OCR Text |
Show WmAhb 4 AacricoM ky Mountain OIL & MINING JOURNAL OCTOBER 26, 1970 VOLUME 2 NUMBER 33 25 Cents Per Copy Senate confirms Dr. E.F. Osburn as director of U.S. BuMines WASHINGTON The Senate has confirmed President Nixons nomination of Dr. Elburt F. Osburn as director of the Bureau of Mines. The nomination was announced by the White HOuse Oct. 7. In an appearance October 12 before the Senate Interior and Insular Affairs Committee, Osborn expressed concern about the low state of mineral science and technology in the United He said the nation is States. developing many serious problems which are at least partly a consequence of our neglect of education and research in the fields concerned with mineral . resources. Osborn said the domestic gap between the net value of mineral imports over exports is over S3 billion per year and increasing. He testified that this is at least partly because we have not developed the mineral technology Silver Fortune acquires assets of Rex Montis Silver Company Alaska mine The Board of Directors of Silver Fortune Mining Co. have announced plans for acquiring the assets of Rex Montis Silver Co., a owned privately Utah corporation. for An the agreement acquisition has been approved by both boards as well as the shareholders of Rex Montis, all the assets of Rex whereby Montis will be acquired by an undetermined amount of stock of of valued Silver Fortune. The assets Montis are . Rex at approximately $1 million. Because many of Rex Montis California are shareholders residents, the acquisition plan has been submitted for final approval to the California Securities Commission. Flans are to continue the exploration and drilling on the Rex Montis silver claims in Inyo County, California, where a 700 ft. tunnel has recently been completed, according to officers of Silver Fortune. The other silver claim holdings of Rex Montis are in Arizona and American Fork Canyon in Utah. A winter and exploration is development program planned on the Arizona property. Silver Fortune completed a $300,000 public offering earlier this year. The company currently trades at about two cents per share. A meeting is planned for Silver Fortune shareholders in the near future to be held in Salt Lake Gty, Utah, Silver Fortune officers said. Future plans for the company will be discussed and ratification of the Rex Montis acquisition will be called for at the shareholder meeting. to keep up with our mineral needs. Osborn also said one cause of the problems with which the Bureau of Mines is concerned is the lack of a strong base in our He suggested that universities. mineral resources education and research be taken seriously, as Congress has done in the agricultural field, adding that in each of the important mineral producing states there ought to be a mineral resources institute or experiment station at a state education institution, like the agricultural experiment station in each state. lie said this would provide backup for the Bureau of Mines. Osborn has been with the Pennsylvania State University for the last 24 years, first as a professor of geochemistry and later as an associate dean and dean of the College of Mineral Industries. Since 1959 he has been PSUs vice president for research. A native of Kishwaukee, 111, Osborn is a graduate of DePauw University. He was awarded advanced degrees Northwestern California Institute of Technology, having served in both as a teaching fellow. He is a former director of the institutions American self-regulato- ry National Association of Securities Dealers suspended E.H. Coltharp & Co., Salt Lake City, and its president, Edward H. Coltharp. for 30 days beginning today. The suspension came after the NASD Tiding they violated the association's fair practice rules. The NASD also fined the securities firm and Mr. Coltharp a total of Si 0,000. The disciplinary action was one of several taken against NASD members by the over-the-count- er polices the securities market. The penalties were based on NASD findings that the Coltharp firm allowed two employes to engage in the securities business without registering with the NASD, and it failed to establish and enforce adequate supervisory procedures and taht it failed to establish adequate provisions for . notifying customers of free credit Geological Institute, former president of the Geochemical Society of America, and former president of the Mineralogical Society of America. He was also chairman of the Mineral Science and Technology Committee, formed in 1966 by the National Academy ot Sciences at the request of the Bureau of Mines. Widely published in technical journals, &born is a member of 17 professional societies. Osborn was introduced at the Senate commitee hearings by Sen. Richard S. Schweiker (R-Pa- .) NASD suspends E.H. Coltharp WASHINGTON The association, the organization that by University and & Co. balances. The NASD also found that the firm failed to keep proper books and records and that it violated a Federal Reserve Board regulation requiring prompt settlement of securities transactions. Suspension front the NASD means that during the suspension period a firm or individual can't deal with other NASD members on a wholesale-pric- e basis and can't participate with members in securities underwritings. stockholders approve in name, officers, area of activity U-Be- over-the-count- er va Stockholders of the former Mines Corp. have approved a name change to U-Be- va Newport International Companies. Inc., new articles of incorporation and amendments. R. B. Whitman. Newport Beach. Calif., was unanimously Transferred into the mining firm by the new management were numerous properties located real estate primarily in exchange for 3.982.347 shares of authorized and unissued capital stock. Mr. California, Hotel Utah in Salt Lake Citv. Whitman said. Whitman said the company will mining in its corporate activities, and continue the development of apartment Harrison Loesch. DENVER assistant secretary of the Interior lor Public Lands, told the Rocky MOuntain Oil and GAs Assn, here that he didn't expect an overkill of the environment' to jeapardi.e natural resource development. He said resource industries are going to have to face public concern about the environment, but said he felt new regulations on the environment would not seriously inconvenience cither industry's area of interest or other areas. "I don't say you are going to be able to do things in the same old way. There are new ways of elected president of the corporation at the shareholder meeting held Sept. 50 at the houses, hotels, motels and tracts of land throughout the countrv. The new officers and directors have been in the real estate developing business since 1955. Whitmansaid. The company has retained the services of Del v Certified Public .Accountants, to perform an audit of the company's books and records which will be sent to all shareholders on completion, Pyramid Oil acquires assets hitman of privately owned company Environmental 'overkill9 won t peril prospects VENTURA, natural resource development, aide says of of the Calif. Pyramid Oil Co. announced completion the Hathaway acquisition Co., a Santa Fe Springs, Calif, based oil producer and land owner. The acquisition of Hathaway Co. increases the daily production of fyramid to about 1,500 barrels daily, with 13 service rigsand two drilling rigs. of Pyramid, an OTC company founded in 1909 in San Francisco, include interests said. Oil in issued concessions and applications for concessions in over 1,050,000 acres along the cast coast of Nicaragua adjacent to properties held by Shell Oil Co., Chevron, Esso, Superior Oil Co., Arco and others. extracting resources! he said. A former Montrose. Colo,, lawyer. Loesch told the oil and gas producers that if industry really takes a close look at environmental factors, it will find steps to protect and even enhance the environment. He added that Continued on Pege 2 |