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Show Page ten The Rational Enterprise , March 16, 1977 MINING HIGHLIGHTS Silver Prospects Aglitter, Experts Forecast New Highs Coeur dAlene Stocks Beckon Silver in the Spotlight Economist Ira U. Cobleigh, appearing recently on Wall recomStreet Week, mended the purchase of silver bars or silver stocks and predicted that silver's price will climb to $6 an ounce this year and $7 next year. Writing in Parade Magazine, Cobleigh counseled speculators looking for stocks that can ascend, to shop among the under $20 many of which are traded in In this markets. category, he likes energy issues, such as uranium and silvers such as Asarco, Callahan and Ilecla. A Canadian publication. World Market Perspective, quoted economist Jerome F. Smith as projecting $9 per ounce for silver by the end of this year and an eventual price of $20 in terms of 1977 Recomconstant dollars. mending silver as the safest hedge against inflation, he noted that the instant film industry now has two major participants (Eastman Kodak as well as Polaroid) and that none of the silver used in this film is recoverable. -- mini-stock- s, over-the-count- er Green's Commodity Market Comments noted that government figures on domestic silver consumption in 1976 showed a 50 percent increase in the use of silver for mirrors, compared to a 24 percent increase in photographic uses. It points out that use of silver in mirrors may become one of the fastest growing uses of the white metal because of its application in solar energy. Domestic consumption of silver last year rose about 10 million ounces to more than 170 million ounces. Uranium - Consulting economist Eliot Janeway was optimistic in his outlook for stocks of uranium producing companies and said there will be a place for all forms of energy, including nuclear, in President Carters program. Local uranium issues include Midnite Mines which pays dividends along with Burke, Capitol, Champion, Day- break, Empire Exploration, Evergreen Minerals, Grandview, Helena, Metalinc M & L, Montgomery, Painted Quad Met, Solar Silver, Summit Silver, Western Gold and Western Silver. Gold The recent International Monetary Fund gold Desert, auction oversubscribed. Bids totaled 1.6 million ounces, more than twice the amount sold. The average price paid was $146.51, compared to the London fixing price of $145.05. This w'as reported to have created a bullish sentiment. Success wras ful bidders were four Swiss banks, one bank in Luxen-bourone in Frankfurt, and Samuel Germany Montague & Co. of London. g, Copper and Lead it ' ' V ' :'&'' V . ' ? -- v, Prices of these metals, produced in Idaho's Coeur d' ;V , if ' f. V. - 1f9 s, Alene Mining District along with silver, zinc and gold, also firmed. Asarco initiated the latest copper increase, upping its list price by 2 cents a pound to 70 cents. Other producers forced the advance to 71 cents a pound. . .U.S. lead producers increased their quotations for the fourth time this year, this time by 2 cents per pound to 31 cents. Callahan Mining - The owner of the Galena mine in the Coeur dAlene District reported that its 50 percent interest in production from mine the Asarco-operate- d totaled $4,069,000 in 1976, compared to $4,070,000 in 1975. Sale of a greater number of ounces of silver was offset by increased labor costs and smelting charges. Fourth-quarte- net, r how- A-- ", 1 1 With Money. S . f y j(W : iV , ' . the last three months of 1975. . .Callahan's fourth-quarter overall earnings were $637,000 or 18 cents a share vs. $622,000 or 17 cents a share. Net for all of 1976 was $2.8 million or 78 cents a share, almost identical to the 1975 total. Capitol Silver and Burke Mining - These Wallace-base- d firms, with extensive property holdings in the Coeur d'Alene Mining District, announced acquisition of 106 and 107 unpatented mining claims, respectively, in Washingtons Pend Oreille County and approval of operating agreements w'ith a Canadian firm to explore them for uranium. The operator is Denison Mines (U.S.) Inc., wholly-owne- d subsidiary of Denison Mines Limited of Toronto, which operates the largest underground uranium mine in the western hemisphere at Elliot Lake, Ontario. v ff ' ... s X For working capital , new equipment, :: a modernized plant, merger or acquisition funds, or cash flow coverage. .. f With Counsel. About solving growth related cash flow ,.7, problems, turning inventory andor receivables into cash, raising credit lines and limits, making money on trade discounts, buying raw materials, profitable expansion, about getting ahead and staying ahead. With Experience. The backing of James Talcott, Inc., a prime source of funds and know-hosince 1854. w Without Bother. No monthly trips for increases and renewals. No fatherly, dont grow so fasts. No costly compensating balances. For tomorrows growth, inquire today. FIRST FINANCIAL Be- lieved Near End About 500 workers at the nation's largest underground silver mine are expected to end their w alkout and return year-lon- g to their jobs Monday. Mining firms who share in silver production from various areas of the Sunshine mine in the Coeur d'Alene District arc Ilecla, Silver Dollar, Silver Syndicate, Big Creek dated and Chester. Silver Surprize and Metropolitan also have working agreements with Sunshine. k, . . 550,000 to $5,000,000. - Apex, Sunshine Consoli- - . ' i ever, rose substantially to $994,000 from $841,000 in Sunshine Strike V; CORIORAni RANKERS JTl 801,531-730- 3 9(X) Kennecott Bldg Salt loan correspondents for take City; Utah 84111 |