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Show 1 I 'V ' r- , . Il . '' 4 r vri iawT o Vol. 1 25c per copy November 17r 1969 No. 38 AH1C registers objection to SEC role The American Mining Congress has written the Securities and Exchange Commission advising it of the "vigorous opposition of our members to the highly discriminatory proposed changes in the SECs disclosure requirements for the mining industry. .The letter was sent to Hamer H. Budge, commission chairman, by J. Allen Overton Jr., executive vice president of the AMC. Overton said in the letter We could not be more seriously concerned and distrubed by the severity of the adverse impact on individual companies as well as on the industry in general which we anticipate for such requirements. "We are convinced information meaningful the will not be to the investing community; in fact, the potential for misinterpretation is alarming. As you know, the American Mining Congress represents U.S. companies that produce and process a majority of the nations ferrous and nonferrous metals, coal and industrial and agricultural minerals. We respectfully urge your favorable consideration in responding to our request that the proposals not be adopted. if there is on the part of the commission a preliminary disposition to carry out the proposed rule changes, we would request an opportunity to present our views orally to the commission. The SEC has extended the time for individual mining companies to file responses on the proposed change from Oct. 30 to Nov. 28. Arches miming roles op PRINCIPALS OF CLASSIC MINING, from left. Gene Lansford, company engineer; Ray it. Ross, president, and Qoyd Hepworth, vice president, check Wyoming map of area on which they will drill two wells. Acreage is portion of a 7 million acre lease Pan American Petroleum has from Union Pacific Railroad Company in the states of Colorado, Wyoming and Utah. Dining enters Pan Am oil! deal CDsssnc i Classic Mining Corp., Salt Lake City, has announced it has completed negotiations with Pan American Petroleum Company on drilling rights in Wyoming, and is preparing to start two wells. In a letter to shareholders, doyd Hepworth, vice president, said Classic is committed to commence one well on or befoe January 1, 1970. He said the company expects to complete two wells by that date. ' Classic, one of the most successful "penny mining stocks in recent years,' is the first independent driller to gain a farmout on the property Pan American leased exploration rights on from Union Pacific Kailroad Company. When Pan Am and Union Pacific announced their agreement on the seven million acres in early September 1969, they termed it probably the largest land area ever involved in a single exploration undertaking in the country. Pan American is one of the largest minerals exploration conservationist a MOAB, Utah Utah when the river began receding mining corporation is planning centuries ago. The company started building a road to their claims two weeks ago, but national park officials didn't discover it until five days later. At the claims site the company is going to build a processing plant, Carithers said. The gravel would be processed for gold and black sands used in . gravel blasting in Arches National Monument that will leave a scar that will never go away, according to a Utah conservationist. J.F. Carithers, assistant superintendent of the Canyonlands Park headquarters here, said that the operation will scalp a half-milsection of river gravel. The company has claims on large deposits of river gravel left e recovery of copper, Carithers said the company wants to remove about 100 tons (Continued on Page 8) ientomite data companies in the world. The Pan Am UP. property is located in Colorado, Wyoming A new publication put out by foundaries, as a seal for lining and Utah, covering seven million the Montana Bureau of Mines reservoirs, as a decoloraizer for acres mainly along the U.P. and Geology at Butte describes oils and other fluids, as a tracks in the area. Pan Am is Montanas bentonite deposits. thickening agent for paint, committed to spend $24 million Bentonite, a peculiar kind of adhesives, printing ink and in lease fees and exploration , day, is used in the preparation pharmaceuticals, and as a binder mud for the of on as a expenses for pelletizing iron ore rotary drilling, property. binder for sand molds used in. producing iron taconite. (Continued on Page 8) |