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Show WEST QUINCY HAS ISSUED A REPORT i CaKs Attention to the Advioability of Merging With the Thomp-sen Thomp-sen Company. M. Tt. Sowles, serrctarj' of the West Qu'.ncy Mining comjjany, has seDt the follow!nff staterncni to the shareholders: sharehold-ers: I enelose herealfh a copy cf the no-tleo no-tleo published of a &pecl.-i etockliold-ers" etockliold-ers" ineetlnK of the West Qulncy Min-IriK Min-IriK compfiny. to be held November 30, 1010, ut the hour of 2 o'clock m of s;Ud day, fnr the purpoo ot rMlfyluK the con firm 1 ni; the action of its board of directors in agreeing to sell and dispose of all Its assets to a new company, com-pany, to be known ns the Thnmpoon-Qulncy Thnmpoon-Qulncy Consolidated Mlnln? company, and also for the purpose of ratifying and confirming the acU? of its board of directors In entering into u written ajrreetnent with the Thompson Mining lompany, Daly Mining company and Daly West Mining company and Ontario On-tario Mining company, wherein It Is asreed that certain easements re acquired ac-quired from the Ontario. Daly and Daly West Mining companies on the 1.200-foot level and other levels, blth above and below, for drainage and op eration piirpoRes, having the rluht and privilege to ne isaid drifts and tunnels tun-nels for drainage nnd Ingics and ceres for material for operation purposes pur-poses and the taking out of ores and waste, together with all dumping privileges. priv-ileges. You, as stockholders, realize that approximately $lSO,nno has been (v pended bv the West Qulncy Mining company in attempting to develop Its property without financial success because be-cause of the large quantity of water encountered and inability tn remove the same by pumping or other methods, meth-ods, and that the only practical method meth-od by which the property of tho West Qulncy Mining company can be de- eloped on the lower levels Is under the present system. Tbe Thompson holdings consist of about 45.570 acres J ljinpr adjacent to the Paly Wel. In order to reach the territory of the West Quiney it was necessary to combine com-bine with the Thompson Mining company, com-pany, as these drainage tunnels will necessarily have ti be extended thronph the property of the Thompson before they will Ik? of any benefit to i our property. We have combined the acreage owned by the Thompson with that of the West Quiney, the West Qulncy owning only flve-elehths of S'.i SOS acres, and the Thompson Mining Min-ing company owning the absolute fee fdniplo lo 40 575 acres, and they have agreed to Issue out of the capitalization capitaliza-tion of 1.250.000 shares of the proposed pro-posed new company, of the par value of $1 per diare, non-assessable, 200,-000 200,-000 shares of stock to the Daly West. Ontario and Daly mining companies for the. easemepH which we have ae quired for drainage and operation pur-poa pur-poa L'nder this system we can mine at any level upon whlrh they hae a drift or tunnel, and under the agreement can use at nctual cost the machinery and hoisting plant of the Daly West for the purpose of conveying convey-ing Into our property material for use In rcmoltg ore and waste. The property as it stands has no commercial commer-cial value unless drained by this sys-U-ni. Otber adjacent properties have entered into contracts with the On-tralo, On-tralo, Daly and Daly West Mining companies, making use of the same drainage system Under the contrar' with these companies they agree to extend their 1.200-foot drain tunnel lo the line of our proposed consolidated consoli-dated company. This will be the llm? of the present Thompson ground. It Is the opinion of experts and parties par-ties Interested in this combination that, commercially Kpeakin?, it will creute a demand for ond Increase the value of the shares of stork. It Is also acreed that the stockholders of the West Qulncy Mining company will re-West re-West Qutucv Mlulug omany will receive re-ceive the snme nurnler of shares In tbe consolidated company that they now own In the West Qulncy Mining company. We feel assured that If you were here and looked Into the situation situa-tion thoroughly that ou would approve ap-prove of this plan In every detail. It is not a plan which has been developed devel-oped in a few weeks but has been under careful consideration for a period pe-riod of two years and more. You are j invited to employ and disinterested expert to lok into the situation and exaiulno all the papers nnd plnns of procedure, and we foel assured that his opluion will be t.j the effect that this is the only feasible method of developing the property lu question, and of adding increased value to your holdings |
