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Show April 14, 1969 . Page 7 OIL & MINING JOURNAL chuckin' si Hew By Giuck Hayward Denver promoter has vigorously attacked I the Securities and Exchange Commission be- - I cause, he says, it is unjustifiably denying Am- - I erican citizens the right to speculate on a com- - I pany that has no physical assets, no bank ac- - I count, no officers, no employes and no opera- - I I tions since 1961. A screen tailings from Austin, Nevada, mine dumps where MM&S Mining Company has its silver mill nearly ready to roll. MM&S recently merged with Bullion Monarch, with MM&S' taking responsibility for management and control of the corporation. The Austin property is one of several operted by the firm. Company officers forecast eventual treatment of 900 tons of ore daily. THIS CONyEYOR RIG will E. Antelope, Amazon ink pact letter In a to stockholders. East Antelope Corporation reports it has signed an agreement with Amazon Corporation to permit Amazon to mine its gold property in the Ten Mile Mining District near Winnemucca, Nevada. The property, the Golden Amethyst Mine, is reported to have great possibilities by reason of its geological structures' according to the letter. The company will engage in open pit .mining operations at the Golden Amethyst. Included in the agreement is a trade of East Antelopes flotation mill for a gravitation mill General has Administration Services announced the sale of 2,465,000 owned by Amazon Corporation. Both companies will share equally in the net profits of the Golden Amethyst and gold and utilized efficiently at Amazons property since one tunnel of the Exchequer Mine makes considerable amounts of water. silver properties (the Star-E- xYour management considers chequer-imperi- al mines) located this joint venture.. .not merely a in the Cherry Creek Mining Dismarriage of convenlence...but a trict of White Pine, County, Nev- fortuitious and logical undertaada, 50 miles north of Ely. king which will strengthen and enhance your companys operaEast Antelope officers explain- ting potential, the letter says. ed that water shortage at the Carl D. Powers, president of Golden Amethyst site had prompEast Antelope, said work has alted the agreement. The gravitationready commenced on both prop-type mill of Amazon could erties with the mills presently be operated from a small water in place. He said it is expected well available on the Golden Amthat both properties wiU be in ethyst property, and the East production by late summer. Both Antelope flotation mill could be mills are 200 tpd mills. ounces of Treasury silver resulting from its March 25 bid opening. GSA offered 2,810,000 ounces of silver on April 1. Purchasers of the silver were Handy and Harman, New York MINERALS DRILLING INC. Min City; Englehard Minerals, and Chemicals Corp., Newark, N.J.; Sitkin Metal Traders, Lewiston, Pa.; E.I. duPont de' Nemours, Wilmington, Del.; Asarco, New York City; Amax Copper Inc., New York City; Continental Ore Corp., New York City; National Lead Co., New York City; and Associated Metals and Minerals Corp., New York City. Prices ranged from $1.7217 a Contracting Servlcee Rotary Drilling Cora Drilling Fully Equipped for Firms purchasing coinage silver at the price of $1.7200 and $1.7195 were identified as Chomerics Inc., Arlington, Corp., States HOUSTON-Unit- ed industry will be using 200,000 megawatts of nuclear-powe- r Millis, Metallurgical Mass.; Midland Processing Inc., North White Plains, N.Y.; Metz Refining Co., South Plainfield, N.J.; Deringer Manufacturing Co., Mundelein, 111.;' and Rogers, Lunt and Bowlen Co., Greenfield, Mass. Forecast 1980 Development and Exploration to $1.7610 per troy ounce. Mass.; Precision N-nee- ds Society of Financial Analysts Dr. Hartleys figure compared with an estimated Headquarters: 870 Parker Ave. MINING COMPANY Nevada interested in purchasing 'Uranium, Silver & Copper (702) 280.2126 Salt Lake Office: Cascade Energy Metals 2010 Uni v. Club Bldg. 13S E. South Temple (SOI) 868 2771 13,800 ggenerated electrical capacity by megawatts forecast for industrial use in the U.S. in 1970. 1980, Dr. Delmar D. Hartley, The 1980 power estimate executive vice president of would necessitate the use of in Collins Securities Corp. pounds ot 750;000,000 he said. Denver, told the Houston uranium; Rotated Services Ely, properties Write: Code 1 1 1 P. 0. Box 71, Salt Lake City, Utah 84110 P-- I agent for Crestline Uranium & Mining Co. which has been suspended by the SEC since last Jan. 27. Lake says the SEC action is and beyond the limits of the Commissions authority. I self-appoin- ted I I high-hand- ed GSA continues sales of silver WASHINGTON-T- he is S.J. Lake, founder, transfer The angry promoter former president and The SEC says the series of suspensions (the company is suspended for ten days at a time) will continue until a complete in- of the firm has been made. Lake says hes already given the SEC all there is to know about the corporation that he has always freely admitted (before as well as after SEC intervention) that Crestline has no assets other than possible worth as a corporate shell. Nor has the SEC accused him of misrepresentation. vestigation1 he asks, to come in and tell me I cant take your money for some lousy stock that I tell you is lousy? The job of the SEC, he argues i is merely to advise the public of the truth about stock, not Who is the SEC, to forcibly restrain their trade. Lake set forth his position in a four-paletter he sent late in March to 24 Western senators and congressmen, to the companys 725 stockholders and to the SEC itself. Lake says Crestline may have no assets, but it does have worth. He has a list of 19 potential purchasers for the corporate shell, and claims it is the bureaucratic red tape of the SEC itself which has made it more profitable for businessmen to buy a defunct public corporation and put fresh assets into it than to draw up a new corporation and wait from six months to two years before ever getting them through our bureaucratic SEC. ge Crestline was incorporated in Utah in 1954 and capitalized with approximately $57,000. Whatever mining claims it might have had never panned out and it was suspended for failure to pay its corporation taxes. Lake discovered the stock was selling for three and four cents on the Salt Lake City penny stock market and decided to put the company back in order and recoup some of the losses he incurred as president in the 1950s. He paid back taxes, straightened out the books and transferring stocks for stockholders. Exactly 12 hours after he finished the job, the SEC suspended trading. Lake blames his problems on a Denver broker who sold the stock short and had no way to go except to scream cop to the SEC. He makes a bid for funds to finance a legal battle to force the SEC to remove the ban from Crestline. |