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Show OMJ December 14, 1970 Page 2 Ranchers Exp. & Development tells earnings for year, reports on future activities ALBUQUERQUE, N.M. Ranchers Exploration and Development Corp. earned $.36 per share for the three months ending Sept. 30, a first quarter record for the company. Earnings for the same period last year were $.24 per share. Earning? for the final quarter of the preceding year (April-Jun- e 1970) were $.38 per share, after an extraordinary loss of $.13 per share. Net income for the first quarter was $55,650; gross income was $8,559,180, which included $6,657,000 in sales from the Big Mike copper property near Winnemucca, Nev., and $1,686,000 from the Bluebird copper mine at Miami, Ariz. Some 58,373 tons of high grade sulphide ore were shipped to foreign smelters from the Big Mike property during the quarter, bringing total shipments from the property to 92,000 tons since operations were begun in the fourth quarter of fiscal year 1970., Ranchers president Maxie L. Anderson said the company plans to start a cement copper operation at the Big Mike property in the final quarter of the fiscal year. The operation will treat and concentrate some 275,000 tons of lower grade oxide sulphide ore which was mined with the high grade sulphides and another 400,000 tons of ore which has not yet been mined. Anderson said 3,045,000 pounds of copper cathodes were produced at the Bluebird Mine during the quarter. Production goal for the year is 11.5 million pouns of cathodes. Approximately 2,450,000 pounds of cathodes were sold during the quarter at an average price of $.59 per pound, a significant increase over the average price of $.55 per pound received for cathodes in the previous fiscal year. Anderson said the company has also sold 3.8 million pounds of production in the current quarter at an average price of slightly more than $.56 per pound and has sold 12 million 'pounds in calendar year 1971 at an average price of $.57 per pound. Rancers' new mining and milling complex at Townsville, N.C., was placed in operation in August, Anderson said, and is presently operating at about 60 of capacity. The plant has experienced the normal startup problems, he said, and is still operating at a loss, but should be nearing its design capacity of 600 tons per day by the end of December. Anderson noted that gross income will decline in the second quarter since the bulk of sales from the Big Mike operation have already been made. Net income is also expected to decrease, he said, with the extent of the decrease depending primarily on how soon the tungsten property begins to operate profitably. The company is presently evaluating two new mineral properties, Anderson said. These are the Escalante silver property in Iron County, Utah, and the Old Reliable copper property near San Manuel, Ariz. The Escalante property is believed to contain approximately onp million tons of ore with a silver content of about 13 ounces per ton. The Old Reliable property, under option from Occidental Petroleum Corp., contains about four million tons of ore, with a grade of approximately 70. . ' ' Dont understand this consarned electric writin gadget, but I guess that Ill have to get used to the durned thing as Chuck has asked me to stick a piece in each week about all of my various and sundry prospectin friends . . . What theyre doin . . . Where they are and any tips on new boom areas and what is boomin Now, if you fellers have lost a partner or have any wild rumors from the old two holer . . . just send em along to me here at the Oil & Mining Journal and Ill do my durndest to get them in one week or another . . . This danged machine is just like one I read about it does the in the Sunday paper a while back work of two gals . . . Goes to the washroom (oops, forgot it's called the powder room by the female sex) twenty times a day, ties up the office phone forty times a day, and has two work breaks every day, even when the boss aint around Most of the talk around the old brass rail at the mining exchange here is about the energy shortage the country is facin this winter . . . Seems like the only kind of energy shortage around my cabin is the kind that is needed every blizzard . . . Seems to be a lot of talk about some kind of energy shortage by all the experts(?) . . . Seems to me that if we were to take all of the taxpayers money that all them fellers at Babylon on the Potomac are givin to all them rich folks on the other side of the big water and try and develop just a few of the sources of energy like uranium and thermal energy, they might be doin somethin' useful for a change heard from my friend Speaking of politicians up on Capitol Hill that they were plannin on passing a new law that prohibits agitators from crossing state lines to start riots . . . Guess that I had better send a copy of it to my mother in law Sure do wish them fellers in Washington were as hep about gold as them Canadian fellows are . . . Sure could use a small subsidy' so I could start working that old Little Wonder of mine . . . Have you heard about the feller who loved to gamble so much that he spent his whole weekend going to all the gas stations in town to buy gas, just so he could enter all the contests . . Some day he might even buy a car. See you all next week, the Lord willin and the crick dont rise For all you would-b- e sourdoughs and Chuck has to prospectors. give us this space agreed each week to report on our doins, and whats more, your membership dues in the National Prospectors Union will also include a years subscription to his fine little newspaper just so as send it to the Union. So how about long you oilin up your good right (or left as the case may be) and send in $10 for the best durned little paper to come out of the West. This also goes on renewals, in which case your present subscription will be extended. We have some pretty big things planned for the future, but more about that next time. Send any letters or subscriptions to: Sourdough Sam, National Prospectors Union, Box 6302, Salt .... .... . Bobby Baker named in brief on Control Metals stock sales WASHINGTON Robert G. Baker has been accused (Bobby) of vitiating Securities and Exchange laws in the purchase and sale of stock in a metals corporation registered in Utah with main offices apparently in Phoenix, Ariz. The Securities and Exchange Commission (SEC) said Baker had been named an additional defendant in a pending suit over 25 Cants a Copy fraud. The case involves exchange of stock in Control Metals Corp. Eleven persons, two broker-dealer- s and five other alleged companies were charged earlier in the suit. The group is alleged to have misrepresented the company in news statesments and shareholder memoranda as being a viable business with a healthy future and numerous assets when in fact, the Subscriptions $10 Per Year PublMiad wackly in Salt Laka City, Utah by Utah Scans Publishing, 1243 E. 21st South, Sait Laka City, Utah 84106. Mailing address: P.O. Box 6302, Salt Laka City, Utah 84106. Serving the mining and oil industries of .Region. Articles and information heroin are the Rocky Mountain true and factual to the bast knowledge ' of the publisher. Information and opinions published art tho solo responsibility of th publisher and do not reflect tho attitudes or opinions of the merchants, broken, corporations and service firms who advertise herein or otherwise sponsor this publication. necessarily a-rifkdA- dvwti,! Phone: editor & Publisher 467-966- 2 or 467-99.- 1 The defendants allegedly bought and sold common stock of the company in interstate commerce and through the mails without having a registration statement on file with the SEC a $2 col inch $2 for 20 words n Chuck Hayward violation of the securities laws. The SEC out-of-sta- te accused the defendants of stating Control would gross sales of $5 million in the next profits period and have after-ta- x of $1.6 million on just its treatment of metal ingots. They also claimed to have signed contracts to acquire $2.5 million worth of real estate in Utah, among other things. The commission alleged that the group had omitted to state that estimates of the companys gross sales and net profits were made at a time when Control Metals had no operations, the plant had not been in production for several months and had no orders for any of its products. During 1969, the SEC said Control Metals entire income for treating welding rods was just $13,000. It also said the real estate claim was fictitious. Metals- - 12-mon- th Other presons named defendants Second Clan Postage Paid at Salt Lake City, Utah Advertising Rates: Display Advertising SEC said, the claims were untrue. included Seymour Pollack, Paul Sachs, Stanly M. Kaiser, all residents of the District of Columbia; Harold Rothman of Silver Spring, Md.; Robert Rapp of Kenilworth, N.J.; Jill D. Ciganek of Hyattsville, Md.; Joseph Gold of Great Neck, N.Y.; Harry Ship of Montreal, Canada; Michael Gardner of New York City; William Cudd of Anaheim, Calif., and Martin Ciment, of a firm. New York broker-deale- r |