fully satisfied as to the values and future possibilities of a property before even an examination will be ordered before a cash payment is paid to fully consummate a big mining deal nowadays now a days often takes six months after the interested parties have had a conference and have outlined terms and conditions in the first place the prospective prospect ye buyer will demand a period of ninety days for examination and he will probably have three examinations made each by a different corps of engineers before a final con aulsion is reached and no payment will be made until the purchaser has finally decided to buy the property and before the engineers are put to work the mine owner must furnish maps showing surface of the group maps showing in underground workings an estimate showing actual ore in sight and its value the width of the veins a statement of possible and probable production and all possible data pertaining to the property including the amount of ore shipped or milled with smelter returns of the ore shipped and the assay sheet of the heads and tails of all ore milled data must also be furnished as to water supply timber on the ground or in the near vicinity transportation por tation facilities famili ties and the distance to the nearest railroad it will be seen therefore that a mine owner the possessor of a really big mine who expects to get a figure of from to a million or more for his property cannot expect to consummate the deal in a month and that he would be fortunate if he meets with success in his negotiations within a period of there or six months if he attempts to rush the investor if he refuses to give the data as outlined above it if he declines to give an option of ninety days or more and if he imagines that capitalists will buy before they are fully satisfied that they are getting a run for their money they might as well quit before they begin for there will be nothing doing there are some big people in the mining field for desirable properties who are afe willing to expend small fortunes in mine examinations and to pay good prices for such as come up to their requirements but they will not be hurried for they know that if a certain property is good that it will keep and that if it improves with development from year to year that they will be willing to pay more for it for with them the motto is the bigger the better |