Show Hidden Splendor Survivor H H in Merger Set Goal at T Tons Per Month Plans Plan lans to merge five major uranium companies to form the largest Independent uranium minIng mining min mm ing company In the U. U S. S were disclosed ed Wednesday by Floyd I B. B Odium president of Atlas Corporation The new company will have combined proven reServes reserves reserves re re- re- re Serves serves having a value In place of over Included in the merger plans are the Hidden Splendor Mining Company a per cent subsIdiary subsidiary iary lary of Atlas Lisbon Uranium Corporation in which Atlas owns about 73 per cent of the outstanding ing stock Rio De Oro Uranium Mines Inc In which Atlas holds approximately a 53 per cent Interest Interest Inter Inter- est Mountain Mesa Uranium Company and Resources es Inc Agreement on the proposed merger was reached following a aI I series of conferences between Mr Odium A. A P. P Kibbe president of Lisbon W Rodney Devilliers president of Rio De Oro N. N O. O English president of Mountain Mesa and R. R W. W Neyman president president dent of The merger Is subject to approval by the stockholders stockholders stockholders stock stock- holders of the companies involved and is subject to Securities and Exchange Commission require require- ments The surviving company In the merger will be the Hidden Splendor Splendor dor dot Mining Company which as asa asa asa a a result sult of exchange of stock will become a publicly owned corporation corporation corporation corpor corpor- having mo more e than r I stockholders with Atlas Corporation Corporation Corpor Corpor- atlon owning a majority of the outstanding stock Floyd Fiod B. B Odium president of Atlas will also be chairman and chief executive officer of the merged company end and A. A P. P Kibbe Kibbe Kib- Kib be of Salt Lake City now presIdent president pres pros ident of Lisbon will be president Headquarters of the new now company will be In Salt Lake City The purpose of the merger Mr Odium stated are to secure the stability strength and operating operating ing that would come with the combination of the many resources of these companies will have The new company a balance between properties In production properties under development development de do- and properties still stin to tobe tobe tobe be prospected It will also be beIn beIn bein In a strong position to acquire and develop new properties and to support research In uranium geology and exploration It Jt will have greater financial strength and will provide the advantage of a wider distribution of mining risks It will bring together under undera a single management the technical and talents and skills of the constituent companies Mr Odium said Under the proposed merger plan the new Hidden Splendor Mining 01 Company will have about so o shares of common stock out out- standing Atlas Atias has agreed t id take stock In the merged company at per share In exchange for some of the of present Hidden Splendor nolea which It now holds The stock of th the merged company company com corn pany Is to be exchanged for shares held by tho the present stockholders of the constituent companies oa on the following basis t 1 share of now company stock for 1 I share of present Hidden Splendor 57 51 of a share of ot new company company com com- pany stock for 1 I share of Lisbon 1 I share of new company stock for tor 12 S shares of Rio De Do Oro 1 I share of new now company stock for tor 60 shares of Mountain Mesa 6 1 share of new company stock for 1 share of The major ore deposits of the companies parties to the merger will Include 12 ore bodies In the tM Big DIg Indian district in San Juan county 3 ore bodes in the Ambrosia Ambrosia Ambrosia Am Am- brosia lake area of New Mexico and an ore bod body in the Gas Hills lulls area of Wyoming It will also have a substantial number of ot other properties many of which are arc presently under exploration I and development The merged company will have five operating uranium mines Hidden Splendors Splendor's Almar mine Lisbon's Ike and Columbia mines Rio de Oroa Dysart mine and Radon mine It will have Interests in two uranium mills tho the Uranium i Reduction company mill at Moab I and the th Homestake New Mexico I I partners mill being constructed J I near Grants New Mexico ParI Participation Participation Par Par- is contemplated in two I additional mills now beng planned planned planned plan plan- ned one in tJ the Amb Ambrosia osIn Lata Lak district and the other in the Gas Hills Hills' district of Wyoming Cash flow of the m company company com com- corn com pany parly is expected to approximate in 1958 Ore production initially wilt beat be beat beat at the rate of about tons per month It is expected that the merger will be consummated before the end of the tho year |