Salt Lake Telegram | 1935-11-19 | Page 22 | Mining and Financial News

Mining and Financial News HEADS NEW MINE COMPANY With ith R. R Verne McCullough Salt Lake City attorn attorney C and business businessman man as president the tho Lion Monarch Monarch Monarch Mon Mon- arch Mining company has been incorporated incorporated incorporated in in- and will operate the old Mineral Range Mining company's property in Nevada company of of- officials disclosed Tuesday The property consists of ot 26 claims tome some of them patented on Indian Creek Lander county 22 miles mites from Beowawe and 60 miles southwest of oC I Elko Before operations op were suspended suspended sus sus- suspended several years ago owing to the low price of silver the mine is said to have produced a a. a half halt million million mil mil- lion dollars in silver and lead from its upper workings The mine Is worked from an Inclined in inclined inclined in- in shaft feet deep The new operators report that they have opened up an or orp body extending downward from the foot level en on en the hanging wall side of t the e shaft and another at the bottom of the shaft The ore is said to carry values as high as to the ton I I p principally in silver and lead but I with some gold These discoveries are in new territory as the mine never Dever has been worked before beCore above the foot le level le el The company plans to develop th the new ore bodies at once and expects to begin shipping by Christmas Leasers will be put to work above the foot Coot level The company is incorporated under under un un- der r the tho laws of the state of ot Utah and has a capitalization of represented by shares o of a apar apar par value alue of 1 each Sid Spencer is vice president o othe of f the company and Paul Lyon i is s treasurer