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Show I m T Jw Vol. IIIMIII WMI I'll rfr miWlSWMia-W- Salt Lake City. Utah. May 6. 1955 11 TREMENDOUS Denv ;fanium. S' .Wi.'ff. One Yeaz $3.00 lOe Pei Copy Oil Firms To Merge ? Plans for $20 Million I Utah Ura an Operations Loom As Major Industry O. D. ium has pushed that to 100 tons per day and he expects soon to be shipping 300 tons per day. Near the Colorado border, is Charlie Steens famous mine, which Commissioner Love estiCommissioner. Commissioner Love based his mated is producing approximatecalculation upon statistics furn- ly 400 tons of ore per day. And ished in a report of the Federal just over the Arizona border, he Securities and Exchange Com- called attention to a Vanadium mission which says there are 400 Coropration of America operashippers of uranium producing tion which is shipping 200 tons and shipping uranium from 400 per day. different properties in Utah. Commissioner Love said his ofCommissioner said the report fice has compiled a list of uranshows there are 40,000 square ium companies that have regismiles of potential uranium coun- tered since 1950 and the present try mappe'd out in the state of total is approximately 145 new Utah. uranium which aim to He said Vanadium Corporation raise a companies, of $22,000,000 to detotal of America is shipping over 200 tons of uranium per day from velop their properties located within 40,000 square miles. Up Consolidated until the ajn d Marysvale present tim, CommisUranium, which has been ship- sion Love said 70 companies of ping since 1951 from Temple the total of 140 have found ore Mountain, is now shipping 300 or are shipping ore. tons per day and has plans to If estimate of a $125,000,-00- 0 the double it. uranium business be true, Just below ig the famous Pick Commisioner Love pointed out mine recently bought by Floyd one-ha- lf that the annual is of Odium. When Pick sold it the mine was shipping 50 tons. Od (Continued on Page 4) By Quinlan Utah alone, has a $125,000,000 uranium business developing on a tremendous scale, according to Milton H. Love, Utah Securities BROKERAGES fA .. ,.V.rtrrt iA ctf IllcJt Significance in The Oil an4 Mining Wctl4 26; No. 18 7 or nimww-wii- A-BUSTLE Stock Issue Tipoff' On Big Consolidation Survey Denver Bureau DENVER A merger involving at least seven and possibly eleven corporations may be in the making in Denver. Tipoff on the merger came Wednesday when the Allied Uranium Exchange (Lewis A. Ray and Jules Singer) announced incorporation of the Midwest Consolidated Uranium Corp. and plans for a $20 million stock issue. Monticello, Utah Bonus payRay and Singer admitted the ments to uranium miners for ininew firm represents a merger of tial production of U308 from Drill several companies but did not certified properties has reached name the companies. and passed the $5,000,000 mark, But Denvers Seventeenth St. it was announced by Sheldon P. insiders seldom wrong on their Wimpfen, Manager of the Grand activities on Utah rumors were busy telling their Drilling Junction Operations Office of the Premier Uranium property will clients and each other that the U.S. Atomic Energy Commisison. start May 9, according to com- companies which may be involvThe bonus program was initiatofficials. Drilling contracts ed in the merger include Allred, ed March 1, 1951, under the terms pany are now being let Geronimo, Midwest, Mountain of Domestic Uranium Program on activities the Mesa, Wildcat and World UraSupervising Circular 6, to stimulate the proColorado nium. Plateau property will duction of domestic uranium be St. John Q. Clair, mining enbearing ores. However, their was no official and Robert J. Crowley, As of April 7, 1955, a total of gineer word from company insiders. geologist. 2889 payments, amounting to Premier property is located Directors of the new corporahad been made at the within a on belli mineralized the tion include L. D. Fedderman of rate of $104,200 a, month for the Plateau. Grab samples recently El Secundo, Calif.; W. O. Homer, 48 months the program has been an from taken outcrop on the Junction City, Kan.; Kenneth H. in operation. Payments for the were assayed chemically Huston, Grand Junction, and past few months have been at property 0.30 at cent U308. James A. Gooding, Jr., George per the rate of about $195,000 a W. 4 Calkins, Glenn Allred, D. L. Utah also has Premier month. per Jack Houlton, Nathan R. Frank, in cent on other Under Circular 6, a bonus of property royalty and Robert S. iMtchell, Kobey the Indian double the base price is paid on Mining District Big of all Denver. unThe company has $150,000 the first 10,000 pounds of contained U308 produced from a new committed in the bank. Names of the directors should mining property when properly be an indication of the compancertified by the Commission gram, a total of 538 properties ies to be involved in the merger Bonus payment on production have been certified as eligible to inasmuch as each has a direct or from a single certified property receive the 2889 individual pay- indirect connection with the that produces 10,000 pounds of ments. Of these, 91 properties wirms mentioned in the rumors. U308 may amount to between have received the full benefits. The program for initial pro$15,000 and $35,000, depending Objectives listed by the new oxduction is administered bonus content the of uranium upon by corporation include uranium Division the of the Grand at a buying ide in the ore sold Mining mining, milling and development Junction Operations Office. station. along with oil leasing, drilling and development. Since the inception of the pro- - (San Juan Record) Bonus Payments To Top $5 Million Mark U-Min- ers Premier to Claims this Week $5,-001,- Million-Dolla- r 019 Reserve Sterling Assays U-O- re At 3.13 Sterling Uranium Corporation recently completed a drilling program on its property in Apache County, Arizona. The property, located in uranium-ric- h Monument Valley, showed drill assays as high as 3.13 per cent U30S. Company officials announced that $33,500 has been received from the company mine during over the entire property. February and March. Sterling Uranium Corporation Ore reserves blocked out at also owns properties at several this time are conservatively es- other locations, including one timated by company officials to site in the Red Canyon area directly across from the famous be worth $1,000,000. 57-ac- re year ago penny stocks were ridiculed as a big "con" game. Now the names of new. companies fill huge boards as investois anticiA pate daily fluctuations. Paramount Ships Ore MOAB, Utah First shipment of ore from Paramount Uranium Montezuma Canyon mine was delivered to the Vanadium Corp. of America mill at Durango, Colo., April 30. Net weight of the load was 19,660 pounds almost 10 tons. Mine employees estimated the oxide content of not less than .40 per cent but settlement sheets have not yet been received. The Paramount mine is 18 miles southeast of Monticello, Utah, on claims known as the Shumway group. President Albert F. Enyart said the mine will go into, full production as soon as inside cleanup work is Corporations In the Plateau country the maninm industry has bionght a hnge influx of miners, prospectors and equipment. In the business world, intrests in uranium fill the broerage offices. I Sterling officers are planning a shallow stripping operation on the same property, in connection with their underground mine. Officials predict the stripping operation should double the output from this one piece of property. The drilling rig is now being moved to a ste one-ha- lf mile from the operating mine. Company officials are confident that results of the new drilling program will prove that the ore bed now being mined extends Blue Lizard mine. Red Canyon has recently been the scene of several rich strikes. The company recently elected Cato Sells of Farmington, New Mexico to the board of directors. Mr. Sells is widely regarded as the foremost mining authority on the directors. Mr. Sells is widely regarded as the foremost mining authority on the Navajo reservation. He will act as head advisor for the Sterling exploratory program designed to prospect. some 18,000 acres of terri- tory on the Indian reservation. |