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Show Page two The National Enterprise , January 19, 1977 Minerals Engineering Closes Comstock Lode Transaction DENVER Minerals Engineering Company (OTC 1.50, 2.00) said that Houston Oil & Minerals Corporation has exercised its option to acquire its interest in the Comstock Lode properties. As new general partner in the venture, Houston said it plans to move as expedi- tiously as possible to determine the propertys potential for commercial production of silver and gold. Minerals Engineering received $230,000 cash from the sale according to A. G. Foust, president; will receive an additional $60,000 from Houston over the next two months; and has also reserved a carried 10 percent net profits interest in the Houston entire property. has also assumed responsibility for all lease payments on the Comstock property according to Foust, and thus continues its option to purc chase Minerals mine and mill complex in Creede, Colorado. The Creede transaction, Foust said, is contingent upon the approval of the companys shareholders and would result in an additional cash payment of $850,000 plus a carried 20 percent net profits interest. Houstons election to silver-lead-zin- Justheim Sells Claims exercise the Comstock option has greatly improved our financial condition and insures our ability to continue with other exploration proFoust said. The jects, company has also its $800,000 bank debt Foust noted, which has the effect of significantly reducing current repayment terms and thereby providing additional capital for operations. Minerals Engineering is continuing its efforts to ac- quire geologically sound natural resource properties thought to have significant exploration potential. The company is currently negotiating the acquisition of various mining properties, and plans to evaluate the properties with the ultimate goal of sale or joint venture to larger entities capable of placing them in production. Minerals Engineering also has an agreement with Homestake Mining Company covering the Creede Formation, a separate mining property in the Creede, Colorado area. That option entitles them to $1.5 million in advance royalty payments over a four-yea- r period should Homestake elect to exercise by May, 1977. Utah to Sell Mineral Leases The State of Utah, Department of Natural Resources, will hold a sealed-bi- d sale on mineral leases held in several counties on Jan. 31 at the State Land Office, State Capitol. Sealed bids on the acreage offered must be submitted to the State Land Office by January 28. Carlton Stowe, minerals specialist, Utah Geological & Mineral Survey, says the Department is offering 62 parcels of land covering 40,790 acres for oil and gas leases. The parcels, located within 9 counties, range from 40 acres to 2,313 acres. Metalliferous minerals leases, in 8 counties, are offered on 5,730 acres. The state also lists 147 parcels including 50,925 acres for coal leasing. Acreage is primarily located in Grand and San Juan counties but include areas in Carbon and Wayne counties. Several units are also offered for oil shale, limestone and geothermal leases. Geothermal leasing of 12,320 acres is offering in Box Elder, Sanpete, Millard A and Sevier counties. complete list with descriptions of acreage on the sale is available from the Division of State Lands. Argonaut Completes Gas Well SALT LAKE CITY Justheim Petroleum Co. (ISE .40, .43) has sold to Union Oil 183 uranium claims near Marysvale, Utah for SI. 5 million. President Clarence Justheim said Friday the company will be paid in four annual payments and will retain a 5 percent overriding royalty on any production from the area. Union plans to spend approximately $100,000 in exploration before Aug. 1, Justheim said, at which time they must pay Justheim $50,000. The claims, comprising the Victory Mines and Alto Camion mine, have been sampled by Getty Oil, Justheim said. Of 200 samples, 36 from the surface contained .039 percent uranium oxide. In Justheim s long battle with the state of Utah for rights to 99,600 acres of oil shale leases he claims to own under the Enabling Act, Justheim said they have been granted a motion to intervene in Tenth District Court in the case of Utah vs. Morton. (Rogers Morton, former secretary of the Interior). These lands were the subject of indemnity selection lists filed by Governor Calvin Rampton between 1965-7- 1 but never clear-liste- d by the United States Interior. Justheim said the company will prepare a written brief within three weeks to be entered on the side of the State of Utah. Billings Energy Corp. Adds Computer Division PROVO, Utah rett said, occupies a total facture and market low space of four to five cubic feet and peripheral equipment may also be added. The new division is un Billings Energy Corporation (OTC 5.00, 5.50) has formed a computer division to manucost, capital-- der the direction of Barrett with Leonard Tolman acting as technical director and Chester Heath heading up marketing and production. high capability The basic system, costing approximately $10,000 will consist of a video terminal, a central processing unit (CPU), a floppy disc (records data), and a printer. Billings has begun production of the units already. According to Melvin J. Barrett, newly appointed dir- microcomputers. ector of the Computer Division, the computers were originally developed for use in hydride (hydrogen storage) research, but can be utilized in any application from banks to the smallest of businesses. Barrett said Manufacturers Bank & Trust (Iowa) has purchased a Billings Microcomputer System for use in streamlining their operations. The new product, Bar THE NATIONAL Subscriptions $24.00 per year Cents Per Copy The Notional Enterprise is published weekly by the National Enterprise Publishing Company, Inc, 500 Continental Bank Bldg., P.0. Bos 11778, Pioneer Station, Salt lake City, Utah S4 1 47. ($01)533-055- 6 Second Class Postage Paid n Salt Lake City, Utah R. George Gregersen Publisher Alone E. Bentley Editor Ryan B. Poulton Business Manager Mary McMillan Gaber- - Dean Alsup Staff Reporters Peter Harrison Operations Manager HealthGarde(f0 130 WEST FIFTH SOUTH SO MEDICAL COMPUTER SYSTEMS AND RURAL HEALTH SERVICES SALT LAKE CITY 04101 (101) AMARILLO, Tx. The largest gas well in the com- pany's history has been recently completed by Argonaut Energy Corporation, (OTC 2.125, 2.625). The Argonaut Energy Smalt, loCorporation cated in Cimarron County, Oklahoma, was completed Tuesday for an open flow potential of 52,500,000 cubic feet of gas and 100 barrels of condensate per day from Morrow sandstone perforations from 4524-5- 4 feet after treatment with 500 gallons of acid. Shut-i- n pressure was 1090 pounds. 1-- A Glen S. Soderstrom, company president, an- nounced that Argonaut has of the working interest in the well and the lease block on which the well is located. 21 five-secti- on The computer has a greater potential in patient care than any other invention , including the stethoscope and the X-r-ay machine." Mr. Ken Hanson American Medical News HEALTHGARDE CORPORATION Medical Computers for the Modern Hospital OUR NASDAQ SYMBOL IS HGRD |