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Show Page 2 Nevada U. to sell mine sites to Hughes EDITORIAL Citing constant dangers of favoritism and corruption, a special task force will recommend to President Nixon that the federal government abandon entirely its role in allocating among American companies the lucrative privilege of importing cheap foreign oil. The panel's report recommends that the present quota system be replaced by a tariff system phased in over a period. It would permit any company able to pay the duty to basis. import foreign oil on a first-com- e two-to-three-y- first-serve- d The cabinet level task force on oil imports has been working for nearly 10 months on the sticky problem of who should be permitted to import what and how much. It is now nearly ready to submit its findings and recommendations to the White House. Portions of the report favored by five of the seven panel members have been leaked to the press. The report notes that present import licenses are not now awarded uniformly to all American refiners. Rather, the 11 year-old quota system allows imporation of about 2 million barrels of oil a day with individual oil companies getting a specific slice of the quota at the discretion of the federal government. -- No single aspect of the present system has engendered so much controversy as the allocation of valuable import rights the report says. The hazards of fallible among recipients, risk of corruption, judgment, combined with the counsel strongly in favor of getting the government out of the allocation business as rapidly and as completely as possible. A tariff system can then have the advantage of reducing administrative costs and the danger of favoritism and corruption. ever-prese- nt One January 19f 1970. OIL & MINING JOURNAL of the principal objectives of the tariff proposal would be to bring down the price of domestically produced petroleum, hopefully giving the American consumer cheaper petroleum products, according to the report. RENO, Nev. The University of Nevada has agreed to sell 1 19 mining claims for $500,000 to claims near Tonopah, 237 miles Hughes, by Domenico Lambertucci to the billionaire Howard adding to at least 1,740 other claims he owns around the state. Regents voted to sell the claims to Hughes rather than the high bidder. Sierra La Plata Mining Co. The Granada Hills, Calif, firm did not deposit the required $125,000. Its bid was $530,000 plus a 1 per cent royalty, officials said. Hughes money was on deposit before the deadline. The patented and unpatented has announced discovery of a second sizeable ore body at its Camp Bird mine near Ouray, Colorado. Nels W. Stalheim, president and chairman of Federal, stated in the company's report that the latest discovery was abpit 3,000 feet from an ore semi-annu- body on the 8572 vein discovered two years ago. A shaft presently being sunk from the Camp Bird tunnel to reach the deposit, the letter stated. 'KXet.. Profits an Image Create of Mackay School Mines. Vernon Scheid, dean of the mining school, told regents Hughes offer was one of 50 approval is Regents contingent on courts upholding the universitys title to the mines in the face of legal challenges to Lambertuccis will. Jteoorai(l Published weekly in Salt Lake City. Utah by Utah Scene Publishing Co., '4386 W. 3780 South, Granger, Utah 84120. Mailing address: P.O. Box 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. Subscriptions $1 0 per year 25 Cents a copy Advertising rates: Display Advertising Classified Advertising Phone: $2 col. inch .$2 for 20 words 298-240- or 3 298-370- 3 Editor & Publisher. Assistant to Publisher Director of Advertising. Chuck Hayward Enid J. Hayward Hal Funk is Understand Your Needs Hi Build Universitys al We Can willed after they were er Brokers . Underwriters. & Mining Compenies VC5 advertised for bid late last year Serving the mining and oil industries of the Rocky Mountain Region. Articles and information contained herein are true and factual to the Federal Resources lead-zinc-silv- southeast of Reno, were 19243, Salt Lake City. Utah 841 19. Reports ore find Corporation inquiries on the claims. Nearly all mines in the area contain some gold and silver as well as copper, lead and other minerals. Y OUR Classified in the Reaches Readers looking for business & investment opportunities, stocks, properties, new & used equipment for sale or lease, employment & other services. as little as $2 for 20 words & 10 for each additional word you can tell your story. Deadline: Wednesday preceding the Monday publication date. For FILL IN WORDS - CLIP & MAIL PRINTING 8t LITHO I I I 3479 SOUTH 2700 WEST I I 29B-2- 403 JtegPEBgfl Do You Want DSPLAV AB) Your Stock Transferred NOW? Only $2.00 a column inch. Deadline: Wednesday proceeding desired publi- cation date. Call: 3 and one of our creative representatives will assist you. Manhattan Transfer 298-240- 359-551- 1 Transfer agents for: CLASSIC EBONY WYCO Mail tos Rocky Mtn. P. 0. Oil & Mining Journal Box 19243 Salt Lake Chy, Utah 84119 PAYMENT WITH 0Htt PHASE |