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Show (, BANNACK GOLD rANNACK GOLD" is one of the new stars -) in the mining fermanient so far as Utah ' , is concerned, although the name is familiar enough I so the old mining men of southern Montana where ! the property of the Bannack Gold Mining qom- ' pany is situated. The name was applied originally original-ly to a placer field which is credited with a gold production of $12,000,000 and lies in Beaverhead county, twenty-three miles west of Dillon. The company is linked to Utah by its officers, offic-ers, and controlling owners, who are Utah men, and by its listing on the Salt Lako Exchange. John F. Cowan, the well-known Rochester, Nevada Ne-vada operator is president of tho Bannack, W. C. Ebaugh secretary and G. T. Hansen managing director. di-rector. The other directors are W. S. McCormick and B. Bennard. The property consists of eight lode mining claibs, interests in placer claims, mill sites, wagon wag-on roads, ditches and water rights. The purchasers pur-chasers of the property had in view only the treatment of the vast exposed tonnage of milling ore carrying from $8 to $10 in gold, which they expected to treat by cyanide in a 150-ton mill. The ore is still there and the mill about ready for operation, but the ambitions of the owners are no longer limited to this source of revenue. Their development has desclosed several shoots of direct di-rect smelting ore, overlooked by the former operators, oper-ators, which will be an important factor in maintaining main-taining the earnings of the company. The management man-agement estimates that in the mine workings there are 118,000 tons of old ore in sight, ranging rang-ing from $G to $12 per ton in value and new ore devoloped since the purchase to the extent of 85,640 tons averaging all the way from $5.50 to $6.50 per ton. The ore reserves are said to be four years in advance of the mill. No account has been taken of ore below the tunnel level, which tends to increase in value and seems to go down indifinitely. The opinion Is vouchsafed by the management of the company that mine developments and overhead over-head costs will not exceed $1 per ton, and the mill heads will average $10 which will leave a net profit of approximately $25,000 per month. |