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Show Firm notes Wyoming NEW YORK fAP) - A uranium ore deposit worth an estimated $90 to $104 million has been discovered in the Powder River Basin in Wyoming, the United Nuclear Corp.'has The ore is equivalent to 13 million pounds of U308 which is sold at $7 to $8 a pound, processed and used for fuel in atomic reactors, according to Robert Levine, assistant to the president of United Nuclear. chuckim find U-o- re The discovery is the result of six months of drilling on the Morton Ranch - Boner Ranch property by United and Penn-zo- il Inc. Another million feet will be drilled in the next six months, it was announced. Cerro Minerals opens new offices NEW YORK Cerro Mineral Exploration Co. Division of Cerro Corporation has appointed district exploration geologist for the Interinounlain Of rice at 2325 S. Main St., Salt Lake City, and Thomas S. Nye is appointed Western United Stales, to the same position for ihe Southwestern office at 36 N, Tucson Blvd. in Tucson. Am. two district geologists to head new exploration offices in the Thomas May 5, 1969 OIL & MINING JOURNAL Pige 6 V. Mitcham becomes Before joining Cerro, Mitcham was chief of the geologic research division of Kennecolt Copper Corp. Nye had been retained by Cerro as a consulting geologist in the Southwestern U.S. before assuming bis present post. ca few By Chuck Hayward 0 Weve teen accused, on occasion, of carrying on a sort of vendetta against the Sec- urities and Exchange Commission. Nothinga could be farther from the truth heartily Exand of the Securities actions the endorse change Commission SO LONG AS THEY DO we THE JOB THEY WERE SET UP TO DO. feel that that job is to protect the investors from unscrupulous promoters by insisting on honesty in stock offerings and corporation announcements. We do not think that this responsibility should be extended by the SEC to protecting the inWe happen to Plants show new interest in coal CHEYENNE, Wyo.-Fur- ther indication of the growing interest in utilizing the vast coal deposits of the West as a source of fuel for electric power generating stations was seen in the announcement that two companies have applied for water rights in the Fontenelle Reservoir on the Green River in southwestern Wyoming. Companies each, seeking 25,000 acre-fee- of water for t power generation are the Co. of Coalgate Power Pacific Oklahoma and Power and Light Co. Observers believe both applications are likely to be approved. COALGATE Power Co., a new firm, is studying the possibility of building large generating plants and selling the power output to electric utilities. The firm has announced $150,000 on a feasibility study of a coal-firegenerating plant in the Rock Springs or Kemmerer area of it will spend d Wyoming. Company spokesmen said the plant would be on the order of 2 million kilowatts and would cost around $200 million. Another $50 to $60 million would be required to develop and equip an underground mine to serve the plant. Federal publications available New publications available from the U.S. Department of Commerce Clearinghouse for Federal Scientific and Technical Information, Springfield, Va. 22151, are listed below. Cost per publication is $3 for paper copy, 65 cents for microfiche. Potential T E of Nuclear Applications in Explosives Development and of Water Management Resources Canvass Preliminary of the Ground Water -- Environment, A.M. Piper, Dept, of the Interior, Geological Survey. Washington, D.C., for AEC, 1968, 181 p. ORNL-433- 8 Evaluation of Four Methods Using Gold-19for Surface Labeling Sand and a New Technique for Simulating Mass Labeling, N.H. Stephens et 8 al, Oak Ridge National Lab., Oak Ridge, Tenn., for AEC, December 1968, 13 p. 689-Fa- ce PB-18- 2 Ventilation in Underground Bituminous Coal Mines; Airflow and Methane Distribution Patterns in Immediate Face Area-Lin- e Brattice, J.V. Luxner, the of Interior, Bureau of Dept, Mines, Washington, D.C., February 1969, 20 p. Investigations line brattice installed in systems equipment-freentries 12 feet e wide, supplemental information is included for entries 22 feet wide. vestor WHETHER HE WANTS .TO BE PRO- TECTED OR NOT. This is the reason we supported the hid of Crestline Uranium for reinstatement not because we felt Crestline wras a viable company, but because Crestline was quite frank about its assets or lack of them and still people were willing to purchase the stock. We happen to feel people still have a right to choose how they are going to spend their money. Another case in point of SEC regulations which have worked in just the opposite way in w'hich they were intended, is in the case of complete disclosure by corporations in going public. This provision is praiseworthy on the surface, but in enforcing it the SEC has made it impossible for a company to give ANY information of value to an investor and still get SEC clearance. As a result any new offering circular will warn the company has some claims which may or may not be valid, some equipment which might or might not work and if you invest in it you will probably lose your money. Granted, any new mining venture is chancy, but this is ridiculous. TEST DORINGS ALL TYPES TEST HOLES IN ALL WESTERN STATES Core Drilling Wire Line or K1G7 and QSSEED EQUIPttEHT Standard Air or Mud Rotary Mine Underground The investor, with nothing to guide him, winds up looking at the officers who might include a couple of golf pros and a televi- sion performer. How about lending some weight to the mining knowhow that a new company has? Doesnt this have something to do with whether it is going to be a viable mining corporation or just a paper corpora-- , CRADALL EXCAVATORS Long Hole Drilling Cable Tool tion? Water Wells POWER GRADERS CRANES AUSTIN-WESTER- or Sampling LATEST TYPE EQUIPMENT A HYDRAULIC SKILLS) . PERSONNEL YALE FORK LIFT TRUCKS Phan Sprin'gvilW Long Distance 489-480- "i ROBBINS A SCHRAMM ROTARY DRILLS A SECURITY BITS 0 The minerals have teen in the ground for It is only the years millions of years. knowhow of man that has made them valuaAnd it is only new developments and ble. new' knowledge that will continue to develop our natural resources. Remember, 50 years ago uranium wras used primarily as pigment for yellow paint. JrSI LINK BELT SPEEDER SHOVELS AND CRANES DIM CONSTRUCTION & DRILLING 1045 W. MAPLE CO. MAPLETON WESTERN ROAD MACHINERY P. O. In 2541 2300 Sawth Main Salt taka City, Utah 14110 590 W. 19th COMPANY Branch Offices: 3416 Western Ayr, Seise, Idahe St. Idaha Falls, Idaha Everybody knows investing in a new firm is a gamble. We feel the SEC should be concerned about ways of making it less of a gamble. Making a corporation afraid to disclose any information at all isnt the way to do it. |