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Show &i6 January 19, 1970 OIL & MINING JOURNAL Jewel Uranium explains Phillips Petroleum action In a letter to shareholders the officers of Jewel Uranium Co., a Utah corporation, have set forth details of a court action by Phillips Petroleum Co. in which Phillips has acquired six million shares of Jewel. The Phillips Petroleum action occurred in the middle of a transfer agreement between S Jewel Uranium and which in the assets of Corp. S were to be transferred into Jewel for 6 million shares of B-B- ar B-B- Jewel stock giving the pricipals S control of Jewel of r Uranium. On Jan. 5, the letter noted, the management of Jewel was B-Ba- advised by the Company's transfer agent that the 6,000,000 shares authorized to be issued to the stockholders of B-B- had been seized S ar pursuant to an order of the Salt Allied Sales and Engineering Company. The claim against Mr. Bauer and Allied Sales was $400,000, the Jewel management noted, and the 6 million shares were seized by the Sheriff of Salt Lake County to be auctioned and sold in accordance with the laws of the State of Utah to satisfy the approximately Lake County District judgment. Company vs. Brent A. Bauer and Petroleum Company has advised Court. ..Phillips Petroleum "Counsel for Phillips the validity of the Phillips' claim that all of the shares issued to S in the stockholders of fact belong to Brent A. Bauer and may be subject to a Sheriffs the management of Jewel that Phillips intends to proceed with the execution proceedings but that it has not yet been definitely determined whether Phillips will bid in the amount of its judgment at the Sheriffs sale and ' purchase the 6,000,000 B-B- - sale. "Please note, shares of Jewel stock in satisfaction of the Phillips that Jewel Uranium stressed, is not a party to this Company or any other litigation and no claim has been made against Jewel by any party to the action described above. judgment, the letter noted. The letter said Mr. Bauer has advised the management of Jewel that he intends to contest Ranchers to mine huge antimony deposit jst Ranchers Exploration and Corporation has Development leased the famed antimony property Stibnite, Idaho, and is planning to bring the mine into production in 1970. Ranchers has operations at the begun Big Mike mine south of copper Winnemucca. Ranchers President Maxie L Anderson said the Stibnite Bullion Exploration acquires Love Oil The shareholders of Bullion Exploration Company, a Utah corporation, on December 29, 1969 voted approval of the acquisition agreement and plan of reorganization with Love Oil Company, Inc., a Wyoming corporation. Under the terms of the acquisition agreement. Bullion shareholders will receive one Love share for every four Bullion shares which they now hold. It is anticipated that the transaction will be closed within 30 days. approximately Following the closing, Bullion shareholders will be asked to surrender their stock certificates for Love stock certificates. John A. Jr., Love's Love, President, conducts Love's operations in Sheridan, Paul A. Rothwell, operates Love's wholly owned subsidiary, Rothwell Oil Corporation, in Calgary, Alberta Wyoming. Loves Vice-Preside- Utah mine firms to spend $59 million Mining companies in Utah wall spend about $59 million in totals. Spending for other minerals development in 1970, about $9 will be $123 million, up almost million more than in 1969, $3 million over the year before. according to the Newsletter of These include the brines of the Great Salt Lake and the First Security Corp. First Security is a holding processing of those brines for corporation of statewide metals and nonmetallic Spending for metal mining and milling in Utah will be $29.6 million, or $3 million over that of 1969. The total includes spending for copper, lead, zinc, uranium and beryllium operations. Spending for coal, gilsonite and other solid hydrocarbons at p. products. Corporation has announced in Forth Worth, Texas that it has acquired ownership of Superior Mechanical Company, a long established airconditioning, heating, and refrigeration contractor headquartered in For Worth. The company will continue to . annual increase in demand. Antimony is and strengthening in lead alloys. These ingredient alloys are used principally in acid batteries, electric cables, and type metal. Antimony is also used in ceramics, transistors and rectifiers and as Known as the Yellow Pine Mine, the property was leased flameproofing in paints, plactis and fabrics. Anderson said Ranchers has begun preliminary engineering and metallurgical studies for a mill to be constructed on the property. A flotation plant capable of processing several hundred tons of ore per day is being considered. Concentrates produced in this facility may be further treated to produce antimony metal, Anderson said, or may be shipped directly to smelters, both in the U. S. and abroad. Company, San Francisco, which closed the mine in 1952, principally because of the marginal price of antimony. The producer price of antimony has increased sharply in the last several months, rising from approximately 45 cents per pound to approximately $1 per pound currently. It is reported, however, that no metal is available at this price and that the free market price of approximately $3 per pound prevails. The price increased appears to be due chiefly to a halt in sales from the government stockpile, decreasese in foreign supplies and to a slight, but steady be limited to about nine months of the year. Milling will, however, continue throughout the year, with ore being taken from stockpile during the winter hardening country. from the Bradley Mining Mining will be from an open pit and, because of weather, will used primarily as a Anderson months. a We expect the mine to be an producer of economical antimony, Anderson said. the Companys earnings. "It income million, according to the report. Of this, some $8.3 million will be for metals, up $2 million over important step in our plans for diversification in the minerals industry, and is the third mine which the Company will bring on stream in 1970. The other mines are the Big Mike, a high grade open pit a copper property near Winnemucca, and an said Ranchers property this spring, to underground tungsten mine in North Carolina. Production is scheduled to begin in April at the copper property and in the year. mine. tentatively plans to drill on the construct the mill during the summer and fall months, and to begin operations by the end of an offer to buy any August at the tungsten of these securities. The offering of is made only by the offering Circular NEW ISSUE DECEMBER 6f 1969 120,000 Shares Common Stock ($1.00 Par Value) ROCKY MOUNTAIN RESEARCH, INC. that spent in 1969. Phosphate mining and milling spending will be lower than in 1969 because of the relatively low prices of fertilizers. be operated Price 2.50 per share THE PRINCIPAL OF BUSINESS MANUFACTURING AND THE COMPANY MARKETING IS DESIGNED, HARDWOOD, ENTRANCE DOORS CARVED BY A COMPUTERIZED MILLING PROCESS DEVELOPED BY THE COMPANY AND MARKETED NATIONALLY UNDER THE BRAND NAME: Sculptured Wood Products Copies of die offering circular may be obtained from the under signed only in states where die undersigned may legally offer these securities in compliance with the securities laws thereof; by Acquisition of Superior accomplished was through an Company exchange of stock, Kollman said. He said further details of the acquisition will be announced in a shareholders letter shortly. THE OF present management, according to Sun Tide President John B. Kollman. Mechanical and also represents an This announcement is neither an offer to sell nor a solicitation companies expect capital expenditures of about $9 At the current price and the planned rate of production, it will contribute significantly to Mining and mineral processing Sun Tide acquires firm Sun the Tide contains $1.7 million is under year ago capital improvement or banking systems in Utah and Idaho. substantial proven reserves of ore with a antimony, an grade of 1 additional amount of low grade ore, and minor amounts of gold, silver and tungsten. The deposit is believed to be the largest reserve of antimony in the property the letter 35 NORTH UNIVERSITY PROVO, UTAH 68 SOUTH MAIN SALT LAKE CITY, UTAH , (801) 364-180- 3 (801) 375-257- 0 TOLL FREE from anywhere in Utah: 1 -800 - 562 - 5543 |