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Show jfos rt - i irr,,'W "fjnf r:'1. L!ua;.iii. . : KEEP POSTED OH UE1X1UM &tr Jo-- Hetoi of Vol. 27. No. 39 way r ptyHificance aalt Lake City. Utah. fiidaY. November 23. 1956 vV mission Black Hawk Is id Road . in The Oil and ifliHihc World" Shipping U-O- re Black Hawk Uranium company, stock of which is widely held the U .nompson, Utah, from where it is carried by tank car to the com- throughout the west is now shipping some excellent ore from its panys North Salt Lake plant. He said virtually every major holdings in Little Gypsum Valley, oil company in the United States Montrose County, Colo., it was disnow has interests in the Aneth closed recently by company offield, and is setting up headquar- ficials. ters either in Cortez, Colo., or in The ore is being trucked to the mill of the Vanadium Corporation Utah. S. Paul Aveson, state manager of America at Naturity, Colo., for the Texaco Co., H. L. Heming- where it is being settled. way, engineer for the company, Shipping will continue as long and Darrell Welling, manager of as weather permits and will probthe Utah Motor Transport Assn., ably be stepped up during the attended the meeting with Mr. next few weeks. Moyle in supporting the request Five truck loads averaging apfor state assistance. proximately 2,000 pounds with the ore running more than .50 per cent, were shipped out during the U-O- The Utah Hoad Commission agreed to sefndv an engineer to the Aneth oil fields in San Juan County to investigate what the state can do to provide an access road. This decision was reached at a conference with a Salt Lake City . Chamber of Commerce appointed to discuss the Aneth oil fields access roads situation. C. H. Vance, road commission chairman, said he has been insub-committ- formed that the present access road from State Highway 47 near Blanding has been made a county secondary road. This road is eligible for federal aid assistance with county matching funds, Mr. Vance said. . We will try to find a way by which we can give some state assistance as well, the commissioner said. James D. Moyle, Phillips Petro- Montana Find Rated As Commercial re leum Co. executive and chairman of the Chamber of Commerce subcommittee, said the Aneth oil field give indication of becoming the second largest producer in the United States. The Bangely Oil Field in western Colorado has been keeping all the Salt Lake oil refineries sup plied for several years, he said. The Aneth field promises to be three to four tiipes larger than the Bangely field, Mr. Moyle added. The state of Utah, he said, will lose millions of dollars worth of business to Colorado if we do not provide a good access road from our state. Barr Moss, traffic manager for Utah Oil Befining Co., said 2,000 barrels of crude oil are being shipped daily from the Aneth field past week. In the meantime all machinery has been installed at the new mill of the company at Pioche. If is anticipated that full production of more than 50 tons daily, will be underway. Becent sampling at National Practically all that remains to e Uranium corporations new put the Pioche mill in production uranium exploration with is the adjustment of concentrate Hypotheek Mining & Milling com- tables, say company officials. i pany on the Lucky Joe property in Bavalli County, Mont., south of Daiby, indicates an ore deposit, and definite commercial importance, and plans are now being drawn for a fast and effective exploration program which can be started as soon as roads become passable next spring. This was disclosed recently by John T. Kingsbury, president of Clayton Silver Mines upped its National Uranium, in releasing a dividend rate to 2c a share after in each of the last two joint letter to stockholders of both paying companies supplying further de- years. Stockholders of record on tails of the new enterprise on the Nov. 17 will divide $60,000 in diviwest fork of the Bitterroot Biver.' dends on Dec. 15. The payments Samples taken from various will raise the firms total divipoints along the exposed uranium- dends to $960,000, or 32 cents bearing vein structure ranged share. The new 500-folevel of the from a low of 0.024 per cent uraone-foover oxide mine is looking very good. Silver width nium a to a high of 1.14 per cent over a values are about three times what one-fowidth and 0.54 per cent they were on upper levels, the ratwo across feet, according to the tion now being three ounces of silver to each one per cent lead letter (See letter. Very little zinc is present. The Two selected specimens assayed main north ore body is lengthen43.5 per cent and 37.5 per cent, ing and stoping preparations have respectively, and one section 20 opened ore over a strike length feet long by three feet wide ran of 200 feet without reaching the ore boundaries. Average width of nearly 0.34 per cent. Surface stripping has exposed the ore body is about 35 feet. the vein down to bedrock over a The South ore body also is about distance of 500 feet, with uranium 200 on this level but feet mineralization occupying the mid averages long 12 feet in width. The die 280 feet where the depth be- mill is a 100-to- n daily calow the overburden is greatest, pacity. running Kingsbury said. In the meantime Sunshine is pushing development work at the Ransom uranium mine in which Clayton Silver, Silver Syndicate and Sunshine Consolidated jointly have a 50 per cent interest along with the big silver producer. Preliminary drilling of the King Edoperations started in June 1955 to ward claim has been completed 88,017 tons. Assays of the ores and results will be correlated to processed in the mill were main- determine future work. Bureau of Mines Publishes Fact-Fille- d Uranium Booklet A new Bureau of Mines handbook designed specifically for persons interested in uranium prospecting and development now is available from the Government Printing Office, Bureau Director Marling J. Ankeny announced today. It is known as Facts Concerning Uranium Exploration and Production. The let will prove invaluabe for the person now casualy interested in uranium and certainly will be help to prospectors and others al SEC Proposes Revised Rules OnMerger Deals Clayton Silver Hikes Dividend To 2c A Share All corporations involved in proxy rules, these transactions mergers will be required to pro- - I may occure without the disclosure vide their stockholders with a of adequate information to , ; explaining the eonsodi-- J ity holders. 133 is If to Buie revised as prodation plans if an amendment the securities act of 1933 now un- posed, it is contemplated that proder consideration by the securi- visions will be made so that inforties and exchange commission is mation furnished to security holdadopted, according to a recent ers in a securities act prospectus American Mining Congress bulle- will not be unnecessarily duplicated in a proxy statement under tin. The proposed revision would re- the securities exchange act proxy scind the existing Buie 133 and rules, where the latter apply, the substitute for it a revised rule SEC announcement said. which would read as follows: An offer, offer to sell or offer for sale of securities shall be deemed to be made to stockholders of a corporation when the vote, consent or authorization of such stockholders is solicited in favor of a proposal for (i) a merMONTICELLO, Utah Postmaster consolidation or Gordon A. Wood announced involving ger such corporation, (ii) a reclassifi- this week approval by the Post cation of its securities or (iii) the Office Department of a proposal transfer of assets of such corpora- to construct a new building for tion to another person In consid- the Post Office quarters at Montieration of securities of such per- cello. son or of another person. A sale The new building will have is deemed to occure in connection square feet of floor space, with such a proposal when the 320 feet of loading platform under stockholders or their proxies cast canopy and t private the required number of votes in backstop parking and maneuverfavor of the proposal or, if no ing area. It will be located on the vote Is required, when the requir east side of Main St. between ed number of consents or author- Center and First North streets. izations are obtained. The Post Office Department This proposed rule would re- will lease the new building for quire all corporations, whether or a period of 10 years with the conr renot listed on a national securities tract containing two newable Postmaster Wood to file and options, obtain with exchange, SEC approval of a prospectus said. prior to soliciting the consent of The recent phenomenal populastockholders to merge, consolidate, tion growth of Monticello has drilling reclassify its securities, or transfer made the present postal quarters it assets. The prospectus would entirely inadequate, the postmashave to accompany the letter of ter continued. If proxies are to be George E. McDonald, district Ships solicitation. solicited, listed companies would postal operations manager for to continue to with offices in Salt Lake, To S.L. Mill proxy rules. be subjected SEC Utah said several similar buildings are The amendment is being con- soon to be constructed in Utah and The Mining Co., sidered, the said, because of that such buildings will be conof Nevada, recently made a the tremendous increase in recent structed according to Postal Deshipment of uranium ore from its years in merger transactions which partment specifications. All such new facilities will be ground known as the Biver Boad affect materially the rights of seGroup to the Vitro mill in Salt curity holders. lit pointed out that of such nature that patrons can be Lake City. At the mine the ore under present rules, unless the proud of their postal facilities as graded from .50 to 2 per cent companys securities are listed on well as being assured of modern uranium oxide, or from $80 to a national securities exchange and functional design, Mr. McDonald $400 per ton. thus are subject to the SECs said. I secur-prospoct- lc ot . field. Gerald Gidwitz, Chicago, chairman of the board, said the comConpanies are the Transit-Mi- x crete Co., and the Daniels Sand Corp, both of Colorado Springs, Colo., and the Pacific Materials Corp. of the St Louis area. Purchase price and terms of the agreements were not disclosed . Park City Consolidated Net Earnings Given In Report Net operating income of Park City Consolidated Mines company for the third quarter of 1956 from the Yeystone operation was and for the nine months was $105,817, or 2.8 cents per share, before depreciation and depletion charges, tfas disclosed in a report of Carl V. Stehle, president. The major portion of the earnings were applied towards repayment of advances made by the American Smelting & Befining Company to pay the - companys share of the cost of developing the Keystone mine and the building of a mill at Crested Butte, Colo. The mill processed during the third 1956 quarter, 19,744 tons of ore, which brings the total since $24,-65- 8; publication, print- easy-to-understa- Monticello To Get New P. O. ot Continental Uranium, Inc., has announced the acquisition of three companies in the building supply 13(H?age ready in the field, commented Mr. Ankeny. The authors, John E. Crawford and James Paone, Bureau of Mines physical scientists stationed in Washington, prepared the guide from compiled information and personal experience. Included are such subjects as areas favorable for uranium prospecting, ways to obtain analyses of ore specimens, prospecting on private and public lands, ways of staking claims, data on mining, milling, and refining of uranium ore, and description and use of Geiger and other radioactivity detection counters. The new handbook is available at 70 cents per copy only from the Superintendent of Documents, Government Printing Office, Washington, D.C., and the report is not for sale by the Bureau of Mines. ed in handy pocket size and written in language, presents material obtained from a wide range of references, including those of the Atomic Energy Commission, Geological Survey and other Government agencies, state mining departments, universities and colleges, and noted authorities in the uranium industry. illustrated bookThis fact-fille-d joint-ventur- ot Continental Buy 3 Materials Firms 10 Cents tained at the standard now estab- lished for mill feed. The steady upward trend in recovery has been continued. Exploration and development work at the Union Vein is bearing good results in that new mineralized horizons have been located While no accurate evaluation o: the tonnage so far developed has been made, it appears that it is more than adequate to maintain a Keystone for some time a constan ore. Exploration and developmen on the. Union will be continued un til the full ore body has been 2,-8- 1,440-foo- five-yea- Nevada Mine Ore Vitro Baker-Hazar- d 50-to- n - I us |