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On August 27, 1922 a fire on the 3350 foot level caused the loss of 47 lives. This also stopped production for a year. Although ore in the mine was by no means exhausted, production ceased
on March 28, 1942. This was due to the high costs of materials, the scarcity of labor, and wartime limitations on gold mining. Until 1948, however, the upper part of the mine was
kept unwatered and in repair in hopes of eventual reopening. In December 1947, the directors of the company recommended dissolution of the Argonaut Mining Company and by February
1948, a majority of the stockholders had given their consent.
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