Show SALE OF THE CHAIN flAN news ely nevada A bit of good news for which not only the owners of the mine but the entire community have been anxiously caiti waiting ing was flashed over the wire yesterday afternoon i the ines message sage w was as to W N megill mcgill and announced the deposit in Cornicks Mc Alc bank in salt lake city of the first installment of the purchase P u lchase price of the property a sum which in itself represents a small fortune this closes the deal that has been pending for the past three months and assi assures ires the speedy return of the Clia inman to the ranks of the active gold producers of the west A prospectus of the new company that has thus acquired the mine was received this week by mr J G marx who has been so largely t instrumental in effecting the sale the name of the corporation is the mining and electric company incorporated corp orated under the laws of colorado with a capital stock of shares of a par value of 1 each fully paid and non assessable the directors are M B dunham president titus ville railroad co warren pa L R johnson superintendent united states leather co elmira N Y J I 1 stanton stanton brewster lumbermen corning 1 N Y dix W smith counsellor at law elmira N Y fred morek president warren table co warren pa milan hibbard of the chase hibbard milling co elmira N Y theron P otis of otis daya day co hard hardware ware dealers wellsville N Y edward edwar d campbell of geo W campbell son lumbermen warren pa B S cushman instructor in chemistry and assaying cornell corn 11 university ithaca N Y the officers of the company are al B dunham president L ajohnson RJ vice dent fred mor k treasurer dix W smith secretary L I 1 F P shepherd superintendent ind and fred D smith mill supe ilta dent offices lre are located th at PI elmira mira N NY Y and War warren harreil reil pe Pen denvill nn sYlvania and vill the prospectus contains the fun full professors smith cushman report porto at and the experts who visited visite d the h aloni zd arnn of which we ha have e roo room property in I 1 for or in se P abstract only ly an 4 the claims included in the sale the are the turkey the V and the ern cross all of which are patented south T first three are continuous the 6 and form a block hi r ground 2 2100 feet in length and ol 01 fe feet at one end and 1100 feet at the other T wide the principal developments consist of a tull tunnel nel 4 feet long an incline ideline s baft to a depth feet and andi main nain levels feetie of aggregating 16 1610 keetin length besides numerous short drifts pm cross cuts etc there are two separate and distinct ore bodies in the mine the first known know as the east ore body has been partially sloped out down to the water level but still contains contain 5 tons of ore which according to the assays essays of the experts average 11 1251 1251 in gold old and 7 ounces in silver the main ore body lies to the south and west and is estimated hy by actual measurement to contain tons of ore valued at 1114 per ton in gold and I 1 ounces silver these values value i were determined after a most careful and thorough sam sampling plino which required nearly two weeks to complete an additional body of tons above the level is also included making 6 the total tola amount of ore actually blocked out in the mine tons of an average value of 1046 in gold and 4 ounces silver it was the opinion of the experts that the ledge 11 would continue to n go down below the water level and that the ore would improve in quality with depth the history of the mine is familiar to most of our readers and alad need not be repeated here for ye years ars the prosperity of the town of ely was entirely on its operation and even now though 0 there are several other mines opera operating operatis tim g in the district the 1 infusion n fu 8 io 11 of new life into the chain man is bound to increase our population and to stimulate local business busine ss though tholo h thousands of dollars have been taken from the mine its treasure chambers have hardly been touched and with proper pro pe r management mana 0 ement we are confident con f id e nt it will far surpass anhof any of its previous Alc Gill performances the owners lyons Tc Omie and underhill have labors labored a de the hard to redeem the property from plo rable condition in which it was left lef L by their TO i lane and are to be congratulated L on success mr L F shepherd who has been c ducting the negotiations for the purchasers Vur puran chasers be the will at this end of the line and who new superintendent of the pr property op erty in commence commena e very ver soon us that operations will the the fir first t step w will i 11 b be e th the 0 p enlargement enlar elarge gemen r merit of 0 A of tons daily cyanide mill to a capacity by accompanied committee of the directors directo rs ac compa for neav ne NV york i prof F D smith sinith will wili leave upon election elec W after the ely immediately ineat gre enlar enid for the whose arrival the plans of the mill will be formulated |