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Show MINES DEVELOPMENT COMPM IS FORMED' Has Men Working on Leased Ground in the Alta Tunnel. Work on the block of ground that has been leased by the Mines Development Develop-ment company from the Alta Tunnel & Transportation company, the property of which is located at the head .ol Silver Sil-ver Fori; in the Big Cottonwood district, dis-trict, js progressing favorably, according accord-ing to Fred L. Schrott. vAt present miners are driving southtve.pt through the large porphyry dike that is heavily mineralized, for the purpose of reaching reach-ing tho Silver Fork fault. The Mines Development company, of which Mr. Schrott is president, has been organized organ-ized and the' articles of incorporation filed. . The company Js capitalized for 10.000 shares, the par value of each share being be-ing $10. More than four-fifths of the stock has been subscribed for at the par value. The incorporators" are John 0. t. Clark, G. W. Browning. Allan T. Sanford, Fred L. Schrott and Murray Schick. According to the. articles of incorporation incor-poration the Mines Development, company com-pany has been formed for the purpose of buying, leasing and operating mining min-ing properties. Discussing the future operations of the company, Mr. Schrott said yesterday that, it was the intention of the company to secure blocks of ground in various properties in the principal camps of the state when such blocks of gTound conld be leased on fa-vorahle fa-vorahle terms. The initial lease has .been secured on a block of ground 300 feet square in the Alta tunnel at a point about 1050 feet from the portal, and covering cover-ing that portion of the territory in which tho company encountered lead-silver-copper oro some time ago. The lease extends from September 1, 1915, to September- 1, 1916, and calls for 20 per cent royalty on the ores shipped. |