Show First Annual Report Released Negotiations With Disclosed Mitchell president of ot Uranium Reduction company compan of Moab this week released the first annual report of the milling mUting company which operates a 1500 ton per pcr day capacity uranium ore reduction mill in Moab AccordIng According According Accord Accord- Ing to tho the report net earnings for the fiscal year ended June 30 were Uranium concentrates concentrates concentrates concen concen- sales for the period hit Cost Of sales before depreciation and I totaled Mr stated slated that negotiations negotiations negotiations are presently underway with the Atomic Energy CommisSion Commission Commission Commis Commis- sion to extend the company's ABC contract which expires In 1962 in line with an ABC announcement announcement an an- announcement of a continuation of ofa a domestic uranium concentrates procurement program until Dec 3 31 1966 Mr quoted a member of the as stating the uranium uranium uran uran- ium Industry had a golden future fu future future ture ahead of It as nuclear fis fis- sion finds increasing peaceful ap ap- application Uranium Reduction company compan hopes and expects to share I in that future he told shareholders ers and The large ore mill mIU in wes west Moab Moat Valley which was first firs conceived by Charles A. A Steen SteM after discovery of the famed MI M Vida ore body In the Big Dig Indian India district of San Juan county cos cost It is rated at a 1500 ton per day capacity but is capable capable ca en pable pablo of processing up to 1750 MITCHELL tons per day It ft Is the first resin resin- concentrator pulp in-pulp type process tor br in the United states slates to go on JQ stream and during the first six months of 1957 contributed 25 23 per ler cent of bf all concentrates produced produced produced pro pro- during that period from domestic industry for the government gov gov- Mr stated Continuance ance arne of the current satisfactory level of operations will enable us to retire all aU of the company's outstanding d i ts before the completion com corn of the present Ate contract con con- contract tract lit 1962 The plant w will ll then be fully paid for and the company will willbe willbe willbe be in a position to continue as asa asa asa a basic raw material processor and In addition to take advantage advantage advantage tage of other opportunities which the nuclear industry may provide as It progresses from Its present experimental stage to widespread commercial and operational util util- utilization Iza |