Show A mining deal fully completed A mining deal involving property in III the sout southeastern castern end of the park city mining region which has been in litigation lor for a period ot of 16 years has just been approved the deal one of the largest in utah mining industry in several months will mean the active development of the property by eastern capital says saturdays salt lake deseret news the transaction involves the transfer of the old Gle glenellen glenallen nallen or park galena mining property and certain other claims of the new park mining It company to a new corporation which has not yet been organized the backers of the new nev corporation po ration which will be known as the lookout mountain mining company have not been announced the contract tor for the sale of the pro P antles by the t he new park mining company was made with phil C reynolds who Is acting as trustee lor for the new organization litigation over the ground claimed by the glenallen glenellen Gle nallen and the park galena has con continued linued over a period of 37 years the last decision of the courts was to the effect that the Glenn glenallen Gle nallen llen could prove title to the property upon the paymer kaymel 1 it of approximately to the galena which was taken over several years a ago 0 by the new park mining company the litigation was settled by re vival of the glenellen glenallen GIe Gle nallen company and the repurchase of 0 the property from the new palk paik interests under the terms of the settlement that part ot of the ground formerly for meily known knon as the park galena from which several hundred thousand dollars worth of ore has already been produced will be owned and operated by the new park company the portion of ct the property taken over by the lookout mountain mining company lies to the west ot of the old park galena workings and extends to bald mountain the new company plans to begin operations erat ions in the spring work will be conducted through the star of utah tunnel of the new park mining this tunnel which parallels the property involved in the transaction will give a vertical depth of approximately 1500 feet the new park mining company will receive cash and ON aa substantial interest in the lookout mount mountain 0 n mining company the property f formerly k known as the park galena Is to be taken over by the gold mining c company this company will be controlled by the new park mining company la in which the glenellen glenallen GIe Gle nallen stockholders will participate in sto stock k at the rate of 0 one share for five now held since the recent strike in the park city utah property a great deal of geological work has been done the gold bearing wasatch lime beddings have hava been projected on their dip to a point feet ahead of the present face ot of the park galena tunnel the first work to bo be done w will ill be to eriend extend th this I 1 a tunnel to a point where it will intersect a continuation ot of the old glencoe fissure to in the wasatch formation the glencoe fissure has been highly productive where it has been opened on upper levels with all of this development going on and the opening of high grade ore in the park city utah mining men are anticipating a lively season for that section this summer the park city utah property adjoins on the north both of the properties involved in the deal the ore body in the palk paik city utah was struck in the wasatch lime about feet north of the lookout mountain mining companas comp anys claims the ore in the park city utah Is 13 making in the baratch Wa Ratch fissure which strikes east and west development of the lookout moun tain will consist of driving of a crossi cross i cut tunnel from the star of utah tun nel south to intersect two parallel fissures s to in the wasatch lime formation tills this will require a drive of approximately feet |