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Show For Information On Stocks. Uianiun. and Mining Reports Alco Refuses Five Olfeis To Merge (See Stoiy . Page 3) VoL 26; No. 3 Geologist' Salt Lake City. Utah, January 18. 1955 V 35 Shipment Hike Land Board Suspects Revenue Loss icf Uranium companies in the state of Utah shipped over 1,700,-00- 0 tons of uranium ore to U. S. Government receiving stations in 1954 and in 1955 geologists predict more than 1,000,-00- 0 additional tons will be shipped, Milton H. Love, chairman of the Utah Securities Commission, said, disclosing his information is based on reports he has from reliable sources. Love said shipments of uranium have doubled in Utah each year for the past four years and a $50,000,000 to $75,000,000 industry has been created with indications it is going to be big. Utah uranium companies have actually mined and shipped ore, a figure representing 25 per cent of the total 31 companies In business. v Admitting some companies may ship a quantity of ore, then go out of business, Mr. Love said the fact is not overlooked that uranium ore is found completely across the south end of Utah from Marysvale to Colorado, and north and south over a 200 mile area. He said he is confident all of the large deposits have not been found as yet and present tonnage shipments will increase in volume for several years. "We have a good industry and it will continue, at least, while the Government keeps buying uranium. Then probably private industry will pick up the slack, If the Government ever discontinues purchases. One of our largest companies predicts by 1975 a large amount of our electricity will be produced from atomic power," Mr. Love said. Reviewing the statistical aspect of the uranium boom, Mr. Love pointed out that his office registered nearly 100 new mining companies of Utah in 1954, mostly residents of Utah with few exceptions. He pointed out there were only about 20 mining companies registered to sell stock prior to 1954 when first contact was established with the uranium prodigy. "The number of applications," Mr. Love said," increased from 20 to 167, and some 25 of the applications are still pending decision." "One or two were denied and two voluntarily quit the business" he added. He said 140 companies are actually registered with the privilege of attempting to raise money from public subscription, a great majority employing, brokers as agents In sale of stock, or as underwriters. "I am not as pessimistic as some eastern writers and people who haws written up this uranium boom, in tha frame of mind of poking fun at the .project, or rrldifculimt- - it importance, mere? ly because SpubTte' scramble ctock last summer inuuencea -- - Magnolia Uran Co. Ponders Negotiations Important negotiations in progress by officials of Magnolia Uranium and Lead Company for several days were practically completed at the week-end- . This will consummate amalgamation of several valuable properties and provide interesting news for stock minded observers. Within a few days a letter will be mailed to Magnolia stockholders outlining in detail new acquisitions that have been obtained by the company Mohawk Sells Contract To International Firm Gas Hills Leases Go For $75,000 Cash, Royalties Denveff"Cclcr.idj-A- u official of British. Western - Uranium Corporation of Denver and London, England, announced here that the firm had obtained uranium mining contracts and leases in the Gas Hills Area of Freemont County, Wyoming for over $75,000 cash and royalties from tha Mohawk Uranium. Corporation. William J. Kinick, Jr., Presi dent of Mohawk, confirmed today King OH Brings In that negotiations were completed for acquisition of the properties Commercial Well by George W. Barnes, of Denof the ver, King Oil Company is now B.WAU. and by Mr. Bill J. bring-inin a good commercial Angelos, representing a mining oil well. A pump was installed including Juneau yesterday, officials announced. syndicate, Uranium Corporation, Niagara It is expected the "rusher" Uranium Corporation and Lander will produce 200 barrels of oil Mining and Uranium Company. a day. The Company will start It is understood that B.W.A.U., drilling another well immed production iately, King officials said. plans a stepped-u- p program for the mines under the The new "gusher" is in the direction of George C. Heikes, executive Highest Mississippi Lime, on the big assays to date on these properties flat structure in Grand Coun show a U308 content of 1.08 per ty, Utah, and regarded a pro cent. ducer of long duration. The The mines are located near drill stem test showed about the Lucky Mc, Green River 300 barrels per day. The drilland Upetco uranium operaer hopes it will be increased tions, reported to be worth in considerably from that figure. excess of $30,000,000. It is anticipated King Oil will Mohawk holds an ownership in declare a dividend this year. claims at Copper Mountain Wyoming, and has mining operations Globe Uranium, Inc., 315 at Circle Cliffs, Utah and also Ness Building, holds a substan in Uintah County. tial block of stock of King Oil British Western American UraCompany. Globe is producing nium is a wealthly concern, ownand stock piling uranium ore ing much heavy equipment. It on its claims near the San expects to carry out a huge exRaphael Swell, southwest of ploratory program, weather Green River. vice-preside- nt ; vice-presiden- $3.00 Mine Mystery Utah Urah m Shipments Hove Doubled Every Year Records recently compiled by his office, he said, show that One Year t. . Globe originally issued shares of stock, half of which Is in the hands of stockholders. King has 5,000,- 000 shares with less , than 3,000,000 in the hands of the 10,-000,0- 00 basic value of some securities, Mr. Love said. He added that it provided some Individuals an opportunity to make some, quick money but was unfortunate otherwise. buyers to pay eight times tha public On State - Owned Uranium Land Substantial loss of state royalty revenue on state o uranium properties, is suspected by Lee E. Young, manager of the Utah State Land Board, who informed the SURVEY he has found evidence of uranium and vanadium mining on state owned land in San Juan county, where no payment was ever made to the state. He said he discovered a mine with a 2000 foot tunnel on property he is positive is owned by the state. "After driving a tunnel," Young said," the individuals operating the mine apparently discovered it was state property Gross Oxe Sales Announced By Consolidated Gross ore sales by Consolidated Uranium Mines, Inc., Salt Lake City amounted to $1,955,790 for the fiscal year ending July 31, 1954 and totaled $518,209 for the quarter of August, September and October, 1954, according to . G. Frawley, company president. Net income of $3 is, 191 for J the fiscal year life e and quit." Young visited Grand Junction a few days ago in an effort to learn the amount of money that had been deposited there by the former mine operators. The A. E. C, was unable, he said, to supply information as the prowiiy had been sold on thro.-- , separate occasions' and ie record was available. Young requested he be informed the amount of money and bonus ''paid on the mine - Property.' ' aC''"?., menuonva.iuieife.! were reported. These amounts' I I are Deiore aepietiuj. j f if m Production totaled 17,169 dry tons of ore from its uranium properties located in the Temple Mountain District, Emery County, Utah during the 1954 fiscal period. Mr. Frawley reported development of additional ore zones in the Temple Mountain area and discovery of uranium- vanadium ores at Carpenter Ridge. (Ccsiiaued 1 -- n Ts5M; Drilling Program Completed On Big Horn Land Horn Uranium company recently completed drilling of 20 holes on the Lost Boy claims, located in White Canyon, Utah, according to a stockholders report released this week. Utaco Uranium, Inc., a Nevada "Drilling of the Lost Boy 10. Corporation, Felt Building, Salt claims started December Lake City, reports plans to start 1954, and has been completed drilling operations as soon as with good results," the report weather permits on claims held stated. Mineralization of varying in the Carpenter Ridge area. amounts, some of which is con sidered of good commercial Utaco holds properties adjoin grade, was encountered in each ing Consolidated property on the of the holes drilled. West just over the line into Utah. "History of the area, of During the Summer of last year, wbich the neighboring Happy ' four drill holes were put down Jack Mine is the center, has on the Utaco property with one shown that mineralization indi hole showing uranium values. cated in drill holes has genThis work will be resumed, acerally always been less intense cording to Mr. D. E. Kivett. Salt than that of the actual ore Lake City, director of Utaco. mined in the regions of the drill holes," the report continues. See Adv. Pg. 8 Mont. Mines Bureau In order to more properly analyze the drilling information, Sells Maps, Sheets Big Horn is undertaking an exThe Montana Bureau of Mines ploratory program of opening up and Geology now has for sale the drilled area on the Lost Boy copies of the available special Claims through tunneling and maps and sheets of the U. S. Geo- drifting. Officers of Big Horn logical Survey for Montana, the hope the procedure will permit Office of the Director has an immediate shipments to the AEC buying station located approxinounced. These are in addition to the topographic quadrangle maps previously announced. The spe cial maps are listed in the Index to Topographic Mapping in Mon tana, a few remaining copies of which are available for free dis tribution. (Continued on Pagt 2) Big mately one mile from the property. In addition to the Lost Boy claims, Big Horn holds 16 claims of about 320 acres, called Tiger and Joe Dandy, also in White Canyon, Utah. These claims adjoin the fabulous Happy Jack mine, and are 1500 ft. west of the ore body. V |