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Show FEBRUARY 16( 1970 OIL & MINING JOURNAL Page 3 Outlook for uranium bright, says UC&M chief CHICAGO The long term outlook for uranium is brighter than ever, according to E.W. Littlefield, president of Utah & Mining Co. speaking to a group of security analysts in this city. He added, We foresee a strong market for uranium at higher prices in the last half of the 70s, although at the present time the delay in getting nuclear reactors into operation has reduced the near-terdemand m for uranium, softened the near-ter- m market, and made it difficult to sell uranium in the early years of the 1970s. Littlefield added after the meeting that the most serious long-terproblem for the uranium mining industry is to develop sufficient ore reserves so the utilities industry can count on uranium as a reliable source of energy. Utah Constructions coal operations present the best m in improving possibility company earnings, according to conditions arent conducive to a booming market for real estate, as the shortage of market money and high interest costs make it unwise to initiate vigorous new real estate developments while these conditions exist. He added that in 1970 our income from real estate will hold up well compared with 1969 but will not produce the return on total investment that we like to see. In general, Littlefield said Utah Construction is relying on its mining activites to improve Littlefield. Last year they did not come up to expectations because the new generating unit completed in May has only recently performed on a sustained basis at rate capacity because of difficulties in the ash disposal system, he added. Hopefully, these are now or soon will be corrected and the second unit scheduled for 1970 will be free of this problem. Utah Construction is also involved in land development, but Littlefield said current . Tuma Corp option excites stockholders of LAS VEGAS Tuma Corporation of Nevada reported a major molybdenum-copp- er porphyry acquisition at their stockholders meeting here Tuesday in the Landmark Hotel. According to Einar C. Erickson, company geologist, some $60,000 has been spent in research on this property and the study of this work gives indications of over a billion dollar potential. Mr. Erickson was the geologist who brought in the famed King Silver mine in Jefferson County, Nevada, presently being operated by Phillips Petroleum, The company has an option to acquire the property for the transfer of stock, and final contracts are in the process of being completed, a company spokesman said Thursday. the property, and an expansion of the mill to 5,000 tons per day directors was reelected in profits in 1970. In its fiscal year ended October 31, the company earned $24.9 million, or $1.93 a share, before a special credit of. $1.8 million, compared with $20 million, or $1.5 5 a share, in fiscal 1968. After the meeting, Littlefield said that 1970 profit from operations would be greater than the combined income from operations and extraordinary items from 1969, but wouldnt reach the 25 gain in come from operations in 1969 from 1968. properties, total and a report was presented Stockholders in attendance Arnold chairman of expressed pleasure at the Maxfield, by the board. progress of the company to date. Mr. Maxfield said all Tuma had its initial stock properties previously held under offering in late summer of 1969. Mr. Erickson also reported on lease or option have been He Tuma. the purchased by exciting potential of appraised stockholders that Tumas silver property in negotiations are now in process Jefferson County, Nevada. It, to obtain over $10 million in like the molybdenum property private financing to continue has every indication of being a development of Tumas porphyry deposit, he said. is expected. . The property, located on the southern slope of the Wind River Mountains in southwestern Wyoming, consists of 60 claims, The property just recently became available following a period of litigation, company officers said. In other developments at the A new mill is included with shareholders meeting, the board y' Another Canadian firm opens Spokane offices a SPOK ANE American Exploration and Development Co., a subsidiary of Placer Development Ltd. of Canada, is the newest Canadian firm to open an exploration office in Spokane. Robert G. Garwood, a native of Butte, was named by Hugh J. Matheson, vice president of Exploration, as regional manageV. Garwood formerly worked for Umont Mining Co. of Salt Lake City at its manganese mine near Butte and went into the exploration business at Zortman, Mont., before joing American 1961 as a Exploration in project geologist. He is a graduate of the Montana College of Mineral Science and Technology. American Exploration presently operates and has a 30 per cent interest in the new Cortez open-p- it gold mine in Nevada in which the Bunker Hill Co. of Kellogg has a 22 per cent interest. A senior project engineer for the first three years of the joint venture, Garwood said the gold deposit was found in searching Minerals Week (Continued from Page of Mines Research wastes and seepage prevention. Blair Dixon of 1) Allis-Chalme- Institute spoke and a report presented on high pressure water jets. The Uranium Session Friday afternoon had Robert D. Nininger of the AEC, George White of Nuclear Exchange Corp. of San Jose, CAlif., Dr. Hugh Stewart of Gulf General ATomic and Maxwell Aley of Denver presenting papers. Saturdays technical session featured a paper on roasting, drying and incineration, as well as papers on mineral processing rs addressed delegates on systematioii and control in the mining industry. The Public Lands Session presented both sides of the controversy with speeches by for copper, lead and zinc in the vicinity of the old Cortez silver mine which had yielded about $10 worth of silver up to 1939. Gold apparently had been overlooked by earlier was metallic and ores. non-metall- ic Foreign holdings include an it copper mine in the Philippines and a plywood plant in New Guinea. Tfiey also share In Addition to the what prospectors because it e micron-sizor invisible is called he added. gold, American Exploration also operates a coal mine in Alaska and is in the process of closing a -iron nearly worked out open-pi- t mine in southern California, he said. We are looking for new or large properties, open-pi- t scale underground mines, both exploration office in Anchorage, Alaska, the firm is also setting up an exploration office in Tucson. Placer Development, the parent organization, wasis incorporated in 1926 and headquartered in Vancouver, . B.C. It operates the Craigmont Mines copper property in southern British Columbia and the Endako Mines Ltd., molybdenum property in west central British Columbia, currently milling about 26,000 tons of ore daily. open-p- a with Kaiser partnership Alumium & Chemical Co. in exploring for minerals, and several thousand head of cattle in Australia. In 1968 the annual report showed total net current assets of nearly $76 million and net working capital of more than $20 million. Revenues for the first half of last year totaled nearly $24 million. manufacturing machinery running a This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities . The offering is made only by the offering Circular New Issue November 3, 1969 10,000,000 Shares Wayne Winters of the Common Stock Tombstone, Ariz., Epitaph, Karen Porter of the Colorado Open Space Council and Mitchell Melich of the Interior Department. The Riblic Lands Luncheon speaker was Rep. Wayne Aspinall (D-Colo- SraepoO Uin)D,Dy .) NOW OPEN Ogden Sales Office of PARKER-MAWO- D & GO. ($0.02 Par Value) Price $0.03 Per Share Copies of the offering circular may be obtained from the undersigned in any state in which the undersigned may lawfully offer these securities.. SPECIALIZING IN LOW PRICE SPECULATIVE, MINING INDUSTRIAL STOCKS t Office Manager - GENE LYNCH RAMADA 24th & INN 12 Exchange Adams 4 521-677- Place Salt Lake City, Utah TELEPHONE SALT LAKE OGDEN 399-925- n OgdGo Phone 0 3US 521-672- 0 |