Show THE REPORT edwin L sprague edward F barnes and george al crocker of boston have sent out the following statement to the stockholders of the cuba and the shawmut mining companies on or af after ter wednesday february the subscribers to the stock of the cuba mining in company and to that of the shawmut mining company upon delivery of their duly accredited subscription receipts to the state street trust company transfer agents 53 state street will receive in exchange certificates of the mut mining company to which they are entitled subscribers to te stock of the cuba mining company will receive one share of stock of the shawmut mining company for each two shares of the cuba mining company subscribers to the stock of the shawmut mining company will rece receive iove the number of shares named in their receipts in making this announcement the under sigried signed submit the hollowing iol following lowing statement atthe at the time subscriptions were obtained to the majority stock of the cuba mining alining company it owned the cuba akron and silver belt claims later measures were taken to secure title to the E eliza liza jane and cuba no 2 claims and options were obtained on the crown point U I 1 leona ledna and sweepstakes claims on which partial payments were made since the shawmut mining company has succeeded i to the properties ties real and personal of i the au cuba b aai mining aim g company the payments on the crown point and U I 1 claims have been completed an addi additional tiona 1 payment has been made on the two other option properties and it ib ia the intention of the directors to make the remaining remaining payments ments altogether the claims mentioned embrace about acres of mineral laud in the well known bingham mining district located with in one mile of the railroad station station of the town of bin binham bingham ham the they are upon the same mineral belt as the utah consolidated the crown point cuba U I 1 and leona claims have been developed by six tunnels varying in length from a few hundred feet to about one thousand feet all of these tunnels are on veins showing gold silver lead and copper ores in paying quantities and some of them have shown high assay values all of the veins have improved in quantity and quality of ore as development has proceeded the most ost recent important development has been the cutting of the cuba vein feet below its outcrop by the lower U I 1 tunnel the cuba vein vel n at this junction has a width of I 1 forty seven feet the cuba and crown point tunnels reach this vein at a still further depth one feet and the other at more than COO feet below the U I 1 tunnel and when extended the full limits of the proper property tv will have a length of 2500 and feet respectively at i a great depth on the vein to a great extent the ores are milling ores which cannot be economically treated until a concentrating 11 mill has been erected plans for such a mill haying having a daily capacity of tons have already been made and the means for its erection as soon as possible provided some of the ores however are smelling smelting sm elting ores I 1 shipment of which it is expected will commence dul during inythe the month of february while the principal earnings of the company will in all probability cinq from ores to be concen tooted before smelting smelling sm elting it is anticipated that the amel smelling smelting sm elting ting ores will yield some revenue while the M mill is in process of erection at the time of the organization of the shawmut company it was provided that shares of its shares should go to the owners of the cuba company for its mining property and other assets the remaining shares were placed iw in the hands of tru trustees for the benefit of the treasury between and of these shares have been sold or subscribed for the proceeds going for the completion of the p purchase purchase of claims held under option for the erection of the mill and expenses of development the funds now in the treasury and the stock still at its disposal now upwards of shares it is believed will be sufficient to provide for any contingencies likely to arise until the company can be placed on a paying basis the undersigned undersigner under signed feel that they are justified in speaking in the highest terms of the cared care earnestness disinterestedness and good judgment displayed by their fellow director the general manager of the company mr W B andrew both in the work of development and the acau acquisition of the new properties mr andrew has had much practical experience io in the management of mines and has great confidence in the value of the property of the company his views as to results to be obtained through development have so far been justified by what has been accomplished associated with mr andrew as a director of the company and also as consulting engineer is mr duncan an experienced and able mining man prominently connected with one of the great producing mines of the Th ewest west in whom the eastern directors place the same same confidence that they do in mr andrew under these circumstances they feel that the management of the mining properties of the company upon which success or OP failure must mainly depend is in excellent hands mr views as to the value of the mines coincide with those of mr andrew similar views are expressed express edby by other competent mining men med in utah who are interested teres te in the success of the company through their holdings of a laro laroe large e minority interest in the stock of the company |