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Show Page Ten The National Enterprise , May 12, 1976 What Mysteries Lie Behind Homestead Minerals? continued from page three ment. In one sweep, it merged with Old Rhyolite Mining Company, Potash Company of Utah, Rocky Mountain Oil Company, Seven Mile Uranium Company, TDA Oil Company and Utah Molybdenum Company. Homestead eventually lost Rocky Mountain Oil Company to Tumbow and his successor, Alan C. F. Dille in satisfaction of claims against the company for accrued salaries. From Dille, Homestead went to the current president, operations held bv Casa. John D. Slawter who gained Don Allen, a Salt Lake control when Homestead en- attorney who once served on tered an agreement with Casa the Board of Directors of de Cascade, a company owned Homestead said he heard solely by Slawter and his wife. about the proposed merger On June 13, 1973 Homestead but never received notice issued 5,400,000 shares of its seeking shareholder approval common stock for all the of the transaction. By statute, he said, authorization from outstanding stock in Casa. The merger was hailed at the shareholders is required betime as a means of providing fore such action is consumimmediate cash flow of ap-- . mated. proximately $1,5000 a month No Communication through several oil and gas Security Brokers, Dealers, Corporate Officials, Attorneys. Since that time. Homestead has had little communication with its shareholders. In March, 1974, Minerals Engineering of Denver, subleased from Homestead some 322 uranium claims it owned in Wyoming known as the Minerals Baggs property. sold half interest Engineering in the property to Urangel-selschaand together they explored and drilled the property, blocking out 1.2 million lbs. of ore. Minerals Engineering last December sold its remaining half interest to the German company for an initial payment of $900,000, an advance royalty of $1.50 per pound on the first 600,000 lbs. of U308 produced from its half. ft mill at Maybell. Estimates place reserves of million lbs. of uranium on the Maybell property. 1 In addition, Homestead is said to own about 900 claims and some school leases near Moab, Utah. (Dead Horse Point, Mineral Canyon, Yellow Cat, Seven Mile, Thorn-ber- g Mine.) The properties are surrounded by claims owned by Exxon, General Electric, according to a Moab source. What Lies Ahead The question is, whats happened to these properties, John Slawter and Home dominance in esteads A royalty of $1.50 per pound ' the uranium industry? on the remaining 600,000 lbs. will be paid as the reserves are produced. And if more reserves are produced, Minerals Based on reserves the Engineering will be paid $3.00 company is rumored to own, lb. royalty fee. shareholders insist the stock should be worth more than a few pennies. There are According to the agreement, just Minerals Engineering was to also rumors that previous managements sold off valupay Homestead advance roy- able properties to pay themalties of $10,000 on Jan. 15, selves handsome salaries. 1975; $30,000 on Jan. 15, Don Allen denies properties 1976; and $40,000 on Jan. 15, were sold for that purpose, but 1977, 1978, 1979, and 1980. admits some were sold to one-tim- cover ordinary A helping hamid for sweaty palms Juristics Securities Law Seminars help you avoid problems under securities regulations. They're education on tape to protect you and your clients. Complete, current, concise seminars covering the field of Securities Law, you learn at your leisure from experts. Listen and learn while you commute to the office, while you have lunch, in the evenings as you relax at home. Asked if Urangelselschaft was dealing with Homestead on any other properties, a chief geologist at the Denver office said, No comment. costs. operating The issue is probably moot and will remain so until John Slawter comes forth with an of what hes done Homestead, too, owns a 50 accounting since June 30, 1974. Homepercent interest in a heap stead could be well worth a pot leeching process developed by of shareand gold, again, Hazen Research of Denver for have holders been given may production of U308 from the the shaft. Baggs property and another property known as the May-be- ll Mine in Colorado. Hazen Ed. at one time operated a pilot R&D Revenues Reduce Calspan Earnings Cassette Seminars in handsome album with compendium 12 the small investment of only $1 00.00. Any one of the 1 2 sessions could save you many times its modest cost. All for JURISTICS Juristics, Inc. 233 Parker, Suite 101 P.O. Box 11126 San Francisco, California 941 01 Please send me the Juristics 1 2 Cassette Seminar on Securities Law. My check for $100.00 is enclosed. reported a loss of $604,000, or $.55 per share, for the nine months ended March 31, 1976. These results compare' with earnings of $42,000, or $.04 per share, for the nine months of a year ago. month period dropped to $25,275,000 from $25,548,000 in the previous year, while The company reported that its loss for the third quarter amounted to $372,000, or $.34 A year ago, per share. Calspan reported earnings of $25,000, or $.02 per share, for Although steps were taken in the last quarter to reduce costs, lower than forecast revenues have not offset inflationary rises and the continuing high costs of new product developments, the company pan the three months ended Name March 31. Street Address. .State. City Bankamericard Account Number Signature companys first products. Revenues for the nine N.Y.-Cals- today Send for your Juristics Securities Law Seminars now. Charge my BUFFALO, Corporation (OTC 2.75, 3.75), .Zip. Master Charge Expiration Date. Calspan attributed the losses to lower than, anticipated revenues from both its research and development operations and its subsidiary, Calspan Technology Products, which is responsible for developing and marketing the three month revenues rose slightly to $8,624,000 from $8,480,000. said. Aimed at providing greater diversification and profitability for the traditional R and D company over the longer term, its new product investments have totaled some $1.2 million in the year to date, Calspan reported. |