| Show GONSi1DA1ION GOES r and De La The Great Mercur Mar Made One BASIS OF THE COMBINATIOf will Hav ° Company The Combined rivo Million Capital and Two iU tired Thousand of the t11Hon Shares wilt bs Held In the Treasury Morcur Officials Issue a Statement State-ment in Regard to the Great Combine Com-bine Arizona Gold Mine Sold to New Yorkers Mining Notes r fund ury as a reserve THE TRO RATA BASIS I The basis of settlement by which the mining deals ever One oC the greatest consummated in Utah was successfully carried out yesterday It is the con eolldalion of tho tfcreur Gold Mining and Milling company and De La Mars of The name Mercur Mines company the company under the reorganization Gold Mercur Consolidated will be the Mines company Its capitalization will In 1000000 shares of which vI ue 55000000 I 00000 shares will he held in the Ireas 1 jnaminoth consolidation was effected 1 was upon a division of twothirds for J tho De La Mar company and onethird T B Capt for the Mercur company 4 Do La Mar is Plated for the presidency presi-dency and John Dern for the vice presidency WHAT GOES IN L4 i Into the consolidation the De La includes Xho Golden Gate Mar company 1 group of twentyono claims 113 acres q tho Brickyard group ten claims 101 r acres tli Merrill group throe I claims k fiftynine acres various other groups 1 embracing twentyseven claims and I the Dalton farm with all appurtenances LI appurten-ances one of the most Important and A valuable factors In the transaction 1 being the great Golden Gate mill i The Mercur people put Into the big company the Mercur group thirteen I claims 153 acres tho property at I Manning including the Mercur mill water rightsr claims and all appurtenances appurten-ances I ancesNEGOTIATIONS for this Immense transaction have L Iwn going on for some time across the l vvator between Capt De La Mar and Mr Dern Its successful termination 1 was completed at this end of tho line by Messrs John Jlelmrlch E H Alris i and George H Dern representing the Mercur company and Hartwlg A Co I lien who looked after the DC La Mar 1 interestsMERCUR MERCUR STATEMENT j Tho Mercur directors prepared the following statement yesterday to be c submitted to the stockholder i The object of this consolidation Is to work In a satisfactory manner the t base ores of the Mercur mines and as I the DC La Mars Mercur Mines company I com-pany has at1 present Installed a large ii plant which is vorklng perfectly on ii this class of ore we have considered 1 it for the best interest of the stockholders I stock-holders to avail ourselves of their facilities fa-cilities without going to a very great expanse for tho installation of a similar simi-lar plant Ve have Investigated the I ore bodies of the De La Mars Mercur mines and feel satisfied that a combination 1 combi-nation of tho two properties will make the consolidated company a longlived paying institution It Is true that we have uncovered r J considerable ore during the last three or four months practically all of this U ore Is of a base character and cannot I be utilized by us with our present r methods The excess of ore reserves in the De La Mars Mercur mines and I the fact they have a very large ana 1 expensive plant of capacity sufficient 0 to work all the ores of both mines Induced In-duced us to arrive at the basis ot I1 consolidation which we have viz one ii third to the stockholders of the Mer cur Gold Mining and Milling company ti and twothirds to the stockholders ofF of-F t the De La Mars Mercur Mines company com-pany panyThe Golden Gate plant consists of a lireproof mill built throughout of steel the leachlngroom of which Is over onesixth of a mile long It contains Ii con-tains nine straight lined roasting furnaces 1 fur-naces 120 feet long by 12 feat wide each The entire plant is run by electricity s elec-tricity and all the machinery is of the U latest design and thoroughly automatic U In operation The mliris In absolutelv I perfect condition and ifls doubtless I the largest and most complete cyanide ii plant in the world of a capacity sufll f dent to treat 1000 tons doily The Fl hoisting works Is run by electricity and is of ample capacity to handle all 11 the ores of both properties The consolidation t con-solidation of these properties will not necessitate a single change In machinery J ma-chinery or equipment the plant being ample in every way iu this consolidation all the property prop-erty owned by the De La Mars Mer cur Mines company and L1t Do La Mar personally in Tooele county IH included this includes onehalf of the stock and management of the Gold Bolt Water company a corporation which supplies with water the town l and the various mills operated at Mer cur This also Includes the De La Mar oleclrical power plant which is l to be finished at the cost of tUe De La Mar Company and placed complete In the bands of the consolidated company The total surface improvements on De IL Mars Mercur mines has cost about 875000 Of the capital stock 1000000 shares 200000 shares arc placed in the treasury of life company for future use in the acquirement of further ter ritory if such an act seems advisable I to the consolidated company As the reorganized company covers a large area of territory and very vast operations we have concluded that the most suitable name of the reorganized company will be Consolidated Mercur 4 Gold Mines company There will be seven directors In the reorganized com pany of which the De La Mar Inter j est will have four and the Mercur in terest three It la proposed that J R DC La Mar be president and John It Dern vicepresident of the reorganized I company |
