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Show The National Enterprise , March 9, 1977 Page three Fremont Energy Tells of $1.5 Million Pact DENVER Agreements calling for a $1.5 million exploration venture for uranium in the Red Desert area of Sweetwater County, Wyoming wfere disclosed last week by Denver-base- d Fre- mont Energy Corporation (OTC) and Washington Pub- lic Power Supply System (WPPS), an agency which generates power for 115 participating utilities in the Pacific Northwest. WPPS has entered into an option agreement with Fremont providing for a minimum exploration expend- iture of $1,500,000 on 365,000 acres of uranium lode mining claims controlled by Fremont in the Red Desert,, according to Fremont president W. J, Murphy. WPPS is obligated to spend the required $1.5 million prior. to March 1, 1979, he said, and by so doing may earn title to all Forworktng capital newequL.,,. ,, a modernized plants merger or acquisition v A .44uv s . . .1 J '.A u. .if, f. UU.VV commercially mineable deposits subject to the payment to Fremont of a $1.00 per pound discovery bonus for all indicated reserves. Fremont will also manage the joint exploration effort for a fee, and will retain a 10 percent royalty interest on uranium concentrate converting to a 30 percent royalty three years after production begins. Fremont has already conducted extensive aerial reconaissance and geologic mapping on its Red Desert holdings, according to ifs'--- . ' With Counsel ' 'i , Sf- V"S' J '' : .. ' " , ' ''4- ' ch? a Vai : ..s A ' ' problems; turning .Inventory andor fecelvables Into raising credit lines and limits 'making money oh trade disc6lihts;S ' o' jt'. '' raw materials; profitable expansion, buying about getting ahead and staying aheadiS J " ss ' Altsplving growth related cash f low ' $ v 11 'S' . ' feXw.;. fVA VJ S.X 1''5f ' s '' . x ss ,1 ' 4-- sy ' 4,1 .'--s . With Experience. .. A '' , ., '....V'vh . :a .' '. , :. ' ' N XiV s ..' , ' '. y. ' s . - :' " v r A'jIfA Murphy, delineating several radiometric anomalies which he termed highly promsing for uranium mineralization. Wide-space- d exploration drill holes on the acreage have intersected mineralization of ore grade and thick- ness, he said, but noted that additional closely-space- d drilling will be required to delineate and evaluate defined targets. Fremont Energy Cor- poration has prospective uranium properties in other areas the throughout Rockies, including an 8400 acre claim block in Natrona County, Wyoming which the company turned to Wold Nuclear Company, Casper under a $525,000 option agreement. Fremont is also developing a natural gas field in Webb County, Texas with five wells successfully completed to date; and holds a $.05 per ton royalty in a 177,000,000 ton coal reserve in Converse County, Wyoming, dedicated to the 1500 MW Laramie River Power Station under construction near Wheatland, Wyoming. Washington Public Power Supply System, a joint operating agency of the state of Washington, operates or is constructing five nuclear power plants in the state of The Red Washington. Desert venture, according to Murphy, marks the System's first participation in an uranium exploration venture in the Rockies. .s' ' Eberline Wins Contract The backing of James Talcott, Inc., a prime source of funds and know-how SANTA FE, N.M. since 1854. Energy Research and The Dev- elopment Administration, Nevada Operations Office, has awarded a contract to Eberline Instrument Corporation (OTC 4.875, 5.375) to perform services related to the cleanup of Enewetak Without Bother. ' y A . 'i ; A , ., J f V '; No monthly trips for increases and renewals. No fatherly, dont grow so fasts? No costly The Atoll in the Pacific. contract will amount to about $1 million during a three year period. Enewetak Atoll is in the cost-plus-fixed-f- ee compensating balances. For tomorrows growth, inquire today. ' ;& , V. - Tf--i X : , Vj X FIRST FINANCIAL CORPORATE RANKERS 801,531-730- 3 9(X) Ken neat t Bldg. Salt loan correspondents for ke City, Utah 84111 Marshall Islands and part of the Trust Territory of the Pacific Islands. The atoll was the site of atmospheric nuclear weapon testing from 1948 to 1958. The cleanup operation to start late this year will have overall direction and management of the Defense Nuclear Agency. ERDA and its contractors will provide technical advice and assistance in the identi- fication and disposal of The radiological hazards. work to be performed by Eberline involves the design, building and operation of mobile facilities for electronic instrument maintenance and for radiological analysis of environmental material. Eberline is headquartered in Santa Fe. New Mexico. It manufactures nuclear radiation detection instruments and provides analytical and consulting services to the nuclear industry. Tipperary to Build Refinery MIDLAND, Texas Tipperary Corp. (OTC , 19.875, 20.375) said it plans to build a $5 million refinery with a capacity of 5,000 barrels a day of crude oil near Corpus Christi, Texas. The company said that 51 percent of the refinery will be owned by Ingleside Refining Co. Inc., a unit, with the rest held by South Coast Refining Inc., an independent company. The refinery, which is scheduled to start up in late September, will produce fuel oil, diesel fuel, naptha, and kerosene. Tipperary eventually plans to expand the refinery to a capacity of 20,000 barrels a day, a spokesman said. |