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Show December 14, 1970 OMJ - Page 5 Ceremonies mark opening River Mineral Kings reports on of GSL minerals plant the Gov. Kampton assay of Nevada cinnabar claims of states of of of The ancient OGDEN, Utah the Great Salt Lake waters have begun to yield up some their treasures. And, as officials gathered to dedicate the first major plant to extract the lakes chemicals, they promised that this was just the beginning. The occasion was dedication of a $30 million Great Salt Lake Minerals & Chemical Corp. plant on the north end of the lake just west of Ogden. As a group of several hundred businessmen and civic leaders gathered at the plant, 20 square miles of evaporation ponds stretched before them more than 14,000 acres of water sitting quietly under the sun while the minerals dissolved in it become more and more concentrated. The concentrated brines will be processed in a lakeside plant to recover chemicals ranging from potashes to magnesium chlorides. Utahs Gov. Calvin L. Rampton was the principal speaker and official at the ceremonies. said dedication marked the formal the one beginning most exciting new industries. He noted that its taxes had already amounted to $1.3 million, and that it will be paying some $525,000 a year in future taxes. The plant has 150 employes now. By the end of 1971 it will have 170 and by 1972, the year it expects to be producing at a profit, it will have 200 employes. Bringing the project ot a reality effort and was an eight-yea- r during that time unique problems of design and extraction as well as a host of legal and financial' difficulties were overcome. The result is the largest facility of its kind in the world, an ecologically perfect system that uses the energy of the sun to tap the lakes minerals. Its first products - Dan M. Krausse, DALLAS president of Earth Resources, said that August 31, 1970, marked the close of only the second full year in the history of Earth Resources Co. In a report to shareholders, Krausse said: The first year we suiting out for the game building an organization, making a public offering, listing for trading on the exchanges, and building our financial muscle. Krausse listed the following as highlights for the year: Determined the copper strike in New Mexico was commercial and commenced a $10 million development to put it into production; Generated cash flow from of $3,375,537, or per average share operations $1.01 outstanding; Accelerated exploration beyond original objectives, resulting in some promising prospects, but Co., has announced that the company is developing 22 cinnabar Mining claims in the Opalite District of Humboldt County, Nevada. In a report to shareholders, published in the Wall Street Journal, Martin said: Kings River Mineral Company has begun development of the 22 mining claims which it has leased in the Opalite Mining District, Humboldt County, Nevada, and can report that mercury samples taken from its property assay at the ratio of four pounds. per ton of ore. It must be pointed out that the final ratio for the ore body has not yet been estaqlished but indications are that it will prove out at least at the present level. Kings River Mineral Company has also entered into a joint venture agreement with New Products Corporation, Ogden, Utah, whereby Kings River will be responsible for developing and mining a silver strike which has been located on New Products property, Martin continued. Mining has already commenced on a single silver vein which has been surveyed and is expected to yield 46 ounces of silver per ore ton, Martin said. Discovery of the New Products ore body on property acquired by the company from Atomic Fuel Extraction Corp., was hailed as a major silver find earlier this year. Both New Products and Kings River Mineral are traded in the Salt Lake over-the-count- er area. Kings River recently completed an initial public stock offering. . will be potassium sulfate, sodium sulfate, magnesium chloride and sodium chloride (common salt). The initial .markets will be agricultural and, for the magnesium the minerals industry. Earth Resources tells firm's accomplishments were C.W. Martin, Salt Lake City, president of Kings River Mineral no major Mountain Fuel completes fourth well Cedar Mountain Fuel Supply Co. has completed its fourth oil well in the past 12 months in the Cedar Rim-Si- nk Draw area of eastern Utah. M.M. Fidlar, president, said the Sink Draw Well Number 2 flowed oil at the rate of 634 barrels a day during a 19 hour test As was the case with Cedar Rim No. 3, Sink Draw Well No. 2 was drilled to a deeper zone of the Wasatch Formation than the two earlier wells, Cedar Rim 2 and Sink Draw 1 . It would appear, with this newest completion, that we have reason to be optimistic about the Draw area, Fidlar said. Just how good it is will depend upon how the wells Rim-Si- nk hold up under sustained production. The area is in Duchesne County, about 110 miles east of Salt Lake City. discoveries; Organized a subsidiary to engage in exploration and development in Mexico, a highly prospective mineral province; Tripled profitability of Alaskan coal operation, then sold it on favorable terms; Organized Energy Co. of Alaska and initiated a $40 million project to place Earth Resources in the basic energy, needs of a growth market, Fairbanks and the interior of Alaska. Upgraded Delta Rfinings product mix, made it less dependent on military jet fuel sales, and expanded its operations into transport trucking and branded retail marketing; Acquired the other half of Valley Towing Service Inc., and related companies; Acquired about 1,000 barrels per day of crude oil production at a cost of 99 cents per barrel of proven, recoverable oil or gas equivalent. 3C This announcement is neither an offer to sett nor a solicitation of an offer to buy any of these securities. The offering is made only by the offering circular. NEW ISSUE 3,000,000 SHARES n NATURAL RESOURCES DEVELOPMENT, INC Cost is less COMMON STOCK. than you think Price: $0.10 per char Datacap Computer Systems of Salt Lake of the Offering Circular may be obtained from the Underwriter. Copies orsnh & DaXjLox, ffna. 138 South 2nd East Sait Liko City, Utah 1640 University Club Bldg. Salt Lake City, Utah 84111 FOR INFORMATION 24 HOURS A DAY PRONE: 1801)359-89- 11 m 383-574- 0 . |