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<br />Lonergan back to the Mancos country to further investigate the mineral possibilities, and atwo-Years' contract was entered
<br />into with him, with the object of buying for myself and associatesthe desirable properties there.
<br />It was fully contemplated that to buy these properties right, it would take time. His-investigations covered a
<br />period of thirteen months before investmg a dollar. His fast purchase was the interests of the Hon. C}eorge Bauer, a
<br />banker of ~ancos, whose interests were larger than ,any. other holder, and after two years' faithful and intelligent work,
<br />hesucceeded in gettingthe titles tothisdesirable groupof gold-bearing properties. -The details of prodnetdon;.o$reial and
<br />substantiated by U. S. Mint returns of the bullion olds and Smelting .Company Certificates of ores sold to the Smelt•
<br />ino Company are given herewith. ...: ~, , ,
<br />During the summer and fall of 1895, a run of 250 tons was made in flee small mrll mentroned, yielding bullion
<br />which =old for $G,885.74. Daring the summer of 1899, the time of Mr. Lonergan's vrsrt to these properties, 735 tons were
<br />treated in the mill daring the months of June, July and August, yielding $11;GG514~-.yielding on-the plates an average of
<br />$15.57 a ton, of bullion 900. fine,. the tailings from-this operation beingimpoundedy-
<br />Several careful tests of these tailings have iieen made, the range of values shown from $21.50 a ton to $?0.}0 a
<br />ton, this last sampling being under my own eye and supervision. -~. - - -
<br />About the 10th of August. of this year, one of .these claims, the SUhTDOtiPN, passed temporarily into the hands of
<br />a. purchaser under contract of purchase and lease ai Sixty Thousand Dollars, who commenced shipments to the Smelter
<br />ai Durango. Colo., on Sept. 1S, 1899, and continued to Nov. 7.6, 1699, during which time G01,570 pounds of ore were ship-
<br />ped; having an average vahre of $49.40 per ton withoutsorting. Disa„Preements between the operators and owner;
<br />arising, led up to litigation and closed down the properties until the summer of 1900, and in the fall of this year my agent
<br />succeeded is negotiating the Bauer interests and continued b is purchases up to December 1st, 1901; surveying for pat-
<br />ents the nnpatented claims, commenced the erection of a modern mill, ore bins, boarding house, commissary, ofhee end
<br />laboraiory building, bunk houses for the men, gettingin machinery; feel and. other supplies, which work is now in pro-
<br />grew. with the intentiom of having everything in connection with this property in fusbclass condition before starting; SO
<br />TH3T THE PROPERTY STdRTS OFF WITH 9LL ITS.. PROPERTY PdID FOR, WZTH ALL ITS EQDIP-
<br />hIENT P9ID FOR, dND WITH d C9SH SaRPLr7S OF EIGHTY THOI7SdND DOLLdRS IN bgSH dS b
<br />P.ESERPE FZIND; under the advice and counsel of my Engineers; that a good strong resarve in cash should be esfalr
<br />fished, and as it appeals to my own commercial sense, as it is the consensusof opinionof my assoeiatesand a part of our
<br />agreement with each other. Enough shares are offered for subscription at 20 cents a share to raise this cash reserve of
<br />Eighty Thousand Dollars, ubseription blanks being sent out wdth this statement for your consideration. Everythin;
<br />that money, skill and experience can do to bring this Company into the from rank of the producing mines of the state
<br />.., . ... - __a ,_ ___ ___~-__. __~ c_ li_ __~._...:_.i _s u.: ,a.:n,.a ....,asT,.,;.,.,• ,.,o„ o,.,.,1.,,.ad +n hr;no +hia rasnlt
<br />w1u ue uuiie~ auu to tuy duu~,ucu~ auu ua Luc ~uur,...~,.~ ... ~..c m,+.......+.........,• ...... ....... .....p-',,-_ _' -'-o -__ _'..
<br />about; men of long experience, technical training, capable and industrious, I know of no reason why every expectation
<br />should not be realized.
<br />I have placed before you all the known facts, the tests of past production, and it is not unreasonable to expect; un•
<br />der the careful management which will be given to these properties, that, within a reasonable~time'th'e shares should reach
<br />a value of$1.00 ashare. ~ -
<br />JA~IES DOYLE, of. Victor.
<br />STATEMENT OE R. H. POLL; lI. E.,
<br />Superintendent'In Charge dt the :~Lliazes.
<br />IIpon my visit to the East Mancos region, I: was much surprised and impressed<with the magnitude and ~
<br />ness of the ore bodies. The entire country is most highly mineralized, the mountains everywhere exhibiting signs of g
<br />r-olcanie disturbance, fissures, fractures and planes of weakness forming~a veritable network of mineral varying in c
<br />acter from lead, copper, manganese and iron ores on the LaPls~ ~ side, to' silver and gold' on" the North side"-of the
<br />Mancos, with all degrees of ~ mixture. - - ~ ~ ~ '. - : '
<br />Theparticular ore for which the present mill is designedis~essentially gold;'thevalire's-being-alioutequally'div
<br />between the sulphides and the native metal. It lies in a blanket deposit'in the contact'betiveen'the limestone and
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