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Show EMiecGiioi AT MMimi President Norman W. Haire Issues Statement Covering Property Development. .Itidse Norman TV. Haire, president and general manager of the Michigan-Utah Mines company, operating in the Cotton-woods, Cotton-woods, yesterday issued the following statement: Simre the reorganization of the Michigan-Utah Consolidated Mines company the property lias been developing devel-oping into a mine of no small proportions. pro-portions. The management has gone on the theory not to run in debt for anything unless the money was In sight to pay for It. Going on that theory, a large amount of development work has been done, and something like $60,000 In debts of the old Michigan-Utah Mining company have been paid off without any working cash capital. Part of this has been accomplished by means of a syHteni of leasing. There has been no assessment levied on the stock of the Michigan-Utah Michigan-Utah Consolidated and probably none will be levied, although the stock is assessable. The entire development, including the paying of debts, has been made by the sale of treasury stock and royalties from the lessees, and a very small portion of company ore that has been taken out this past year. In the meantime, the company has done, since January, 1916, a great amount of development work. It has opened up a medium-grade copper lode in the Copper Prince tunnel. H has Intercepted by crosscuts and is now developing at least three largo fissures carrying high-grade silver-lead silver-lead ore. It is intending a crosscut in the Copper Prince tunnel that will eventually cut all the important fissures fis-sures on the property, including the Black Bess, or City Rocks, which is in some respects the largest fissure in the district, extending nearly two miles on the company's property. |