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Show March lf 1969 OIL & MINING JOURNAL PageS Progress buys holdings TONOPAH, Nev. Millers and a portion Mining opera- tions will be resumed at Millers, 14 miles west of here, by early summer, according to President of Progress Corp. Thomas H. Craig. The chief of the Utah mining corporation said negotiations have been completed for the purchase of the Jacobson family holdings in Tonopah, Millers and the Liberty District. The Progress operation will of the Tono- pah Extension tailings, as well as 20 claims in the Florence group in the old town of Liberty, 20 miles clude ownership of the North Star mine group between the Montana-Tonop- ah and Tonopah Belmont prop- erties recently acquired by Howard The North Star property, organized as the North Star Tunnel and Development Co. in the early days Production in Summer recently acquired by the Hughes Tool Co. The shaft is located high up on the side of Mt. Oddie in view of the town. Hughes. Other Properties the tailings. north of Tonopah. Craig said that his company has a firm plan to treat the huge tonnage of tailings as the first step in a major milling operation. He said an estimated five million tons is available for immediate treat- ment. Arrangements are being made to take over the existing plant of To- nopah Chemical Silver Co. in- When the plant is in operation, it is anticipated that up to 1,000 tons daily will be processed from Production is anticipated in early summer, Craig said, with the exact Also included are the tailings at date dependent on the weather. of Tonopah, is within 300 feet of the famous Mizpah claim of the Tonopah Mining Co. at its southern extremity. The Mizpah claim was , Ore values in the district are mainly in silver. . Banner eyes merger Banner Mining Co., of Tucson,- Arizona , and Newmont Mining Corporation have agreed to merge in4- a- transaction valued at about $150 million, according to. an announcement by . the companies. The agreement is subject to approval of the boards and stockholders of both companies. ' NEW YORK - - - On . Lake Stock Exchange, and Salt Lake City firms and family Interests own substantial blocks of Banner stock. - Banner does no mining. Its main assets are several copper properties in Pima County, Arlz., which now are leased to Anaconda Co. . . One Salt Lake Exchange of these properties Buttes, which is in Twin now under Anaconda.- - development by Banner Mining trades on the Salt' . active Utah Power & Light Co. said this week it has joined Gulf General At- -. omlc of San Diego, Calif, and 36 other electric utilities to advance ed fast development of the. breeder reactor nuclear power sygas-cool- stem. E. Allan Hunter, UP&L president, said that the breeder reactor has great potential for future generations of low-co- st power. Investment by the utilities now tops $4.4 million and Is directed er toward a gas -- cooled reactor prototype power plant of about 300,000 kilowatts. No location was indicated for the plant. The kilowattage is about one third of Utah Power. &' Lights present generating capacity of more than one million kilowatts. Mr. Hunter explained that the breeder-reactnuclear system is fast-breed- Cascade Energy & Metals Corp. ver and gold, up to $900 per ton, officers have announced to stockshipments being made. This at low holders that spring will see full-sca- le 1870 prices! The Goodyear report reflects an operations at its silver properties in the Kear-sar- organized effort to mine the propMountain district, near Inerties even though they were adCalif. dependence, Inyo County, versely located in a "nearly InacThe properties will lie developed cessible area. under the Rex Montis Silver Co., with Aim? G. Peterson. Salt I.ake During the Owens Valley earthof March 26, 1872, the mills Benas Utah quake City, president; Ray were all destroyed and buildings nett, Westminster, Calif., vice presthe and surface UtH. workings were damident; Roliert Daines, Provo, some It was time before the and Kimball of aged. ah, secretary, Kay mining operations were resumed. Salt Lake City, treasurer. The board also agreed to retain Vein 14 Feet Thick Elnar EC. Erickson, vice president of the Mineral Exploration & DevA report in the Pacific Coast elopment Division of CemCorp, as Annual and Mining Review, October, consulting engineer geologist. newly-acquir- ed ge 1878, reports on mining and dev- elopment at the site and indicates the only vein actually mined was Two silver property groups are the Rex Montis vein, fourteen feet included in the Rex Montis Silver thick, on which the four tunnels had Company holdings the Rex Montis been driven at different elevations to cut the vein at several levels. Silver claims and mine (the CalA cloudburst and subsequent flood ifornia property) and the Major out the mills and town of washed mine in and Evans Silver claims Utah. American Fork Canyon, Kearsarge In 1879 and effectively thwarted any lurther major operanow owns approximaCemCorp tions. 42 cent and the of issued tely per. There were 3,000 persons reporMonRex outstanding stock of the to have been living in the area ted tis Silver Co. curThe Major Evans properties during the time the mines were most cona on actively worked. After extraction, rently are being worked the ore was carried by wagon to the the to tinuing progrem, according port of Monterey, and shipped from report. there to Wales, England, for proHigh Altitude Mine cessing. Two Silver Properties Offer of Debentures Under the agreement, Newmont first make an offer to Banner stockholders to exchange $75.9 million in prlclpal value of six per cent debentures maturing in 1994 for 1.15 million shares of Banner stock on the basis of $66 per Banner share. The exchange will be conditioned upon consummation of the merger of the companies. will -N joins Project UP&L Cascade Energy to develop silver claims capable of creating more fissionable fuel than it consumes. The breeder-reactsystem has been tested and developed at Valley Authority laboratories. The utilities companies are seeking a refined version which can be developed commercially. Savings in fuel would lie tremendous as the plant creates its own m nuclear fuel from low-graor de non-uraniu- ore. or The original Rex Montis group is located at elevations of 11,000 to 12,000 feet. The group consists of four patented claims, four locations and two mill sites. The mill sites are at 5,000 feet. . On the south side of the mountain there are other known deposits of the same district exposed alxDve 9,000 feet. The deposits were mined through adits started well below' this elevation, giving an indication of the depth that these deposits may reach. In 1860 to 1872 the present Rex Montis claims were known as the Rex Montis, Shawmut, Roanoke, Boomerang, Mountain View and Po-to- si 1 to 10. Little Early History Medic in mines bill dies House Bill 140 which would have provided that a licensed physician be available during working hours to give industrial and mining employees prompt medical care, was killed by a voice vote this week in the Utah House of Representatives. ITS . workers. . The bill, opposed by the,-UtaOpponents to the bill termed it Mining Association and several In inasmuch as operations dustry spokesmen in a committee unnecessary of this size have doctors under conhearing as being impractical and who live nearby and are alunnecessary, would apply to any tract on call. than ways more 1,200 firm employing OOOOOOOOOCTOOOOOOOOOOOOQO Manufacturers of Rock Drill Bits For All Types Of Minina, Quarrying And Construction. KERRAMETAL ROCK BIT DIV 552W7S INTELLIGENT DEVELOPMENT - f of our natural resources ooooo Little is known of the early development of the mines, the report notes. After their discovery in 1860, mining was carried on by the individual owners by the crude methods then available. All supplies and equipment had to be packed in on burros and mules. The ore which was then removed was treated by roasting and crushed in hand mortars, then panned for the values. All ore had to lie packed down to lower levels to water and fuel. Ice Blocks Tunnels . Until recently, very litle work was done on the mountain. The tunnels driven in early operation at the higher elevations have since filled with ice. In 1935, some of the Ice was removed from the lowest of the Rex Montis tunnels, but an early winter prevented completion. Prior to the acquisition of the properties by the Rex Montis Silver Co. (of Utah), Rex Montis, Inc. (of California) expended $180,000 for an access road to the Potosi Lode No. 4 adit, and considerable other monies in acquisition and preliminary development of the prop- erties. Present plans include continuing this adit another 700 feet to intersect the Potosi No. 4 Lode, twelve feet thick at the surface, and then to extend the adit a full 3,300 feet to intersect all 14 known veins, which vary in thickness from three and one half to sixteen feet, according to engineers reports. Contract For Drilling The Board of Directors of Rex Montis Silver Co. has approved a contractual arrangement whereby Minerals Drilling, Inc. of Ely, Nevada, a recent acquisition of Cem The first authentic record of the Corp, will perform the underground area was written in 1888 from notes work and general contracting. Minerals Drilling, Inc. will also made in 1870 by W, A. Goodyear, the to do planned diamond drilcontract State Mineralogist. on the Major Evans project duIn his notes he stated very briefly ling the coming summer. that the lodes were very rich insll- ring will create new industries :: ss :: :: si: CHICAGO BRIDGE IRON CO. Temple Mountain Uranium Co. Main Office Over 30 Years of Water Development 1 Call 200-137or K.L. lee - 277-07- 96 ROBERT M. PHELPS, Manager Rooms 26 - 27 39 Exchange Phone Place Salt Lake City, Utah 0000000000000030000000000000000000000 & 484-855- 1 550 WEST 17th SOUTH P. 0. Box 687 - Salt Lake City, Utah |