Salvaging a $300,000 Investment in a Lower California Gold Mine

AT just about the geographical center of the peninsula of Lower California is the El Arco gold mine. It is small and spotty, and three separate attempts to operate it in the past have failed. The only reason the present operation is possible is because of the higher price of gold and because the previous operators had spent about $300,000 developing the property with shafts, four levels, machinery, and a complete mill, all of which was acquired at a bargain price. All the known ore in the mine, to say nothing of the cost of recovering it, is