OCR Text |
Show M'COY INCORPORATES BEAVER BASIN MINE Intention of Organization Is to Work La Sal Mountain Property-All Property-All Winter. 'red McCoy, who has been in Moab for the past week on business connected with the Incorporation of Ids mining property hi Heaver basin, has been successful in the organization of the company, and he left for the Sa Sals Tuesday with the intention in-tention of working the property all winter. win-ter. The company will be known as the 1'anama Mining and .Milling company and is capitalized at $100, OuO. Many local and Salt Luke parties are interested in the enterprise, which practically assures its success. According to the present plans the activity this winter will be eontlned to the high-rade ore, and before spring opens up several cars of tills rich ore, it is expected, will he ready for shipment. 1 Hiring the summer opera t ions will be started on the low-grade deposits, of which it is said there are very large .bodies. With this lead opened up, it Is ihonght (he showing will justify the construction con-struction of a mill on the property. The fact thai many of the local people have become identified with the company as stockholders would go to show that the l-iffivor property has merit. At the present price of copper very substantial returns can be gotten out of tin- . ore contained in the vein being worked now, and according to Mr. McCoy Mc-Coy the shipments from Ibis deposit will pay i ho expense of opening up the low- ratio ore body. The. last shipment of ore from this property showed not returns re-turns of over $119 per" Ion. Moab Inde-pende Inde-pende nt. |