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Show Page 2 OIL & MINING JOURNAL qqtmtQSUZ) lei & Mmasg JammU Published weekly in Salt Lake City,JJtah by Utah Scene Publishing Co., 4386 W. 3780 South, Granger, Utah 84120. Mailing address: P.O. Box 19243, Salt Lake City, Utah 841 19. G? LOS Serving the mining and oil industries of the Rocky Mountain Region. Articles and information contained herein are true and factual to the best knowledge of the publisher. Information and opinions published are the sole responsibility of the publisher and do not reflect the attitudes or opinions of the merchants, brokers, corporations and service firms who advertise herein or otherwise sponsor this publication. Subscriptions $ 1 0 per year 25 Cents a copy s70)s DuDDDDO ANGELES-Internatio- nal Technical Development Corp. ,.$2 col. inch .$2 for 20 words 298-240- 3 or Editor & Publisher. Assistant to Publisher Director of Advertising. 298-370- 3 '. Chuck Hayward Enid J. Hayward Hal Funk no assets and no liabilities, it has accumulated $1,501,781 in assets during the quarter ending August 31, 1969. The ratio of current assets to current liabilities is a favorable L. Haider, chairman of the board of the American Petroleum Institute, says there is little doubt that the Prudhoe Bay area on Alaskas North Slope will prove to be the largest oil field in North America. But, he said, the areas potential oil reserves have been grossly overstated in some quarters. o07i? Continued from Page 1 contains any silver. Mining Hi Lites, published in Spokane, t an notes that every ounce advance in silver would equal 4.4 cents per share for Hecla Mining Co. Rep. James McClure, Idaho Republican, who has been leading the fight for a 40 per cent Elsenhower dollar, told the raifl 29-sta- te oil and gas. if it achieves the high expectation of some observers, is only a small part of the even total oil reserves which the industry will need to find and develop to assure that a major portion of our energy supplies comes from secure sources, Haider said. He said the crude oil reserves currently estimated for r Prudhoe Bay represents only about a supply for tiie United States at present rates of consumption. two-yea- Because of growth in demand it will represent a smaller part of our needs when it comes on stream in a few years, he said. We cannot afford to be complacent. We must continue vigorously to explore in other states and in offshore areas as well to achieve the reserves required. The Securities and Exchange Commission probably wasnt thinking of tne same thing as Haider, but agreed with him in tne overrating of the Alaskan oil field when they warned investors not to let publicity on the big oil and gas discoveries lure them into making unwise investment decisions. - The SEC warns that potential development of the North Slope has not yet been proven feasible in all areas, and that marketing of the oil and gas may be several years away. sO developer of No Doz, to the board of directors. Harrison operated the No Doz Company until 1956 when it was sold to Bristol Myers, Inc. In July, the. company told shareholders, I.T.D. acquired an 85 per cent interest on 2,000 acres of placer claims in the Belle-Hele- n Mining District, Nye Nevada. Preliminary County, The passage, by voice vote, came after Sen. Edward M. offered, then Kennedy, withdrew, an amendment permitting the President to sCi higher values than we initially according. to anticipated, Richard A. Parker, president. In exchange for I.TD.s interest in the Belle-Hele- claims, it has acquired 1,250,000 shares of a Los Angeles based mining company, The stock Inc-- . Baltimore-Cama- s, is presently valued at $625,000, and the trade makes I.TD. the largest single shareholder in Baltimore-CamaJ.T.D. has two the board of on representativees . Baltimore-Camasdirectors of s. American Mining Congress Nixon administration now be using near 00 million ounces yearly by 1985. continuing the Johnson administration policy of Bidders at the Treasury's silver auction sought to buy a record 25,710,000 ounces of silver but just 1,731,000 ounces were offered for sale. The coinage grade silver sold at $1.87 an ounce, up five cents from the previous week. knows it has been wrong in silver from the removing monetary system. He said a new, unpublished Bureau of Mines report states that if the current consumption trend of silver continues, the Free World will nO uadis revise oil import controls periodically unless Congress objects. Kennedys amendment was supported by other senators form New England a hotbed of opposition to the oil import quota program. But' Sen. Frank E. Moss, complained the amendment was out of order. D-Uta- h, )2 5D Moss, chairman of the interior subcommittee which drafted the compact, promised to hold hearings on Kennedys proposal and Kennedy withdrew it. The compact has permitted member states since 1935 to reach agreements limiting production of gas and oil in their states. Geologists Elect Officers interhmse Newly elected officers of the Utah Section, American Institute of Professional Geologists, are Richard Chojnacki, president, Edward R. Keller, vice president and Howard Albee, Registrar & Transfer secretary-treasure- r. Chojnacki is project manager, mineral commodities, for the Natural Resources Division ot the Union Pacific Railroad. Keller is a geologist for Mountain Fuel Supply Co., and Albee is district geologist, U.S. Geological Survey. Professional Stock Transfer A Agency Mr. Chojnacki Salt Lake City 322-169- 6 This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities. The offering is made only by the offering Circular FOR UTAH RESIDENTS ONLY NEW ISSUE 6,000,000 Shares In a statement the SEC said that the; recent publicity about the North Slope mineral potential may stimulate public interest and give rise to estimates of potential values beyond justification by the factual information now available. Other experts have also warned tiiat the docking and loading facilities for the ice breaker tankers on which trasnportation hopes are now being based may be much more difficult and expensive to build than oil companies . realize. And the pipeline idea may prove to be even more expensive and difficult to build. The frozen north does not easily give up its wealth. But man is a persistent cuss. We have faith hell find a way. A profitable way, at that. n ID0i?? ira Dk Present reserves estimates in tne 10 billion barrel range have been based on a minimum number of wells and further delineation could result in an increase in the WASHINGTON The Senate estimates, .he said. ...But it does not change my view of the gross overstatements regarding both Prudhoe Bay field has extended for two years the and the entire area. compact to conserve North Slope oil, 0s DuO shareholders. The company has moved to geological and mining new offices in West Los Angeles, exploration work on the and added Hugh T. Harrison, property indicate substantially 10-cen- Michael ? dDg3 doQGua 8 has announced that after developed the nationally reactivation May 1, 1969 with distributed product and 1.7 to 1, the 'company announced in a letter to Advertising rates: Display Advertising Classified Advertising Phone: Do'D'oQDo 4 PRICE PER SHARE 10 Copies of the Offering Circular may be obtained from the Underwriter. HRS! FDEUTY UNDERWRITERS 249 East Fourth South rav Qff Salt Lake City, Utah JaiHJOUU |