Salt Lake Tribune | 1911-06-11 | Page 18 | Chino Mine is Ready for Mill

II Report of Company Operations Shows No Time Has Been I BIG TONNAGE" IS ! NOW BLOCKED 0U3 E . Details of the New Financing i Are Expected Now at I Any lime. I Such satisfactory progress Is being made in the construction of the Chlno concentrating plant .that, little doubt is entertainer but what tlio first section of 1000 tons dally capacity will be operating operat-ing !n July as per schedule. The mill as originally designed consists of three sections of J000 tons dally capacity each, and tho two remaining sections will follow fol-low the operation of tho first at Intervals Inter-vals of aniout forty-five days. The Chlno certainly Is In condition for production. The management has 134,-000 134,-000 ions of copper ore already mined and stock piled, while the steam shoc)s have uncovered at least three years' supply of ore. Five steam shovels are being utilized , by the company and in the vicinity of 4n,2S0.000 tons of 2.3 per cent copper ore have been demonstrated by a total of JOS oh urn drill holes. The overburden Is Hboul eighty-two feet thick and the thickness of tho ore body is averaging Recent scout drill work 1500 feet west and 1000 feet -south of tho present measured meas-ured ore zono has demonstrated a very great extension of the mineralized area, indicating that the Chlno ore tonnago eventually will be counted far beyond Its I Terms of the proposed new financing of Hi'1 Chlno Copper company will be announced an-nounced v.-ry soon, us the two-year prohibition pro-hibition placed by the company's charter against n bond Issue expired June 0. Ar-' Ar-' rnngements were concluded some months ago 'for an issue of S2.500.000 15 per cent convertible bonds, which will necessitate an increase In the capital stock from th' proscnt authorized and outstanding amount. $3500.000. The understanding hj llip.t thobonds will be convertible Into Some months ago the company made arrangements to borrow 51.000.000 on its j promissory notes which fall duo July 1. These nots will bo mot bv proceeds from the bond sale. The balnnce from the sale would provide for an increase In the mill capacity from 3000 to 5000 tons Nevadas in Sail Francisco. James A. Pollock &. Co., bankors and brokers, furnish the following, -received over their private wire yesterday after- I Bid. 1 Asked. Goldfield Col. Mountain $ .05 Vernal 27 Booth .-. ; "07 Eluc Bull '.I ....... .03 '.. Silver Pick 01 .06 St. Ives ,. .10 Atlanta lio I i Combination Fraction 07 Kcwanos 0-1 .05 Spearhead OS Yellow Tiger 01 Goldtield Con .. . G.00 Com stock ' Ophlr : i-.io 2.15 Mexican .. ; 4. 175 -1.50 Gould & Currv .. 93 Con. Virginia l.-ip 1.45 Halo & Noreross V.'..!."! """'4' Yellow Jacket 55 Belcher ...j...;. 73 Confidence ' ".fio Sierra Nevada ..' 60 ei Exchequer , 15 Union .. ...... l.7i 150" Challenge -. . ,io 0 ChoIIar , 30 Tonopah 1 Tonnnah Nevada 5.B5 ... MncNamnra 12 Tonopah Belmont West End Con -IS .. . Rescue 15 Jim Butler . Miz E.vt ."go Bullfrog Honnic Claro 03' , Mavflower Con .01 '.05' Manhattan Dexter .' 0.1 .07 Mineral Hill OS .OS Other districts-Nevada districts-Nevada Hills 3.05 .. Pittsburg Silver Peak .63 Round Mountain 55 Rawhide Coalition ' 06 "67' ; Metal Market. The metal quotations for Saturday, posted by McComlck & Co.. were as fol-nV9- Silvcr' 5"c: kad J4'5J copper.