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Show AMERICAN MINING GETS $250,000 S B A LOAN American Mining Company, operators of the mines and mill three miles west of Milford, have just obtained a quarter of a million dollar loan from Continental Bank & Trust Co. jiwith 90 of the loan being guaranteed by the Small Business Busi-ness Administration. The News on Tuesday of this week received re-ceived a telegram from the office of-fice of Senator Frank E. Moss announcing the loan. American Mining Co. has been operating the former Majestic Ma-jestic Mines properties, and last fall West Toledo Mines of Salt Lake purchased controlling controll-ing interest in the properties from the Bogdani interests, and changed the operation from flotation to leaching process, to recover oxide ores and placed major emphasis on working ores from the O K Mine. They also have many thousand tons of sulfide ores, which will later be processed thorugh the flotation flota-tion cells at their mill. The $250,000 Federal loan will enable American Mining to continue operations on a full-production basis even tho their concentrates, shipped to a smelter in Arizona, must be stockpiled for the duration of the copper strike. |