The Google images I pulled up of the School of Mines "M" show a slightly more rocky summit than the photo, but it could well have been taken a bit farther south and thus hid the crags. I hadn't considered Frisco, just down the hill from "Leadville, 1910." Still, there's that standard gauge track... Next time I'm in the area I'll take a look (my brother lives in Golden). It's an odd backdrop to pose two families.
It's interesting that the men in the photo are all rather glum but the women, especially the woman second from the left, are bright and happy.