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Show i j METAL PRICES 19c Lead (per lb.) Gold (per oz.)$34.9125 Zinc CITY 1 it r-'- - ' m area. For several years the Casel-Continu- ed on Page 2 Faster Method Devised to Bank Your Money Rico Argentine Records Substantial Profit Gain Rico Argentine Mining Companys operations during the year 1951 resulted in net profit before depletion of $337,723, compared with $173,933 for the calendar year 1950, according to the companys annual report to stockholders. During the year cash dividends in the amount of $160,000 were paid, and in addition the board of directors declared a 10 per cent stock dividend which was distributed on December 31, 1951. Earnings for 1951 exceed- ed 38 cents per share as against around 21 cents in 1950. Net working capital at the end of 1951 amounted to $1.16 per share and federal and state taxes for the p&rjod totaled $188,095 comparejtOo $58,724 in 1950. DuringMlie year, 38,798 dry ore were milled tons Mead-zinand 623s tons of flux grade crude pyrite ore were sold. Millore produced ing of lead-zin- c 3296 dry tons of lead concenc trates and Before a well is drilled, the oil firm must know who owns the land to be drilled on. The land man examines records, often generations old, to be sure he knows who owns the land and if he can get a valid lease. He then explains the company's plan for drilling and secures a lease in return for which the hind owner gets the oil company's check. In the Williston Basin, oil company men call on farmers like Newell Bcitj , who has 4000 acres near Richey, Montana. Shell Oil Companys discovery well in the Richey area Northern Pacific No. 1 was drilled on Richeys farm. Permission to Use Lands Major Step in Exploration 4924 dry tons of zinc concentrates. Gross value of ore produced was $1,449,989. In the Argentine, Mountain Springs and Silver Swan areas of the companys property, a total of 15,458 feet of development work was completed, including 7633 feet of diamond drilling. A new classifier, conditioner and ore feeder were installed in the mill during the year, which smoothed out operation of the mill and made it possible to increase the milled tonnage. In addition, the company completed considerable new housing facilities. In regards to future plans for the company, Mr. Sherman B. Hinckley, president and general manager, Included the following: FUTURE PLANS An aggressive development program is planned. The Argentine Tunnel will be cleaned up and the workings extended to probable ore found by diamond drilling from the Blaine Tunnel. The footwall block of the Black-hawFissure will be diamond drilled to see if any promising limestone beds can be found. Rehabilitation work of the St. Louis Tunnel should soon be completed and, upon its completion, this tunnel will he extended under the workings. This will require driving an additional 3500 feet of tunnel, making a block of ore available which is known to exist in that area and which is now below water level. This should also allow deeper exploration under the country which produced major tonnage for approximately ten years. Work has been started on the drifts and raises to reach the upper beds in the Mountain Springs area. These beds should assure us of more than two years supply of good ore from that area. Both the Mountain Springs and the Wellington Tunnels will be extended further into the mountain and tlie possibilities of finding ore in parallel fissure systems are very good. Some diamond drilling is also planned in the older portions of on possible the mine to check ' ore occurrences. A winze will be sunk on the Argonaut Fissure in the Swan area which should make available for mining two ore shoots which were mined down to the Swan Tunnel. Properties of the company are near Rico, Dolores County, Colorado and offices are in Salt k NOTE: Recent oil discoveries In Montana and North Dakota have aroused wide Interest In this entire area as a potential source of crude oil. Since oil Is a newcomer to the family of natural resources here, we have planned a aeries of articles, in collaboration with the Exploration and Production departments of Shell Oil Company, telling how an oil field grows: who looks for oil and how the search le made . . . how land Is obtained for drilling . . . how wells are drilled . . . how oil, if It Is found, la moved to refineries that turn it Into more than 1,000 products means to a community. This article Is the . . . and finally. Just what an oil "boom third In a series of seven. The iirst spurt of oil from a recently completed well near Richey, Mont., was followed almost immediately by a minor areas in flood of ink. The ink flowed from pens used in signing leases. congested ing problems by providing fast curbside bank- In these documents, concerning millions of acres in the Dakotas ing service to motorists will and eastern Montana, ranchers, farmers, railroads, and other highlight an exhibit by the Mos-le- r oil companies permission to use their land Safe Company at the Kan- property owners gave sas Bankers convention in To- lot exploration and drilling. Naturally, the companies paid for the right. peka, May 7 to 9. Called the Mosler Duplex For. many in this region whose Alining Expert Joins the ultra - modern business has centered largely Snorkel, banking device will be dis- around wheat and cattle, this Engineering Firm played by the worlds largest flare-u- p of interest in real esHolmes & Narver, like., Engimanufacturer of safes and bank tate was probably the first convaults at the Jay Hawk Hotel. tact with the oil industry. But neers - Constructors, announced The Snorkel, about the size it was by no means the begin- today that J. Frarik Geary, of a five-fomining engineer, has begasoline pump, is ning of the search for oil The as Installed outside a bank on the Williston Basin, geologists come associated with the firm forsidewalk next to the curb. Ac- call the great saucer-lik- e Division. the as head of its Mining of cording to Vice President John mation underlying parts He will be located at the Home Mosler, an ingenious system of Dakotas and Montana, had been two-wa- y mirrors considered a promising area for Office of Holmes & Narver, Inc., periscope-typ- e and microphones enables a mo- years. By 1948, several wells at 828 South Figueroa Street, torist to see and talk with the had been drilled in the Basin, Los Angeles, California. bank teller, who is safely seated with no success. Then geologists Prominent as a mining engibelow the sidewalk in the banks began a npw study and found neer. and consultant for many new dues. Field parties of sci- years, Mr. Geary has designed basement and supervised construction of Without getting out of his entists began to test the area for Fi- many information. detailed more plants in motorist the car, simply places in both North and South America. his deposit on a small tray-lik-e nally, in 1951, drillers movedObelevator which takes it down to and some oil was produced. the teller. In about 30 seconds viously, the search had been There were 3420 boys and the bank book will be back slow. But interest in leasing girls under 15 years old killed Continued on Page 2 in traffic aeddents last year. Lake with the transaction completed. A device that reduces park- well-know- ot . ore-processi- ng 90.16c One Year $2.50 ad-ditio- na modem in the intermountain new mined 16, 1952 LAND MAN SEEKS OIL Combined Metals Pushes WITH FOUNTAIN PEN Expansion Pioche, Nev. The expansion program which has been under way at the Caselton plant of the Combined Metals Reduction Co. during the past year is scheduled for completion by Aug. 1, 1952. The program included increasing daily mine production from 700 tons per day to 1600 tons per day and increasing mill caoacity from 1100 tons per day to 1900 tons per day. It also included additions to milling facilities for the production of iron and manganese concentrates, in addition to the lead and zinc concentrates regularly produced. The mining expansion program has included the addition of a large air compressor, the installation of a service hoist in the Caselton shaft, remodeling of main pump stations, clearing out the service compartment of the, shaft, construction of a new lamp house, and additions to tile mine and surface plant. The ninlng. program has also included an extensive development program to open up additional areas to provide the mine production. Work has been completed on all items except the pumping station on the 1400 level. The expansion program at the Caselton mill includes the addition of a new flotation section; completing remodeling of two of the present three flotation sections, the addition of a third grinding unit, and a sink-floa-t plant It also includes additions to the filtering plant and to ore storage and handling facilities. Work on these mill additions has been in progress for the past eight months and is scheduled for completion by July 1. The programmed mill additions will make the Caselton mill one of the largest and most (per lb.) Silver (per oz.) Features Alining, Oil, Financial Salt Lake City, May VOL. 23, NO. 20 i 24.2c 19.5c Copper 4J OF U LIBRARY Blaine-Argenti- dry. ne Lead Price Takes Second Two-CeDrop The price of lead this week nt . recorded another two-cedrop, moving the quotation down to 15 cents per pound. This is the second drop within the past few weeks, cutting the metal from the previous quotation and ceiling price. This second price slash was the result of action by one of the leading New York custom smelters and prompted warnings by leading mining men that further weakening of the lead price structure could well result in the closing of some marginal operations. According to reports, the purchase level basis was lowered as a result of increasing lead inventories in the hands of suppliers and a slackening of buying on the part of fabricators at the higher quotations. Miles P. Romney, manager of the Utah Mining Association, reported in Salt Lake that the two price declines have already cost operators $3.60 per ton on shipments. He reported that he saw no chance for renewed purchases of lead by the National Munitions Board for stockpiling purposes, as these funds are now exhausted. He stated that this agency recently purchased 100,000 tons of lead from for eign sources for the stockpile. nt nt AS&R Adding New Sources Of Income American Smelting & Refining Company reports earnings for the first quarter of this year, with March estimated, will be about $1.56 per share of common as compared with $1.63 for the first quarter of 1951. The reduction ni earnings is, of course much greater before the cushioning effect of taxes. This lesser earning is due very large to increased costs, principally labor cost, which has increased substantially due to wage increases both in the United States and Mexico. Furthermore, our foreign metals sold at prices below last year. A continuation of this squeeze between rising costs and lower metal prices is probable. On the brighter side certain new sources will contribute to earnings during the second half of this year notably the zinc fuming plant at Chihuahua, Mexico, the lead-zinmine at Ghilete, Peru and the Van Stone zinc mine in the state of Washington. Furthermore, several other projects are under way which should provide new earnings over the following years. So, all in all, while the (picture is not one of a rising cycle of profits from higher metal prices, we can feel confident that if general conditions remain reasonably good your com pany is gaining strength and adding to its sources of income. , c |