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Show Pare 6 THE WESTERN MINERAL SURVEY Friday, September Pacific Northwest Golden Cycle Corp. To Expand FPC Halts Proposed Line Hike In Utah Uranium Operation Federal Power Commission has suspended a portion of a 5 million dollar annual whdlesale natural gas rate increase proposed by Pacific Northwest Pipeline Corp. of Salt Lake City. The action halts any hike affecting Mountain Fuel Supply Co., which enjoys a pipeline rate with the transmission company. ice Co. share in this immediate rate hike on Interruptible (industrial) sales would amount to 0 no more than an estimated a year." The remaining portion of the increase would affect firm sales which is gas that eventually ends up being sold largely to residential consumers and sales made to pipeline firms, in which the transactions involving Mountain Fuel Supply Co. are a party. If the hearing before FPC is not completed by Feb. 5, 1958, Pacific Northwest may put the presently suspended rates into ef- The COLORADO SPRINGS Golden Cycle Corp. has completed an agreement with the Black Bear Consolidated Mining Co whereby the Golden Cycle Corp. will acquire, in the Marysvale area of undivided interUtah, a one-haest in the Potts Mine and other adjacent properties in return for completing a specified amount of did go into effect Thursday, howPacific based its claims for an ever. This increase covers sale of on higher costs since increase natural gas by Pacific to distrirates were fixed .It stated le to present bution companies for was not it making a 6 per cent industries. return on its capital investment. Only Utah organization affectThe original 17 per cent rate ed by this hike would be Utah hike affects some 26 wholesale Gas Service Go. which Serves customers in Utah, Idaho, ColoMoab, Monticello and Vernal in eastern Utah. Pacific estimated, rado, Oregon, Washington and however, that the Utah Gas Serv Wyoming. Phillips Plans Exporatoiy Work $10,-00- FPC was reported by Associated Press as saying a hearing would be ordered later in the case. The suspension, which covers about 3,800,000 of the $5,500,-00- 0 proposed rate hike was termed a nominal action in these cases by the power commission," fect. They would be subject to reby a representative of Pacific. fund on later findings by the regSome $1,700,000 of the increase ulatory agency, however. re-sa- fheufe is--w- htn sUfpEry 5fe Distance Keep a-(VoM tu& C3R IN Rnt. My tyroTiier lf exploration and development work o nthis property. Operation and management of this property was taken over Aug. 1 by The Golden Cycle Corp. The property has had a modest production, but it is anticipated, with additional capital expenditures, its potential production will The Phillips ePtroleum Co. has agreed to conduct 50,000 feet of exploratory drilling in the Ambrosia Lake Mining District of McKinley County, N.M., in a deal with Mount Peale Corp., Coronado Exploration Go., and Aneth Corp., all of Salt Lake City. Elmer Strand, president and geologist for Mount Peale, said Phillips would earn a 50 per cent interest in Section 16, Township 14 North and Range 10 West in completion of this work. Mount Peale would have a 16 per cent interest and a 4 per cent royalty; Coronado 25 per cent interest and Aneth of 1 per cent royalty Corp. and 8 per cent interest in the venture. Coronado is also paying Mount Peale $16,750 as share if its exploration costs. over-ridin- g f Contributed os a public service by am One of the Larger Independent Rocky Mountain Oil Producers Utah Oil Building Salt Lake City, Phone EMpire ifr1, . ,iLi. rir.! TiL' iin-- : am.,1:1:.1, ;.ui 4-56- 69 es in Gannaway International. This important financial transaction marks the first move by the well known motion picture producer and director in a diversification of this interests outside the entertainment field. Through this stock exchange, Gannaway now moves into the oil, gas and mining enterprises. Herbert J. Steel, executive vice president of Cataract Mining Corp., has announced that 200,000 share of Gannaway International will be utilized as a dividend to & Hecla, be distributed among 4,000 share CHICAGO Calumet Inc., cine of the nations best holders of the company. The reknown copper producers and a maining 100,000 will be retained veteran White Pine, Mich., opera- by Catract. Albert C. Gannaway will thus tor, is considering a complete n of properties at Cal- provide the money for the drilling of 33 insfde locations in the umet, Mich. said Y. field in Eastland County, H. Basset, president, as there which Cataract recently acwe are losing money Texas, a result of declining copper quired from Guy Lombardo and his brothers. prices. estito Mr. Bassett declined Cataract is well on its way to mate the amount of the loss of one of the top comthe copper mining division of becoming in its field. Currently holdthe mining, smelting and fabri- panies leases on over 5,000,000 acres ing cating company. in Panama they are the largest orn And he said a gas and oil concession holders in der would depend on a that nation. Too, Cataract holds study now being conducted oil lands in Utah, Wyoming, New in Calumet and which is expect- Mexico, Texas, Bolivia and other ed to be completed next Wednes- South American countries. In adday or Thursday. dition, it has gold mines in Ne Based on the study, it's possible that we will just increase production in the higher grade mines and curtail or even eliminate work in the lower grade deposits," Mr. Bassett said. A. S. Kromer, vice president and general manager of the Calumet Division, said a complete mine closing would affect 1,600 of the divisions 2,000 employes. Meanwhile, major world producers of copper joined in the price slashing initiated Wednesday by U.S. Custom smelters in response to reductions abroad. Copper Producer Eyes Shutdown (HDSniEtJ Mineral Leases Albert C. Gannaway, president of Gannaway International, announced this week the acquisition of 100,000 shares of stock in Cataract Mining Corp. in exchange for 300,000 shares of stock fast-growin- g mrairainreaftniBfflia any close-dow- Jo-Ki- . close-dow- cost-cutti- ng Anaconda Co. announced that effective immediately, its price for copper is 27 cents a pound, cents from a former off 1 quotation. The Anaconda action follows similar price cuts made Tuesday Utah by Phelps Dodge Corp. and Ken-necCopper Corp. I The custom smelter , price for cents a copper in U.S. is 26 aa pound. ott COLORADO -- T. R. Llewellyn, Executive Vice President of The Westminster Corporation, stated in a recent stockholders bulletin that the company had purchased over 2200 acres of mineral leases in the Pumpkin Buttes area of Campbell County, Wyoming. DENVER, According to Llewellyns statement, the properties are situated in a favorable area, as there ar several active uranium mines producing in the vicinity, the largest being the SATECO properties of Vitro Minerals Corporation, with production in excess of 100 tons of ore per day. Llewellyn further stated that although this acquisiton is a mining venture, the geology and mineral structure indicate the possibility of oil sands. At the present time thre are comseveral large panies exploring and developing pri-mir- aly oil-produc- ing Movies Leader Exchanges Shares; Film Stock for Atlas, Oil, Mining . sHouid x. $vNoWWhyLook Adds U-Comp- be greatly increased. It is operated by Vanadium Corporation of American, says Merrill Shoup. We understand that production from this property is currently running at the rate of approximately 4,000 tons per month. Ore from this District is shipped to the uranium mill owned and operated by the Vitro Company in Salt Lake City. The ore occurs in vein fissure type formations in a series of fractures and at nearly right angles to each other. Structures are near vertical and extend downward several hundred feet. The Canadiuxn Corporation of America is presently mining at a depth of 900 feet and we understand the downward limit of ore production has not yet been reached. We expect, from present indications, that within several months this property will be producing a minimum of 100 tons of shipping' ore per day. Weather and climatic conditions are very favorable for carrying on opera: tions during the winter months. cross-fractur- 6, 1957 vada and uranium mines in New Mexico. Another show business personality, Guy Lombardo is actively connected with Catract as a director of the company, whose main offices are at 6 Maiden Lane in New York. Gannaway, who recently signed a multiple picture production con. tract with Republic Pictures, is rapidly becoming one of the top independent producers in the na- tion. He currently has four feature films in release, plus two television shows currently in over 200 morkets. He is the guiding light in the Mark Warraow Music Co. and is at the present time - president of 21 tions. separate corpora- Stock tranference marks Cata- racts first move into the enter- tainment field as well as the move of Mr. Gannaway into the industrial field. el Louis A. Roser Company Refrigeration & Air Conditioning 254 West 1st South Salt Lake City |