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Title: Article About Mineral Leases
MANY MINERAL LEASES
The State Issues Seventy-seven to a Duluth Syndicate.Group of business investors.
State Auditor Braden made seventy-seven mineral leases Contracts granting the right to mine certain areas. yesterday under the law passed by the last legislature. The leases were all on land in Aitkin and Itaska counties and were made to Leonidas Merritt, the representative of a Duluth syndicate. The fee for each lease is $25. This is sufficient for one year when the prospecting Exploring for valuable ore deposits. is being done. At the close of the year if the lessee Person who holds a lease. desires to proceed with any mine, and operate it under the lease, he pays a fee of $100 and makes a contract with the state that he is to pay the state twenty-five cents a ton on all iron ore taken from the mine.
These leases are on lands on the West Mesabi and are to a company that intends to develop and operate very largely next year. This year's work will be confined chiefly to prospecting and getting ready for active business. The making of these leases is a matter of the greatest importance.