Beatty Museum & Historical Society in Beatty, Nevada

Gold Center Mining and Development Company

The following is a statement showing receipts and disbursements of the Gold Center Mining and Development Company, which was located in the Bullfrog Mining District in Nevada.

Denver, Colorado, Jan. 15, 1909

We beg to enclose herewith a statement of conditions in reference to the affairs of your company covering statement, showing receipts and disbursements.

ASSETS

1st. The company owns the Northern Light claim, the title to which is vested in the Gold Center company. The property is patented and covers an area of 20 acres. It is located northeast of the town of Rhyolite, the principal town of the Bullfrog district.

2nd. 1,000,000 shares Tramps Annex Mining Company, which stock represents the entire capitalization of the Tramps Annex Company, owning the Surprise claim, adjoining the Tramps Consolidated on Bonanza Mountain, Bullfrog Mining district.

3rd. Owns 400,000 shares of the capital stock of the bullfrog Syndicate mining company, a corporation organized under the laws of South Dakota and owning the Zu Zu, Old Gold, Black Jack, Jolly Jane, Gold Center, Valley View, Valley Queen and Valley View Extension claims all in process of patent and lying next to the Pioneer group in the Crystal Springs section of the Bullfrog mining district, the capitalization of the Syndicate company is 1,500,000 shares per value $1.00 of which there was placed in the treasury 6,000,000 shares.

4th. Owns 200,000 shares of the Bullfrog Rampart Mining Company owning the Rampart, Daisy, and Daisy Extension claims in process of patent, located on Montgomery mountain, Bullfrog Mining district within a short distance of the famous Montgomery-Shoshone mine. the capitalization of the Rampart is 1,000,000 shares; par value $1.00. Of the capital stock of this company there are 500,000 shares in the treasury. The company is incorporated under the laws of South Dakota.

EXPLANATION

Tramps Annex Company----The entire capitalization of this company being intact, is held by the Gold Center Company as an asset. There are certain conflicts on the Surprise Claim upon which the management and attorneys have been working for months past. We are trying to make a settlement, and as soon as this settlement is arranged, a patent can be obtained to this property. The engineering work for patent has all been completed.

Sometime ago when there was considerable activity on Bonanza Mountain, your Board of Directors deemed it advisable to transfer the Surprise Claim to a new company and the Tramps Annex Mining Company was organized under the laws of South Dakota with a capitalization of one million shares, par value $1.00 each. The Surprise claim was then transferred to the Tramps Annex Mining Company.

This claim two years ago was considered the most valuable asset of your company. This property has not as yet come to the front in the way that it was originally expected. There is a very rich ore on adjoining Denver claims, however, close to our line. All reports made by engineers and experts are to the effect that with proper deep development the Surprise claim has everything in its favor of being made a producer. The property is equipped with a complete plant of machinery of sufficient power to sink the shaft to the 500-foot level. On account of adverse financial conditions, the development of this property was abandoned about two years ago. With the improvement now under way, it is likely that arrangements will be made, as soon as patents can be completed, to develop this ground, either through leasers, or by donating a portion of the stock of the Tramps Annex Company for treasury purposes, and selling it to complete the development fund.

Bullfrog Syndicate Mines Company ---- owns seven claims in the Crystal Springs section of the Bullfrog district, adjoining the Pioneer on the north. These properties are in process of patent and the legal patent advertisements are appearing at this time. Within 60 or 90 days a Receiver's receipt should be obtained for these properties. With the boom in the Crystal Springs section at present, this ground is certain to become more valuable and the management will spare no effort to make arrangements to raise sufficient development funds to thoroughly develop this property on such basis and terms as they deem best for the interest of the Company. The stock interest of 400,000 shares belonging to the Gold Center Company, promises to become very valuable on account of recent important discoveries in the Bullfrog Pioneer mine, as this group of claims end lines the Pioneer where a bonanza is being developed.

We have recently sent engineers to Rhyolite who have made a thorough examination of the Syndicate group and their reports are most favorable. The plans now are to raise sufficient development funds to open this ground. The Board of Directors of the Syndicate Mines Company are now planning on closing certain deals whereby this property can be developed to the best advantage of all concerned. No effort will be spared to create a sufficient development fund to thoroughly explore and develop this ground, which we believe contains the extension of the Pioneer Vein.

This property two years ago was considered one of the least valuable assets of our Company, but has since come into prominence on account of the Pioneer strike. it well illustrates the speculative and sometimes advantageous feature of mining investments.

Bullfrog Rampart Co. ----- On the estate of the Bullfrog Rampart company a lease has been let within the past two weeks to a prominent Rhyolite merchant, who will start work immediately. The lease is on the north half of the Daisy claim and will run for a period of three years from March 1st, 1909. Royalties of 10 to 30 per cent, will be paid on the net returns of all ore shipped from this ground.

While this lease is granted for a longer period than is customary in the bonanza section of Goldfield and Bullfrog, conditions have been such in the past twelve months that it has been next to impossible to lease any ground unless the most favorable terms were given. As this lease covers only a small portion of the large territory owned by the company, it was considered to the interest of the stockholders to grant this lease. Nearly all the great mines recently discovered in Nevada have been developed and proven by lessees.

The Northern Light ----- claim owned by the company is patented and nothing will be done on this property on company account for the present, but will be leased if possible.

The Arizona Group ----- formerly owned by the company, has been abandoned on account of repeated unfavorable reports received. We felt that it would be throwing good money after bad to continue trying to hold this property, and expending several thousand dollars more in annual assessment work and patent fees to perfect the title. Any amount of ground can be taken up surround the Arizona group, as there is nothing in that section to warrant one in expending any money in annual labor or attempting to hold the ground.

The present management took up the affairs of the Gold Center Company at a time when conditions in the Bullfrog district were on the boom and secured control at great cost. The future at that time looked exceptionally bright. The tremendous slump that followed of which every stockholder is cognizant, made it absolutely impossible even in the face of serious effort to accomplish anything in the way of financing a company in the Bullfrog district. therefore all attempts to raise funds for development purposes necessarily had to be abandoned.

We quote herewith a list of Bullfrog stocks and the prices at which they were selling at the period, and follow with a list of prices twelve months later. The comparison itself will convince our stockholders that with this condition confronting the investing public most any other investment at that time would have been more attractive than the purchase of Bullfrog Stocks.

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