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We are reliably informed that the Doe Run Lead company has this week purchased the Columbia Lead company's entire holdings of nearly 1000 acres in this county, paying the princely sum of $690,000 for the same.
The Doe Run company optioned this property the first of last January for four months at a consideration of $660,000. A cash bonus of $12,000 was paid. The privilege of extension of the option for two months was given for a further consideration of $30,000 for each month's extension, of which amount $3000 must be paid in advance. The Doe Run company placed about thirteen diamond drills on the property immediately after taking the option and kept them in continuous operation until a few weeks ago. The company took one month's extension, which makes the property cost it $690,000. It is safe to say that rich lead and lots of it was found or this price for the property would not have been paid.
The Doe Run company last fall bought the Donnelly property adjoining the Columbia, for which it paid $275,000. It now has in this one body over 1500 acres, for which it has paid about one million dollars. It is reported that new shafts will be sunk on the property this summer and the old Columbia mill operated until the big new mill at Elvins is completed. It is even hinted that the location of this mill may yet be changed to Esther on account of this last recent purchase.
People generally will be glad to see the old Columbia and Donnelly properties, which have been idle so long, put in operation again and especially by such a splendid company as the Doe Run. -- Farmington News.
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