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Show November 9, 1970 OMJ Page 5 Tintic Mineral Resources reports on activities; explains lawsuit against McMoran Exploration Co. Robert A. Hunt, president of exploration program company a 100 interest in 60 Tintic Mineral Resources Inc. proposed will De successful, Hunt added. unpatented mining lcaims in to shareholders He also stated that about 90 Humboldt and Pershing Counties that reported interest significant development in the feet of productive Berea sand was of Nevada and a one-haactivities of the. company have 265 at approximately in unpatented mining claims Penetrated one been made this year. well in the area in Humboldt County, Hunt said. In Ohio, Big Piney Oil and Gas called Zink No. 1, Nearby tests by Exploration is being conducted Co. of Salt Lake has entered into others indicate the presence of a on one of the groups. farm-ouwith a Tintic large area of this sand appearing t He stated that negotiations are agreement on acreage owned in Ohio by in similar thickness with good in the final stages on a joint Tintic. In September, the first saturation of oil and gas and venture and a lease and option on well was completed. Initial gauge above average permeability and two of the above groups with a flow of the well was 1.9 million porosity. major copper producer and a large cubic feet, Hunt said, and it is Hunt said it is planned to drill foreign mining corporation connected to the East Ohio Gas . one or more wells on the Zink respectively. Lease to test the productivity of Tintic has also acquired a lease Company's collector system- this horizon. The Berea in Zink and option jointly with theB" The second well is scheduled for November. Under the No 2 flows to the surface through Investment Co. on two groups of farm-ou- t agreement, Big Piney has the fluid in the surface pipe claims in the Battle Mountain area the option to drill 17 wells within without fracturing or other adjacent to a reportedly major the next two years. The acreage is stimulation of the formation. discovery recently made by a In Tintic has within a located Nevada, railroad exploration company. acquired group centrally, Co. Frontier been have wells that of productive Mining through an is The of and stock. drilled it exchange recently into the transaction this of most that brought anticipated lf . dnnyieko oai few Continued from Page 2 agreement with the Federal Housing Administration to build a large number of prefab cabins for Indians. Our sources indicate more than lyOOO of the cabins may be constructed. The cabins , which consist of 1, 100 square feet of living space , cost $ 7,000 and can be assembled on site in 12 hours. that's an example of the type of reports we receive as we go about our job of gathering the OTC market. news on the fascinating, Well, fast-pace- d During the months we have been publishing the Oil & Mining Journal we have developed a respect for the workings of this exciting aspect of the investment industry. We have become so impressed, in fact, that we've authored a feature article on the peculiarities and potentials of the OTC market in a new magazine we will be introducing in Utah in the month of January. The magazine, UTAH SCENE MAGAZINE, is designed as an entertainment and recreation magazine, and we feel that a study of the OTC market has been entertaining as well as enlightening to us, as well as to many other Utahns who 'play the Penny Maiket or make their living there. In anticipation of requests for the magazine, we have decided on a $1 charge to cover the price of the magazine, postage and handling for those out-o- f state (or Utah) readers who would like to receive the initial copy of our new magazine. Publishing, as we've pointed out in the past, is our game, not investments and securities. We study the OTC market and business trends in general in connection with our role as publisher of the OMJ. But we also keep very busy producing shareholder reports, annual reports, brochures, newspaper shoppers and area telephone directories as well as investigating other new publishing or advertising ventures. Our 'reports' are factual insofar as we can ascertain, but we are not always in a position to know. Take them with a grain of salt, therefor. Hund said current drilling plans include immediate exploration of the patented Lucky Strike mining claims presently under contract to the company which are also located in the Battle Mountain vicinity. Tintic has filed suit in Federal District Court against McMoran Mr. Hunt noted that a derivative class action suit also, was filed againBt the same plaintiffs in behalf of McMoran itockholders. The suit seeks Enterprises and principals in the companies for alleged violations of tne Securities and Exchange 1940. Exploration Co., Linkletter Acts, .Hunt announced to stockholders. The firm is suing for more than $4.5 million in damages, for note of payment of a promissory ' and well as as interest 39,046, and recovery of punitive damages $92,508 spent under a joint venture agreement. of $2,825,000 for recovery of alleged "inside" damages profits and damages of $1 million for alleged violation of the Investment Company Act of Involved was .acquisition oiL Tihtic's controlling sharesin Horn Silver Mining Co. In March, 1969," by Linkletter Enterprises. Homr Silver subsequently, was merged into McMoran Exploration Co. and McMoran Oil. Co. With Horn vote in the Pennsylvania held community will be M. W. November 23, according to On stine, Spokane accountant and secretary of the firm. It is proposed to change King of Pine Creek's name to Polyastics Corp. and to change the capitalization from $500,000 divided into five million shanks of 10 cent par value each to $6,600,000 divided into five million shares with a par value of $1.32 each. All of the outstanding 10 cent Mine & Smelter Supply acquires DFC Corp. DENVER Wade Halvorson, of president Mine and Smeller Supply Co., announced the acquisition of the DFC Corporation, formerly known as the Denver Fire Clay Co, We sincerely believe that this merger of two of Denvers oldest companies will provide a greatly expanded capability to service all of our customers and prospects in the future," he said. chilly blast mines scrap Halvorson said the merger has enabled the two firms to combine and production engineering capabilities which he said would survivor but renamed McMoran Exploration Co. furnaces, melting furnaces, laboratory furnaces, pulverizers, and institutional kilns. Continued from Page 4 undies, a small shredder of 500 p or less, costing $100,000 or so, an handle the job. In all, George puts the cost of a 50,000-ton-a-yescrap plant, such as the one George & Co. built with Klockner & Co. of West now consists of chemical formulations of plastic, urethane, and ex poxy coalings which have been applied to such things arc bridges, highway equipment and turnpike guard rails. Last year the firm neeled slightly more than $60,000, doing business solely in Pennsylvania, Onsline said. In the first six months of this year it did a limited business because of the However, the firm is expanding into other states and expects to have $3 million in gross sales next year, Onsline continued. The mining interests of the Spokane firm are to be retained, he said. Its mining claims in the Pine Creek area near Kellogg, Idaho, arc undo exploration agreement with Sunshine Mining Co. Counter Over-th- e Securities ar Germany, par stock would be exchanged for the $1.32 par value slock on the basis of 13.2 shares of the old stock for one sliare of the new. The Pennsylvania firm has been in the developmental stage since its incorporation in 1966, Onsline told stockholders. Its product line, further contribute to the state's austerity program. improvement of quality control and design technology. DFC Corporation manufactures a line of shuttle kilns used in the heat treating process of the brick and ceramic industries. The firm also manufactures a line of burners, blowers, heat treating at $600,006. The bjggest continuing cost item is nitrogen, about a quart of which 8 needed for every 6 or 7 lb of crap. George & Co. now pays a ittle over 2 cents per quart but is loping to interest Air Liquide of France in its operation to get a setter price. Other gas producers, such as Union Carbide, Air Products, and British Oxygen Corp., have already start up in 1972. Specialists in Oils Industrials Mining shown interest. According to George, INCH scrap could put new life back into the deteriorating scrap market in Europe, where prices have fallen as much as 50 in the last year. And, as a mark of confidence, he points to the two new 60,000-to- n INCH plants his company and Klockner are building in Liege, to M. S. Wien & Co., Inc. Member New York Security Dealer Aociatlon Established 1919 1 Exchange Place, Jersey City 2, N. J. Tel: N.Y.-- BA 00 ; Silver, a Utah corporation, as the Company officials urge merger of King of Pine, Polyastics SPOKANE Approval of the proposed merger of King of Pine Alining Co. and Polyastics Corp. of Bala Cynwyd, Pa. is being urged by company officials. A . J.C. HE 00 Correspondents in Principal Cities I |