Show s t r I New Park Parl Has Option On Idaho Property d New Park Mining Co has an option 12 to acquire shares of stock of oj I the silver Sliver Buckle Mining Co leading to development of properties near Mullen Ida it was waa announced Monday I W W. H. H H. H Cranmer New Park president said his hie firm rm had agreed to purchase shares of Silver Sliver Buckle at 8 6 cents centa a 5 shar share h for An additional shares of Silver Sliver Buckle stoic would be obtained through exchange of uranium properties In San Juan County Utah for that amount of stock Partial Contribution The plus an additional additional to be secured elsewhere by New Park would go to Silver Buckle In a partial contribution toward a development of properties of the Vindicator Vindi Vindi- Vindicator cator Silver-Lead Silver Mining Co at Mullen Oil OU Inc and East Utah Mining Co both headed by Mr Cranmer would be offered an opportunity to buy third one-third each of the shares of the Silver Buckle stock obtained by New Park the Salt Lake mining man said New Park would be the operator on a Couer dAlene district project set up Initially in a deal between Silver Buckle and Vindicator I IThe The exploration project represents re re- re-I re presents total amount of a Defense Minerals Minerals Min Min- Exploration Administration authorization authorization auth auth- I for zinc lead exploration The government pays for one half of the cost of the prospect Fifty Per Cent Matching 1 Fund Under that aut authorization h 0 r i z a t ion Silver BUver Buckle assumes obligation of putting up one half of the matching fund In return for 50 per cent of the ore developed inthe In Inthe inthe the Vindicator claims I The government also would be paid off on its loan from any ore found and developed in n the mine I Uranium Properties New Parks Park's sole Interest In the deal I other than through its profit non contributions as operator would repose I I In the ownership of the shares of Silver Buckle stock Present outstanding I I ing issue of Sliver Silver Buckle stock totals shares not Including the proposed proposed proposed pro pro- posed sale of treasury stock to New Park under the day 30 option agreement Uranium properties which would be transferred to Silver Buckle consist of 1996 acres In state leases In the general vicinity of Big Dig Indian Wash San Juan County The principal feature of the D M MEA E A contractor on the Vindicator claims In Includes includes includes in- in sinking of a shaft to the foot level and establishment of a foot level from which 1700 feet of lateral work will be carried out In exploring the Vindicator vein While proof Is always In n the eating of the pudding the Vindicator Vindicator-S Vindicator Silver i l v e r I Buckle proposals have caused considerable considerable consider consider- I able comment In the Couer dAlene area largely resulting from discoveries at depth of high grade lead zinc ores In the district Robert district Robert W. W Bernick Tribune Business Editor |