The New York Times, 23 June 1903 HAS RICHEST OF MINES Pedro Alvarado, a Poor Laborer a Few Years Ago, Now Has Incalculable Wealth. PARRAL, Mexico, June 22.--The richness of the Palmillo mine, situated here, is attracting the attention of the mining world. It was discovered about four years ago by Pedro Alvarado, who was a peon workman in a mine at 60 cents a day. He still owns the mine, which is believed to be the richest in the world. The American Smelting and Refining Company, through its Mexican branch, the Guggenheim Exploration Company, has just made an unsuccessful effort to open negotiations with Alvarado to purchase the mine. Alvarado has nearly a thousand burros carrying bullion from his mine to the railroad. At the works of the Palmillo mine he has a steel cage in which there are bars of gold and silver valued at $60,000,000. Lately a new vein had been struck in the mine which assays about $100 gold and $500 silver to the ton. Alvarado recently offered to pay the public debt of Mexico as a donation to the government. His offer was rejected by Minister Limantour.