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Show Page 3 OIL & MINING JOURNAL August 11,1969 Humble tanker to test Northwest Passage Not since an Englishman, Man's latest assault on the legendary Northwest Passage, an water route across of the top Canada, will begin Monday, when Humble Oil Co.'s S. S. Manhattan Tanker begins its historic voyage. Decribed as a '$30 million calculated risk' by its financiers, the project is one of two alternatives for transporting an estimated two million barrels of oil a day from the northern regions to the United States. The second alternative, in case the tanker' method proves John Cabot, attempted it in 1497, has there been ice-jamm- ed inoperable, would be to Drawing of'Humble's S.S. Manhattan shows how it will break through ice. Federal Resources sinking shaft The shaft will begin Federal Resources Corp. will start this month to sink a shaft to three-compartme- nt mine large body a ore at its Camp Bird mine near Ouray, Colo. W. Stalheim, Federal Nels president, said the shaft is to be completed in less than a year. Mining will start immediately thereafter. underground at the No. 14 level about 8,600 feet from the portal of the Camp Bird tunnel. The ore body is about 750 feet below the tunnel level. Cost of the project and equipment is estimated at more than $1 million. Mr. Stalheim noted that since the discovery of the ore body, additional drilling and confirmation studies by independent consultants has shown the deposit to be of sufficient size to justify the cost and provide a sizeable return to the company. Length of the ore body has not been determined because drill sites from the upper level are not available, he said. However, additional work underground development after the shaft has been completed is expected to increase he said. reserves substantially, Steen seeks to keep mansion RENO, A. NEV.-Char- les Steen has asked a federal court to prevent a bank from foreclosing on the mansion he built with part of the money from a Utah uranium strike. Lawyers for Steen appealed in U. S. district court a bankruptcy referees lifting of an order which cleared the way for the Bank of Agriculture and Commerce, Stockton, Calif., to foreclose on Steen's home south of Reno. The bank loaned Steen $175,000 in 1967 with the house, worth a reported $1 million, as security. Steen and his aides live in the are palatial home where they working to win creditor approval of a plan to repay $6 million in debts. The lawyers argue that taking BONNEVILLE SECURITIES, Inc. Ml KEARNS 322-351- Call BUG. 5 far Hawaii Trading lafarmatiaa an INTERNATIONAL SILVER MINING Piaaco M.I.C. and athar Ovcr-tha-ceant- ar Slack I Hit V. v.v v.v .v v.v v.v v.v 1 VaV :;W v.v ws should be the last property that i& sold under any Steens house would deprive him home asset which otherwise might be preserved, and a man's bankruptcy...proceeding. of an sea-goin- self-sufficien- construct a pipeline from Alaska to the East Coast. Company officials estimate the cost of stripping the oil by pipeline would be an additional 60 cents per barrel. cy INVESTMENT SECURITIES SCHOOL Outstanding Securities Training which assists in meeting requirements for NASD Principal AND Registered Representative, SEC0 and STATE exams. Classes for Principals August 15, 16, 17 Classes a attempt to open the Passage, which connects the Atlantic and Pacific Oceans, to commercial vessels. g S. S. Manhattan, largest The ship flying the U. S. flag, lias a specially designed bow which moves up and over the ice, causing it to break through. Benefits of an open Polar sea route include increased United in oil; a States U. S. flag tanker fleet several times its present size; added U. S. capability to come to the aid of Western allies in a fuel em agency; opening of other mineral resources of northern Alaska and Canada; and many other known advantages. large-scal- e for Representatives August 29, 30, 31 Classes held from 9 a.m.-- 5 p.m. daily For Infoneationi Phone: (303) 744-71- 37 or Write! Investment Securities School Mr. A. K. Woelber Komodo Inn 1000 South Main Salt Lake City, Utah |