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Show Page two The Motional Enterprise, January 5, 1977 Claims Adjoining Mines Skyline Merges Gold Acquired by Western In a December report to shareholders. Western Gold Mining, Inc. (Spokane Stock Exchange .18, .23) said it has acquired by assignment 1260 acres of mineral prospecting permits on the Spokane Indian Reservation in Stevens County, Wash. The permits were purchased for restricted stock and cash, according to president E. H. Spafford. The company is interested in finding uranium on the property, which, Spafford said, adjoins the Midnite Mine (operated by Dawn Mining Company which is owned 51 percent by New'mont Mining Corporation and 49 percent by Midnite Mines, Inc.) and the Sherw'ood Mine which is being placed into production by Western Nuclear Inc., a SEATTLE subsidiary of Phelps Dodge Corporation. An exploration program is scheduled to begin this spring on the property, Spafford said. Further, he announced, an option agreement with Hecla Mining Company (Spokane Stock Exchange 11.25, 12.00) to explore for deposits of valuable minerals on the Western Gold property in the Slate Creek Mining District, Whatcom County, Wash, has been terminated because of disappointing sampling results. Assessment work and maintenance of building have been completed on the gold property for the assessment year ending Aug. 31, 1976, Spafford said. Christensen and Norton Approve Merger Agreement of the boards of directors of Christensen, Inc. (OTC 16.875, 17.375) and Norton Company, Worcester, Mass., of a definitive agreement to merge the two firms was announced by Christensen last week. Agreement in principle to merge was announced Sept. 8, 1976. Both boards recommended approval of the merger to their shareholders. Christensen said shareholder meetings of both companies to consider approval will be held as early as possible in the first quarter of 1977, pending SEC review of proxy material which has been submitted. As previously announced, Norton would issue .56 share of its common stock (NYSE) in exchange for each Christensen, Inc. share SALT LAKE CITY Approval about 2.7 million new Norton shares. Christensen would operate as a wholly owned subsidiary of Norton Company, retaining its name and management team. totaling Norton Company is a diversified, with more manufacturer, than 20,000 employees and 94 plant locations in 21 countries. Christensen is a worldwide manufacturer and supplier of diamond drilling bits for the petroleum industry and diamond coring bits for the mining industry. It employs about 3,000 people at manufacturing locations in 11 countries. The merger would enable Norton to participate in petroleum drilling and mining exploration. multi-nation- al SALT LAKE CITY Skyline Oil Company (OTC 13.00, 13.75) Tuesday an- of definitive contracts that must be approved by directors of each company, and by Skyline' stockholders, and to Texas Eastern's filing of a registration statement with the Securities and Exchange Commission. The offering to the stockholders of Skyline will be made by prospectus only included in the registra- nounced they have reached a conditional understanding for a proposed merger with Texas Eastern Corporation The merger will result in Skyline becoming a wholly owned subsidiary of Texas Eastern through a tax free reorganization. The transaction, according to Max Eliason, senior vice president of Skyline, will involve the exchange of 473,896 shares of Texas Eastern common stock for all of Skyline's 1,241,461 shares of capital stock outstanding. (NYSE). tion statement, Eliason added. Eastern is an diversified international energy corporation based in Houston, Texas. For their fiscal year ending Dec. 31, 1975, the company reported earnings of $106,819,000 or $4.38 per share on revenues of $1,312,033,000. Texas Based on Texas Easterns closing price of $38.50 per share on the New York Stock Exchange last Monday, the transaction would have an indicated value of about $18.24 million. Eliason said the transaction is subject to completion Skyline Oil, headquartered in Salt Lake City, is an oil and gas exploration com- pany whose operations and leaseholdings include oil shale deposits in the Rocky Mountain region. THE NATIONAL 50 Cents Per Copy Subscriptions $24.00 per year TK Notional Enterprise is published by the Nationol Enterprise PublishBldg, P.0. las 11778, Pioneer Station, weekly ing Company, Inc, 500 Continental lank Salt lake City, Utah 14147. (801)533-055- 6 Second Class Postage Paid R. t. Salt Lake City, Utah George Gregersen Publisher Alene E. Bentley Editor Shareholder Group Seeks to Effect Management Change at Sunshine WALLACE. Idaho Charles E. Schwab, Hccla Mining (Spokane Stock Exchange 11.25, 12.00), and Silver Dollar Mining Co. (Spokane Stock Exchange 3.50, 4.00) have formed the Sunshine Mining Company Shareholders Committee for the purpose of securing suf- ficient representation on Sunshine's board of direc- tors at its next shareholders meeting to effect a change in management. According to Schwab, w ho is acting as chairman of the committee, the group has become increasing dissatisfied with the performance of the present management of Sunshine Mining Company And (SSE 11.50, 12.00). hence, the move to gain representation on the board. Hecla and Silver Dollar said they have no intention to seek direct representation on the Sunshine board or to seek control of Sunshine, but they are supporting Schwab in an effort to improve Sunshine's management. Schwab, once president and chief executive officer of Bunker Hill Mining, said with his 24 years experience Sunshine area, he knows the Sunshine unit isn't being run properly. Among other very broad grievances, Schwab acknowledged they were dissatisfied with the way Sunshine has been handling its strike since last March. Ryan B. Poulton Business Manager Mary McMillan Gabor - Dean Alsup Staff Reporters Pater Harrison Operations Manager committees specific plans in a few weeks when they will file a Schedule 14B. - in the Hecla Mining holds an equity position in Sunshine Mining of 33.25 percent. Said a spokesman for Hecla, Were dissatisfied because weve not only been losing income from the Sunshine operation, we've also been sharing costs of maintaining the property." Together, Hecla, Silver Dollar and Schwab own approximately 5 percent of the outstanding stock of Sunshine and are filing a statement on Schedule 13D with the Securities and Exchange Commission. 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