Show v I II I MINES AND MINING EDITED BY F. F W. W SPRAGUE A BOSTON LON CON TO MEET IS DEBT New Issue of Shares of Stock at 1125 a Share irI ir OVERCOMES OBSTACLES I I I Showing of of Material Gains L Coming Year Is s Predicted At At the tho annual meeting of or the stockholders stockholders stock lock holders holdel of or the tho Boston Consolidated t Mining Alining company held led in la London a few r I ago the stockholders holders asked j 1 to tn authorize an al issue of OOOO shores I r of or stock 16 bo UA offered shareholders shareholder i h it It a share Tho The issue will wJ makoM mako make 1 M tie e number of or outstanding shares allowing for Cor the tho conversion of ot otte the te la t I issue of ot of or bonds bondt Into ino stock at 15 a share thare The now Issue 5 of or stock already has haa been underwritten by a 8 syndicate one- one half halt In n this count country and one half abroad Its Is purpose Is to meet meet floating floating float float- Is of or Ion longstanding long m ing debt most mOH of oC which standing the tho result of or the tho drop In hl too tho of or copper from 2 25 to 1 12 2 1 cents cent for the company had drawn 85 percent of ot tho tim of Its copper on cont 25 cont copper and on the drop to 1 12 l- l 2 1 cents heavy hean los losses es were SUB- SUB tat nod The Tue company is now producing copper COPper copper cop cop- per fie at the tho rate rte of or between and ind pounds per pOl month and at a n profit prof though admittedly small smal at mill and amI present with wih an nit mi restricted operation operation- During th the 3 year ar the company shipped shipPed ship ship- ped 7 tons of sulphide ore from which vure recovered pounds of If copper ounces of or sliver silver and 1 7 HG ounces o of sold gold old which netted d making the cost cos of ot its copper I 1022 cents per por pound I At t the cent porphyry mine tons removed tit ut a cost J of or stripping wa was t. t of 1772 cents per ton to amounted Porphyry oro ore treatment 14 tons producing pounds s of oC copper Discussing cOlIer tho tito encountering Unexpectedly unexpectedly un un- expectedly of or Iron oro In tho the compans company's com corn pany's pans porphyry deposit necessitating revision of or It its smelting contract which it made ado no provision for tor Iron Irn excess and ind from change chango temporary causing a steam cusIng shovel n mining to under underground mom Work General Manager Lafayette says Iron Ion Ore Underground development since 16 extended has proven that not over per coat cent ha of tho payable ore body Is ts Is Included d in this class of Iron oro ore and cass further that from a n metallurgical because no Iron fluxing obtainable outside of 1 I arc district it radius of t miles o ot of I ISalt ISalt I of porphyry tonnage e Salt Lake your oU at r Iron will become ore oro containing excess wl value when contracts now of or great smelters with other mines held by bv future within the thc near expire an and ner your company wilt will derive largo large laro benefits bene benc- this deposit tUB fits from deposit Regardless of ot tho the obstacles InterruptiOnS in interruptions in- in an and changes In our plans pla forward to toa the work worl has been carried where we have havo demonstrated a appoint mechanical the thc complete success from metallurgical and operating stand- stand u. u f tl null mill o ut v i n io v. v IUla mine sent porphyry mill mm to demonstrate tho the the values oro oo to claimed In previous reports and question of ot doubt tho the qualItY quality beyond put 1 ity and value t of f the oro ore bod body I Tho The extension lon of ot underground workings h has established an Ul increased working tonnage and the progress made has every doubt as to our uc- uc eliminated remaining undetermined undetermined unde undo Ceas ess s. s The question q will 4 Is ono one of ot what copper wi working Is Ig loSt Gost when tho the operation o its full capacity I can as sue assue ue you ou to t is material sho show lioW will the Uio coming year H 00 establish the fact act that we weal and very er close to iball produce copper al tl named In previous reports I during the There Thore was WS expended i.- i. here wa and development I construction and year pear on of which was upon I tho the mill mUl |