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Show Mbit SEPTEMBER 21, 1970 ouftaainfijauMM. - fWlW9l"r999MMlb--JV- m 23 IflC Q3sll!ASM& S fiO Jwfjtlgfl 25 OMti Copy Subscription! $10 Per Year Published weekly in Salt Lake City, Utah by Charles E. Hayward ot ,1243 E. 21st South, Salt Lake City, Utah 84105. Mailing address: P.O. Box 19243, Salt Lake City, Utah 84119. Serving the mining and oil industries of the Rocky Mountain Region. Articles and information 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. Second Class Postage Paid at Sait Lake City, Utah Advertising Rates: Display Advertising Classified Advertising Phone: 487-076- 8 or 467-921- $2 col. inch $2 for 20 words 0 Editor 8i Publisher Chuck Hayward I Environmental chief has confidence in Anaconda Continued from Page 1 attempt to honor all aspects of the most environment, from Fish the and opposition Game Department and wildlife societies has subsided. I cannot believe a company would pay for extensive water and air quality studies, for other studies and legal advice, and then ignore it, Posewitz said. Although the company has withdrawn its request for public land, it has expressed its desire to continue every study program, according to Posewitz. The environmental chief stated that environmental care does not mean lack of employment but the opposite. We are for much more than employment there presently is in strip mining. We have set about to dispel the we that oppose myth or development put men out of work. The Fish and Game Department supports orderly development of any resource or industry. To this end well work with any or all companies. Weve sort of adopted the slogan: If its a livable quality of environment for wildlife, its a livable quality forman. Asked why Anaconda turned down the public lands, Posewitz said the company feels it can make the development without : conservation effort, as officials call it, company involves the injection of almost 600 billion cubic feet of carbon dioxide over a period of 10 years into the reservoir of the big Field in Scurry County, west Texas, 100 miles northeast of Midland. of results said Smith r, where oil First was discovered in November 1948, will be studies closely with an to the eye to application Field in western Rangely Colorado, the states largest oil producer. Its a long shot that carbon dioxide, which is present in western Colorado, would work at Rangely, he said. But well be experimenting. Smith also disclosed that of the Chevron, operator Rangely Field, is in the final stages of completion of a new type of waterflooding to aid in recovery of more of that fields estimated 1.3 billion barrels of oil still trapped in the ground. trom swi telling Were peripheral flooding to pattern The said. he flooding, switchover has, of necessity, caused a temporary drop in with a reservoir pressure Kelly-Snyd- er Kelly-Snyde- resultant drop in production from 45,000 barrels per day to a present low average of around 26,000 barrels daily. Now the new- patterned flow-i- n of water has started, - Rangely has stabilized, and we expect to build up in dramatic fashion by early 1971. Smith aided: That should hold Rangely until we discover if the carbon dioxide injection method could be applied here. were And, meantime, watching all experiments in more sophisticated secondary oil recovery methods for possible application there. Smith explained the carbon dioxide project this way: If you soaked a rag in oil and ran only water through it, youd leave a lot of oil behind. But if you snaked that rag in carbon dioxide, a solvent, it would soak up Ml the oil. A bath of water following behind would drive the residue up and out for recovery. So far the method has been tried only in laboratories American Minerals leases Ohio lands a supply. The company lease with 1 1 stipulations and is continuing with all kinds of preliminary studies until actual exploration and development were the wealthy. Oil and gas funds now allow the average income individuals to also receive these tax savings by investing as little as SI, 500 at the rate of $50 per month, Nixon said. 311 an water quality. To show how these funds have grown, in 1964 34 were Asked about specific Heddleston the of problems mining development, Posewitz said the problem in the Mike Horse area was an aesthetic one. There is also worry of tailings WASHINGTON Dr. Glenn threatening the Blackfoot River T. Seaborg, chairman of the water quality or groundwater. Atomic Energy Commission, However, the company plans said AEC is pleased with the called for water storage in the - the of uranium lower Alice Geek area until all expansion efforts the in exploration past foreign matter is settled and few but added the that years, then totally recycling the water. breeder reactor remains concept The company has agreed to vital to the future of the nuclear turn over all land not actually in the mining development to the power industry. Fish and Game Department for In an interview published in control, which means the Nuclear Industry, the monthly Spencer Bar land and the Alice of the Atomic magazine Geek area, he said. Industrial Forum, Seaborg said Details of the water quality and elk ecology study outline are now being negotiated and a man should be in the Lincoln area soon starting the work, Posewitz said. fmd the stable prices of oil and Nixon said, gas reassuring, especially if the fund confines activities to drilling and of proven and development n properties, rather than the experimental or wildcat wells. The risk factor ratio is reduced from one productive to nine dry, to three productive to one dry. semi-prove- indications! are that additional uranium reserves will continue to be found. However, he the said, than greater use of previously projected light water reactors will require' extensive uranium resources. He expressed the view that the gas cooled reactor could play a very important role in nuclear power if production, particularly of fast the breeder development reactor is delayed. Seaborg said that even if the breeder came in high-temperatur- e, on schedule in the middle 1980s, the higher temperature, gas cooled reactor would be valuable because it uses uranium about twice as efficiently as the light water reactors. In other words, said, it can do with tons of uranium what water reactors can 200,000 tons resulting in Seabaorg 100,000 the light do with of uranium, a stretching of to a large uranium supplies extent. Ranchers Exp. tells shareholders fiscal 1970 a successful year ALBUQUERQUE, L. over the 49 cents per share Anderson, earned last year. of Ranchers (2) Production at the Bluebird president and Mine totaled about 10.5 million Development Exploration said in the 1970 of copper an increase of recently pounds Grp annual report to stockholders: 20 percent over 1969. A successful fiscal year is one (3) The Big Mike copper which combines a substantial property was acqired and placed rise in current earnings with the in production. start of new operations which (4) Construction was can lead to similar growth int completed on a processing mill the future. Ranchers, he said, at the Tungsten Queen Mine, has been fortunate to have such and the property brought on a blend of present profitability stream in August, 1970. and promising new projects in (5) Exploration on the the year ending June 30, 1970. Section 7 uranium discovery in Highlights of the year were: Ambrosia Lake increased (1) Net earnings rose to $1.12 estimate ed reserves to an approximately 300,000 tons of per share (despite 13 loss of cents ore containing 3.6 million, extraordinary 129 of a cent pounds of U308. per per share), gain N.M.-Ma- xie toaeQi&kioUcL tecurttifXThd V: Ctniaon Stock registered for an aggregate offering of $85 million. In 1969, 150 funds offered $1.7 billion, Nixon said. American Minerals Fund opened its first offering in January of 1969 for $12 million and should complete that December this of offering by he said. year, With the fluctuations of the stock market, many investors AEC chief pleased with efforts to expand U.S. uranium reserves . . is The whole industry watching us and waiting, says of Smith R.L Denver, supervising petroleum engineer were If for Chevron. weve and the money right our faith--o- ur indicates put up new recovery system could be used with variations in many nearly exhausted fields all over America. The return could run into billions of dollars. giant-scal- e Chevron The alternate Continued from Page 1 offered 3,004,000 SImi-VVESIERN IKOIB) LWIES, IHC -- Denver based Gievron Oil Co. has embarked on a pioneering $175 million-plu- s secondary oil which program recovery result can officials say company in the production from a single field of more than 156 million barrels of oil that otherwise locked been have would forever. underground taking state land, either needing less water or using an msm 'Hitnssui Chevron Oil gambling $175 million on secondary oil recovery system - PUCE: Copies f. tK Qffgftiig Circular may bo obtained from tfc Underwriter. KESKO & CQ. 614 Ntwkovso Bldg. -- 10 Kxchaitgt Salt lake City, Utah 3204)651 Fleet 3200501 (6) The Yellow fine antimony property at Stibnite, Idaho, was leased and exploration begun. (7) The companys common stock was split in two-for-o- ne March and listed on the American June. Stock Exchange in Anderson said these achievements made 1970 an outstanding year, but more important, they reflect the growing diversification and financial strength of the company, its greater depth of management, and its ability to react quickly to an investment opportunity. It is these factors which will help to maintain a satisfactory rate of growth in the years ahead, he added. |