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Show SHIPPING ORE FROM THE AMERICAN FLAG Park City Mines Company Pushing Development on Property. Kecent developments at the American Flag mine in the Park City district lead the local officials to believe that the property will eventually rank with such well-known producers as the Ontario and the Silver King Coalition. The seventh sev-enth shipment of ore since April 1 is now on tho market. It consists of forty tons broken in the stopes on the eighth , and tenth levels, and assays indicate that it will bring better than $65 a ton. The last similar lot from the same stopes, which was sold when silver was 7 cents higher, brought $75 a ton. i The American Plag mine has always been noted for the. high gold content of its ores. One small lot marketed last month ran 1.84 ounces or $36.80 in gold t to the ton. Prospecting work lias opened a body of this ore on the Easter vein at a depth of 800 feet from the surface. To develop the same ore body on the 700-foot level and make its extraction ex-traction more economical a crosscut is being driven for it on the 700-foot level. Though they represent but a small portion of the "mineralized territory, the two veins nearest the shaft have yielded yield-ed more than $350,000. Seven of the known fissures on the property have never been prospected below the surface. sur-face. One of these, tho Bavenswood fissure, is twenty feet wide, and when this has been opened at the proper horizon hori-zon it is expected to be a heavy producer. pro-ducer. By taking over the property tho Park City Mines company has placed it on a ' sound financial footing. Provision having hav-ing been made to meet all requirements, the stock of the new company has been oversubscribed. The company is capitalized cap-italized for 1,000,000 shares, of which 200,000 have been sold. To liquidate the bonded and other indebtedness of the company 250,000 shares have been set a nide, which leaves 550,000 shares in the treasury. .John H. eavell is president, A. O. Jacohson is vice president, pres-ident, Herbert R. McMillan is secretary, secre-tary, John Pingree is treasurer and Fred V. Bodfish is general manager. |