Salt Lake Tribune | 1919-11-02 | Page 43 | Millions Involved in Mine Transaction

MILLIONS INVOLVED IN MINE TRANSACTION The biffgest mining transaction consummated con-summated in New York in many years was completed a week ago, according to advices from New York, when a powerful power-ful syndicate of wealthy New York mine operators, headed by the American Smelting and Refining' company, succeeded suc-ceeded in purchasing a substantial interest in-terest In the groat Premier silver mine of Stewart, British Columbia, after several sev-eral weeks of negotiations. The consideration involves a very large payment, tho full amount of which has not bee,n divulged. Reserves in the mine are now estimated esti-mated at $35,000,000 of payable milling and high-grade shipping ore. There are four groat parallel veins from 4i to 200 feet wide carrying ar-gentite, ar-gentite, stephanite, native and ruby silver and iron pyrites carrying high-grade high-grade gold values with indications of telluride of gold. Wonderful specimens of native and brittle silver are found and also of silver glance and ruby silver. The general run of the ore carries one-third gold and two-thirds silver values. The new officers are: R. W. Wood, Fernie, B. C, president; H. A. Guess, American Smelting and Refining company, com-pany, New York, vice president and managing man-aging director; Minor C. Keith, vice president pres-ident United Fruit company, who is also heavily interested in Forty-nine Mining and A. E. C. Metals, is aiso vice president; presi-dent; W. E. Merriss, American Smelting and Refining company, secretary; L. A. Chapln,t American Smelting and Iefinlng company, treasurer. The directors are: H. A. CJuess, R. W. Wood, Minor C. Keith, W. R. Wilson, Fernie. B. O.; R. K. Neill, E. , M., Spokane, Wash.'; H. B. Price, E. M.i who is also consulting engineer en-gineer to the A. .?. C. Metals and Forty-nine Forty-nine Mining companies, and W. C. Potter, Pot-ter, E, MM American Smelting and Refining Re-fining company. Mine manager, R. K. Neill.