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Show I The National Enterprise t November 3f 1976 Page nine Oil & Gas News Mining Highlights PINEVIEW DEEP WELL LOOKS PROMISING American Quasar Petroleum, Energetics Inc., and North Central Oil Company will begin tests shortly of several zones where oil and gas shows have been recovered at their deep well in the Pineview field of Summit County. The well, the No. 2 UPRR, is at a total depth of 17,030 feet. The 9,468-9- , operators report depth of 15.935 to 16,081, 9,645-89,205-9,352 568 and feet will be tested. Carlton Stowe, Utah Geological and Mineral Survey specialist said that the deep 15,900 foot level is in the subthrust Cretaceous Bear River formation, which if successful production is established, would be the first well to produce from such depths. The Twin Creek and Nugget formations found at depths below 9,000 feet at Pineview have produced in excess of 440,000 barrels of oil and 385,000,000 cubic feet of gas, Stowe said. The significant well is just east of the original field discovery well where production is from the Nugget formation. Three other wells in the field are being tested for final daily completion rates as well as four additional wells in the vicinity are currently being drilled, he 3-- 0, added. Other oil and gas drilling in Utah, presently at a high level, is widely scattered. Drilling reports reflect several Uinta Basin region tests in progress. Duchesne and Uintah counties have eight wells reaching various stages of completion in the Left Fork Antelope Canyon, Wire Fence Canyon areas southwest of the town of Duchesne, the Natural Buttes area south of Vernal as well as three test wells being drilled and 15 additional locations selected for drilling. Southeastern Utah's drilling activity is centered in the vicinity of Left Hand Canyon field, northeast of Crescent Junction; the Cisco area including Cisco Dome, Cisco Springs, Agate and the Gravel Pile fields, and in the Aneth, Mexican Hat and White Mesa fields south of Blanding. Other remote exploratory drilling is underway near Moroni, northwest of Ephraim, in northern Utahs Randolph and Woodruff areas and near Coalville. TMs'was imc a tamdklleadl SGR Investment Advisory GOLD Bulletin quotes Douglas Johnston, Texas gold authority, as telling the recent New Orleans Gold and Monetary Conference that The gold war is over; five-yebull market in gold ahead." He charged the Bank for International Settlements with controlling and manipulating" the gold market crash to gain control of the world's gold; to curb Russian military might, to scuttle the IMF and to conceal massive currency devaluations.". ..An official of J. Aron & Co., New York City, told the American Mining Congress in Denver that he expects to see the price of gold reach $200 an ounce in the late 1970's.. .The Myers Letter, however, said gold's price should hold at current levels. ar mines owns 2,487,706 of the outstanding ABOT MINING shares. MIDNITE MINES Shareholders in uranium producer divthe Spokane-base- d ided up $329,880 on October 26. Checks for 8 cents per share were distributed to shareholders which brings to more than $13.6 million the total disbursed to stockn holders. . .Work on another dollar uranium mine and mill a few miles south of the Midnite is expected to get under Western way early this coming year. Nuclear's Sherwood Project reportedly has been given the green light by environmental agencies. Start of this project is expected to stimulate exploration of lands held by such local companies as EVERGREEN, EMPIRE multi-millio- EXPLORATION, HELENA SILVER. C. V. Myers predicted that price will increase, firstly because of SILVER silvers its relationship to gold and its traditional position as money throughout the world's history and secondly because of the new uses being found for this precious metal which is in limited supply. U.S. industries consumed 33.3 million ounces of silver in the first half of this year, 9 million ounces more than in the first six months of 1975. Warehouse silver stocks in New York are now down to 48.9 million ozs vs 85.5 million ozs on January 1st. . GULF RESOURCES & CHEMICAL To broaden its base in CORPORATION zinc mining. Bunker Hill leased the Pan American mine and Caselton Concentrator in Nevadas Pioche Mining District. The operations, 180 miles northeast of Las Vegas are believed capable of producing 1,500 tons of ore daily. Mill concentrates would be shipped to Bunker Hills Kellogg, Idaho electrolytic zinc plant. The Bunker Hill Company is a wholly-owne- d subsidiary of GULF RESOURCES & CHEMICAL CORPORATION. BREAK MINES, PAINTED DAY- DESERT, MONTGOMERY MINES, SOLAR SILVER AND GRANDVIEW. COEUR DALENE MINES The new Coeur silver mine is featured in the current publication of The Silver Institute, Inc. The joint venture by ASARCO, DAY MINES and CALLAHAN is the latest of 250 mining enterprises that produce silver in 58 countries. AMERICAN SILVER Its annual report to the Spokane Stock Exchange showed current assets of $235,881 for the fiscal year ended June 30 vs current liabilities of $184. The assets consisted of $164,364 in marketable securities and $71,517 in cash. Revenues in the 12 months totaled $15,124 and included $5,708 in interest, $3,762 in dividends and $3,516 gain on sale of securities. Expenses totaled $27,401, of which nearly half was for a new survey of its mining claims adjoining the COEUR. SILVER DOLLAR MINING Filed Suit against SUNSHINE MINING, alleging the northerly exploratory crosscut being driven by HCLA DIA PROJECT COMPANY from the MINING 4,050-fo- ot mine level of its Lucky Friday silver-lea- d in 216 a to was advanced feet August point 91 feet within the INDEPENDENCE LEAD property. The advance made during the month was nearly as much as in the first three months of this year (251 feet). A diamond drill station also was cut at a point 100 feet south of the DIA boundary, in LUCKY FRIDAY EXTENSION ground. The crosscut was driven 1,062 feet in the first eight months of this year for a total distance DIA stands for DAY of 2,023 feet. DAY For 15 years, the Clear Air Solid Waste Disposal System has been reducing garbage volume by converting it to a valuable energy resource, and doing it more efficiently than any other system on the market today. MINES-INDEPENDENCE-ABO- T. breach of contract over salary payments to Sunshines president and asking $100,000 in punitive damages. FRANZ PICK believes that the U.S.-back- ed strategy of deliberately undermining the value of gold as an international monetary unit is doomed to failure. According to Pick there is already a movement back to gold, in the opposition of many countries to the International Monetary Funds auction sales. He said the Soviet Union is planning the issuance of a gold ruble, and there is danger to the U.S. that some European nations may link with this currency." 90, Still No Positive Evidence in HMO Bribery Investigation Shareholders of HMO International (OTC4.00, 4.75) have approved a corporate reorganization plan under which the company will acquire its three major affiliates. The special shareholders meeting, convened Sept. 30, was adjourned until Thursday to provide shareholders with information about an ongoing investigation regarding the possibility that a former officer and director was solicited for a bribe by a California state official. Angus Scott, chairman and president of HMO, said after the meeting that there still BEVERLY never be a shortage of garbage, only a shortage of space to put it. As this problem becomes increasingly acute. Clear Air, Inc. will continue to pioneer the most efficient systems of solid waste disposal and materials recoveryrecyding with energy generation in the bargain. EPA standards? We exceed them all. Clear Air, Inc. .meeting the needs of the future. There VS7 Co--t will Ieoir dir, Dag. P.O. P.O. aW 0dB. A V Bartlett Am. N.V. 1421C Boa 111 Utah S44S2 Boa H III. M1U U jF HILLS, Calif. hasnt been any positive evidence developed of wrongdoing, but the companys internal investigation is proceeding. He said an investigation by the California Attorney Generals office into the bribery solicitation charge has been accelerated. Scott told the meeting that the company will shortly announce its entry into a new business venture which will provide a plan for individual enrollment in prepaid health plans. Currently, HMO and its affiliates provide such services only for groups. Scott said the new plan could be "a nice profit contributor" in the future. |