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Show OIL & MINING JOURNAL Page 6 US SR&M dumdum Earnings Stock purchase planned Jack Wilder, president of U.S. Smelting Refining & Mining, says negotiations are in progress for the purchase of 500, 000 shares of Federal Pacific Electric Co. common stock. The stock, representing 18 per cent of Federal Pacific common outstanding, would be purchased from Federal Pacific president Thomas M. Cole and his family for an undisclosed amount of cash. If we acquire the Cole stock, then we will consider merging Wilder the two companies, said. Production at U.S. Smelting, Refining and Mining Companys U.S. and Lark Mine waned during 1968 although the grade of ore Improved over the year before, according to the firms annual report. The report noted the mine was hit by a shortage of labor--p- ar ticularly experienced miners. The shortage cut back on development work, although enough was done to keep ore reserves at a satisfactory level. As for its other Utah operations, the annual report noted that the flotation mill at Midvale was idle several times during early 1968 because of a shortage of ores from shippers affected strike. by the copper-industIn addition, stockpiling of lead and zinc concentrate continued until the end of the strike in April when International Smelting & Refining Co.s Tooele lead smelter, and the Anaconda Co. Great Falls zinc smeltr were reopened. In the meantime the Midvale mill has acquired some new equipment and underwent modifications making it better able to cope with variable characry of ores treated, re teristics sulting in better metallurgical efficiency. Coal production atUSSR&Ms Hiawatha, Carbon County, mine amounted to 552,000 tons during the year. The mine, operated by United States Fuel Co. USR&Ms wholly-owne- subsi- d has been fully diary, to machine verted mining. now con- The firms mine at Ophlr, Tooele County, is now being worked by a lessee. Sinking an internal shaft to lead-zinc-sil- April 28, 1969 ver prospect lower ore horizons resulted in disclosure of a fair-siz- ed ore body which is now being developed, according to the annua report. In a letter to stockholders, Martin Horwitz, board chairman, and Jack wilder, president, termed the yar one of major accomplishment. The firm is based in New York. few 9 By Chuck Hayward noted with interest a recent flap up in Canada involving, among others, the Canadian Broadcasting Corporation, the Ontario Securities Commission, Canadian Co., and a sister publication, The Northern Miner. Our natural interest in a communications hassle was heightened by the fact that one of our advertisers Cascade Energy has property in the area over which the flap generated. We Johns-Man-vi- lle The background of the story is this: on March 21 the CBC aired a story which said a major uranium discovery had been made in northwestern Quebec. The televised news report quoted figures indicating the property located 150 miles northwest of Montreal contained 29,000,000 tons of ore with as much as 11 pounds of uranium to the ton. (By comparison, other major uranium producers are working with ore containing about three pounds of uranium to the ton.) Johns-Manvi- lle Equity Oil doubles earnings SALT LAKE CITY-Equ- ity Oil Companys net earnings more than doubled in 1968 thanks chiefly to the first of a series of payments by Atlantic Richfield for interests it acquired in Equitys Piceance Basin (Colo.) oil shale claims. Net income was $936,443, compared to $442,366 the year before. Equitys oil and gas revenues were off in 1968 $1,649,340 compared to $1,760,890. This was due primarily to failure of a waterflood program in the firms Rangely Weber Sand Unit. BUT WHAT CAME on strong d annual report is in the .5quitys other income that is jusL-issue- some $1,140,806 or first year proceeds from the sale to Atlantic Richfield. The $26.5 million agreement was made in February, 1968, and provides that some $10.7 million be paid in ten equal yearly installments with the remaining $16 million to be paid over a period beginning February 1, 1978. Under it, Atlantic acquired an 80 per cent interest in 10,410 acres and a 50 per cent interest 15-ye- in 1,040 acres of Equitys patented oil shale claims. The agreement provided that Atlantic would do preparatory work and studies to determine feasibility of a commercial oil shale plant. AEC evaluates The AEC is making available to the public copies of a safety evaluation by its regulatory staff of the two-unnuclear power station WASHINGTON it ar N-pla- nt which Baltimore Gas & Electric Co. proposes to build near Lusby, Md. A public hearing to consider the companys application for EQUITYS ANNUAL report notes that some half million dollars was spent in expansion and operation of the BX Oil Shale Project which uses so-call- hot natural gas to recover hydrocarbons from oil injected shale formations. However, Fred H. Evans, Equity president, noted that technology to construct and operate economic oil shale recovery plants has yet to be developed ...and events of the past year have added further uncertainty to the timetable for economic production. Equitys annual meeting will be May 14 at 2 p.m. in the firms offices in downtown Salt Lake City. TEST HOLES STATES WESTERN IN ALL Grj and Core Drilling Wire Line or Standard safety construction permits will be conducted by an Atomic Safety and Licensing Board at 10 a.m. on May 12 in the Calvert County Courthouse in Prince Frederick. (UJSG CRAOALl EXCAVATORS Long Hole Drilling AUSTIN-WESTER- POWER GRADERS CRANES A HYDRAULIC SKULK) . PERSONNEL ROBBINS A SCHRAMM ROTARY DRILLS A SECURITY BITS Phone Springville long Distance 489-480- 0 LINK BELT SPEEDER SHOVELS AND CRANES Dd WESTERN ROAD MACHINERY CONSTRUCTION & DRILUNG CO. 1045 W. MAPlf MAHETON Johns-Manvil- le, The CBC was taken to task for its poorly le s deresearched reporting, and -nial was referred to as some mum bo jumbo Johns-Manvil- There are, it must be admitted, extenuating circumstances to explain the companys failute to be more communicative regarding its exploration activities, the Miner goes on. And for that the U.S. Securities and Exchange Commission must take the blame. Under the guise of ensuring that all shareholders get the same information at the same time the SEC further interest in the hassle (which will probably continue for some time and then die out) is a recent news story in the Miner concerning other claims in the same area. Of Cable Tool Water Wells or Sampling LA7IST TYPE EQUIPMENT It was at this point that the Northern Miner, published out of Toronto, entered the fray with a jab at the CBC, a swipe at and a right cross to the jaw of the U.S. Securities and Exchange Commission. has promulgated guidelines governing the release of information. The net result, as far as we can see, is that shareholders are getting less information than ever before and an extra stumbling block has been put in the way of the press trying to dig out the data. GQOIPC3EOT Rotary Air or Mud .Mine Underground Johns-Manvil- press release. TEST D0DIH6S All TYPES The story was denied the following day by le the parent Co. in New York which said exploration on the property so far has not found ore of sufficient tonnage nor grade to be classified as of economic value. P. O. Bex 2S4B 5N COMPANY 2300 Sewfh Mein Self Lake City, Utah 14110 Branch Offices: W. 19th St, Idahc Falls, Malta 3418 Western Phelps Dodge Corp. of Canada has optioned claims held by Miro Mines right next to the property (and also, incidentally to 20 claims held by Cascade Energy). adjacent Phelps Dodge holds other claims adjoining the two properties on which it has spent some $750,000 and intends to spend (according to the Miner story) at least another $150,000 through Miro. Johns-Manvi- lle Wouldnt it be funny if the CBC story which denied was more truth than fiction? Something seems to be going on up Johns-Manvil- le Aft, leise, Ida ha there. |